Tag Archives: Madoff

Picard v. Katz – District Court Dismisses Claims Asserted Against Mets Ownership Group

On September 27, 2011, Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York dismissed all but three counts of an adversary proceeding commenced by Irving H. Picard (the “Trustee”), as trustee under the Securities Investor Protection Act (“SIPA”) liquidation of Bernard L. Madoff and Bernard L. Madoff Investment Securities LLC, against a group of defendants headlined by New York Mets owners Saul Katz and Fred Wilpon. Picard’s amended compliant, which the court described as a “short and plain statement of 373 pages,” sought to recover over $1 billion in allegedly preferential and fraudulent transfers made to the defendants within the applicable statutory look-back periods. The court dismissed all claims set forth in the complaint, except those alleging actual fraud or requesting equitable subordination. Continue reading

Bankruptcy Bullets – In re Fairfield Sentry Limited, et al., No. 10-13164 (Bankr. S.D.N.Y. May 23, 2011)

On May 23, 2011, Judge Lifland granted, over the objection of various defendants in adversary proceedings commenced by the Debtors, the Debtors’ request for an extension of time to assert causes of action and investigate potential claims in their chapter … Continue reading