Important Information
FINAL REMINDER NOTICE TO CUSTOMERS OF BERNARD L. MADOFF INVESTMENT SECURITIES LLC TO FILE CLAIMS AND HAVE THEM RECEIVED ON OR BEFORE JULY 2, 2009, to view the notice please click here.
July 1, 2009
TRUSTEE ANNOUNCE $231 MILLION IN FUNDS COMMITTED TO BLMIS CUSTOMERS
A total of $231million in Securities Investor Protection Corporation (SIPC) funds has been committed in the determination of 543 claims submitted by Bernard L. Madoff Investment Securities LLC (BLMIS) investors, according to Irving H. Picard, the court-appointed trustee for the liquidation of BLMIS under the Securities Investor Protection Act (SIPA), and SIPC President Stephen Harbeck (click here to view the announcement).
The trustee has announced procedures to assist last minute filers. Click here to view the details.
A total of $231million in Securities Investor Protection Corporation (SIPC) funds has been committed in the determination of 543 claims submitted by Bernard L. Madoff Investment Securities LLC (BLMIS) investors, according to Irving H. Picard, the court-appointed trustee for the liquidation of BLMIS under the Securities Investor Protection Act (SIPA), and SIPC President Stephen Harbeck (click here to view the announcement).
The trustee has announced procedures to assist last minute filers. Click here to view the details.
June 24, 2009
MEMORANDUM ENDORSEMENT AND CLAIMS DEADLINE
Pursuant to the Memorandum Endorsement of the Bankruptcy Court issued on June 24, 2009 (click here to view the Memorandum), the Court denied the request for expedited relief for, among other things, class certification and any related extension of the claims bar date.
Accordingly, the Trustee urges any potential claimant who has not done so already to file a claim.
Claims must be received on or before midnight on Thursday, July 2, 2009. Please contact the Trustee's claims agent AlixPartners at 888-727-8695 with any questions.
Pursuant to the Memorandum Endorsement of the Bankruptcy Court issued on June 24, 2009 (click here to view the Memorandum), the Court denied the request for expedited relief for, among other things, class certification and any related extension of the claims bar date.
Accordingly, the Trustee urges any potential claimant who has not done so already to file a claim.
Claims must be received on or before midnight on Thursday, July 2, 2009. Please contact the Trustee's claims agent AlixPartners at 888-727-8695 with any questions.
June 22, 2009
TRUSTEE ANNOUNCES FILING OF COMPLAINT
Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("BLMIS") today announced the filing of a complaint in the United States Bankruptcy Court against Cohmad Securities Corporation and a number of its principals, including Maurice “Sonny” Cohn, Marcia Cohn and Robert Jaffe, as well as other related defendants.
To view the related press release, please click here. To view the entire complaint as filed, please click here.
Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("BLMIS") today announced the filing of a complaint in the United States Bankruptcy Court against Cohmad Securities Corporation and a number of its principals, including Maurice “Sonny” Cohn, Marcia Cohn and Robert Jaffe, as well as other related defendants.
To view the related press release, please click here. To view the entire complaint as filed, please click here.
June 12, 2009
TRUSTEE ANNOUNCES OVER $1 BILLION IN DETERMINED MADOFF CLAIMANTS
Irving H. Picard, the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”) under the Securities Investor Protection Act (“SIPA”), has announced that he has determined 371 customer claims with a proposed allowed claim amount of $1,022,424,591.34. The Trustee has committed $161,023,122.52 in SIPC protection funds to the 371 BLMIS claims. These customer claims exceed the statutory limit of SIPA protection by $861,401,468.82. SIPA provides that customers with allowed claims share pro rata in customer property to the extent of their allowed claim. Additionally, SIPC funded protection (up to the SIPA statutory limit of $500,000.00 per customer) is used to supplement the pro rata distribution.
The only source of payment for the unprotected portion of these and other claims is the recovery of BLMIS property by the Trustee through the various actions he has and will undertake, including avoidance actions and other recoveries of BLMIS property. It is the Trustee’s intent, pursuant to SIPA, to submit a motion at an appropriate time in the future for an order of the Bankruptcy Court to allocate the funds and other property he has collected and will collect into the fund of customer property and to distribute customer property pro rata among customers with allowed claims.
Irving H. Picard, the court-appointed trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”) under the Securities Investor Protection Act (“SIPA”), has announced that he has determined 371 customer claims with a proposed allowed claim amount of $1,022,424,591.34. The Trustee has committed $161,023,122.52 in SIPC protection funds to the 371 BLMIS claims. These customer claims exceed the statutory limit of SIPA protection by $861,401,468.82. SIPA provides that customers with allowed claims share pro rata in customer property to the extent of their allowed claim. Additionally, SIPC funded protection (up to the SIPA statutory limit of $500,000.00 per customer) is used to supplement the pro rata distribution.
The only source of payment for the unprotected portion of these and other claims is the recovery of BLMIS property by the Trustee through the various actions he has and will undertake, including avoidance actions and other recoveries of BLMIS property. It is the Trustee’s intent, pursuant to SIPA, to submit a motion at an appropriate time in the future for an order of the Bankruptcy Court to allocate the funds and other property he has collected and will collect into the fund of customer property and to distribute customer property pro rata among customers with allowed claims.
Trustee Announces Hardship Program
In recognition of hardship situations confronted by many of the customers of Bernard L. Madoff Investment Securities LLC (“BLMIS”), Irving H. Picard, the Trustee for the liquidation of BLMIS, working with counsel for numerous customers, announces a Hardship Program designed to identify individual cases of hardship. Once identified, Mr. Picard will work with the individual to review and determine the claim on an expedited basis. It is the intention of the Trustee to make available the SIPC advance up to $500,000.00 to those customers who qualify for the Hardship Program and otherwise are entitled to SIPC protection. For the full details of the Hardship Program, including the criteria for those who are seeking hardship consideration and the procedures the Trustee will engage in order to consider each of the cases on an expedited basis, please click here.
If you would like to receive a Hardship Application package in the mail, you may either contact the Claims Processing Center at 888-727-8695, or click here to submit a request for a Hardship Application Package.
If you would like to receive a Hardship Application package in the mail, you may either contact the Claims Processing Center at 888-727-8695, or click here to submit a request for a Hardship Application Package.
Update
TRUSTEE HAS ISSUED GUIDANCE PERTAINING TO HIS EFFORTS TO PURSUE AVOIDANCE RECOVERIES, to view the full guidance information please click here.
Important Information
The Honorable Denny Chin, United States District Judge, who has been assigned to the criminal proceeding against Bernard L. Madoff, captioned United States v. Madoff, Docket No. 09-CR-213 (S.D.N.Y.), issued an order adjourning the sentencing of Mr. Madoff to June 29, 2009 at 10:00 a.m.
In addition, Judge Chin's order sets forth the procedures by which victims of Mr. Madoff can be heard at the sentencing. Victims who wish to speak at sentencing are directed to email usanys.madoff@usdoj.gov by June 10, 2009, 5 pm. To view the order in its entirety, please click here.
In addition, Judge Chin's order sets forth the procedures by which victims of Mr. Madoff can be heard at the sentencing. Victims who wish to speak at sentencing are directed to email usanys.madoff@usdoj.gov by June 10, 2009, 5 pm. To view the order in its entirety, please click here.
Trustee Appointment & General Information
On December 15, 2008, the Honorable Louis L. Stanton, a Federal Judge in the United States District Court for the Southern District of New York, appointed Irving Picard as Trustee for the liquidation of Bernard L. Madoff Investments Securities LLC ("BLMIS") pursuant to the Securities Investor Protection Act ("SIPA") as set forth in the attached order. LINK
Mr. Picard supersedes Lee S. Richards, the previously appointed Receiver for BLMIS and all claims by customers of BLMIS will be processed by Mr. Picard as SIPA Trustee.
On December 23, 2008 the bankruptcy court entered an order authorizing the Trustee to mail customer claim packages and other claim information and to publish notice of the SIPA proceeding on or before January 9, 2009. That order also fixed February 20, 2009 as the date for a meeting of creditors. LINK
Beginning January 2, claims packages were mailed to investors/customers, broker-dealers, and general creditors. Claim forms and related materials are available for downloading on this site LINK and at SIPC.ORG. You may also request a copy via mail by providing your name, street address, and telephone number to 888-727-8695, or click here to submit a request for a Claims Package.
Claims will be determined by the Trustee and a written determination of any "customer" claim will be mailed by the Trustee to the claimant. To be allowed under the Securities Investor Protection Act, a "customer" claim must be supported by the books and records of BLMIS or otherwise established to the satisfaction of the Trustee.
Mr. Richards continues to serve as Receiver for Madoff Securities International Ltd. pursuant to the attached order. LINK
The Trustee Irving Picard has engaged Lazard Frères & Co. LLC to assist in the sale of the market making and proprietary trading operations of Bernard L. Madoff Investment Securities LLC.
Should you have further questions, please contact the Trustee at the following number: 888-727-8695, or via email at Email General Questions.
Mr. Picard supersedes Lee S. Richards, the previously appointed Receiver for BLMIS and all claims by customers of BLMIS will be processed by Mr. Picard as SIPA Trustee.
On December 23, 2008 the bankruptcy court entered an order authorizing the Trustee to mail customer claim packages and other claim information and to publish notice of the SIPA proceeding on or before January 9, 2009. That order also fixed February 20, 2009 as the date for a meeting of creditors. LINK
Beginning January 2, claims packages were mailed to investors/customers, broker-dealers, and general creditors. Claim forms and related materials are available for downloading on this site LINK and at SIPC.ORG. You may also request a copy via mail by providing your name, street address, and telephone number to 888-727-8695, or click here to submit a request for a Claims Package.
Claims will be determined by the Trustee and a written determination of any "customer" claim will be mailed by the Trustee to the claimant. To be allowed under the Securities Investor Protection Act, a "customer" claim must be supported by the books and records of BLMIS or otherwise established to the satisfaction of the Trustee.
Mr. Richards continues to serve as Receiver for Madoff Securities International Ltd. pursuant to the attached order. LINK
The Trustee Irving Picard has engaged Lazard Frères & Co. LLC to assist in the sale of the market making and proprietary trading operations of Bernard L. Madoff Investment Securities LLC.
Should you have further questions, please contact the Trustee at the following number: 888-727-8695, or via email at Email General Questions.
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