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Shana Madoff - 2/5/10 court order restricting spending

Shana Madoff - 2/5/10 court order restricting spending

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Published by mrspanstreppon
Specifically exempts Eric Swanson from compliance with order. Eric Swanson is Shana Madoff's husband. He is general counsel for BATS, fourth largest stock excange.
Specifically exempts Eric Swanson from compliance with order. Eric Swanson is Shana Madoff's husband. He is general counsel for BATS, fourth largest stock excange.

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Published by: mrspanstreppon on Feb 26, 2010
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02/26/2010

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 UNITED STATES BANKRUPTCY COURTSOUTHERN DISTRICT OF NEW YORK
SECURITIES INVESTOR PROTECTIONCORPORATION, Adv. Pro. No. 08-01789 (BRL)Plaintiff, SIPA LIQUIDATIONv. (Substantively Consolidated)BERNARD L. MADOFF INVESTMENTSECURITIES LLC,Defendant.IRVING H. PICARD, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC,Adv. Pro. No. 09-1503 (BRL)Plaintiff,
CONSENT ORDER
v.PETER B. MADOFF, MARK D. MADOFF,ANDREW H. MADOFF, and SHANA D. MADOFF,Defendants.
 
 
2WHEREAS, on October 2, 2009, Irving H. Picard, Trustee for the liquidation of BernardL. Madoff Investment Securities LLC (“Plaintiff”), commenced this action against Peter B.Madoff, Mark D. Madoff, Andrew H. Madoff, and Shana D. Madoff;WHEREAS, Shana Madoff denies any liability or culpability for the allegations inPlaintiff’s Complaint;WHEREAS, Plaintiff seeks restrictions on Shana Madoff’s ability to use her assets orincur additional liabilities pending the outcome of this action;WHEREAS, Shana Madoff disputes that Plaintiff is entitled to such restrictions, butrecognizes that the potential costs and expenses of the instant dispute could prove substantial,and Plaintiff and Shana Madoff desire to avoid the costs and uncertainties of litigation;WHEREAS, Plaintiff and Shana Madoff agree that by entering into this Consent Orderneither party may be interpreted as, construed as, or deemed to be making any admission withregard to any claim asserted in Plaintiff’s Complaint or any defenses or counterclaims thereto;IT IS HEREBY ORDERED, STIPULATED, AND AGREED among the parties on this5
th
day of February 2010 as follows:1. Except as permitted: (i) elsewhere in the terms and conditions of this Order, or asnecessary to make payments required or permitted elsewhere in this Order; or (ii) as otherwiseagreed to in writing by Plaintiff; or (iii) by further Order of this Court, Shana Madoff, her agents,servants, employees, attorneys, and all those acting in concert or participation with any of them,(except that this is not intended to apply to financial institutions or representatives thereof engaged in banking transactions in the ordinary course and as permitted elsewhere in this Order)
 
 
3shall not transfer, sell, assign, pledge, hypothecate, encumber, dissipate, or move in any manner,or cause to be transferred, sold, assigned, pledged, hypothecated, encumbered, dissipated, ormoved in any manner, any property or other interest belonging to, owing to, under the control of,or in which Shana Madoff has a beneficial ownership interest, either directly or indirectly (the“Property”), however, the restrictions described in this paragraph are not intended to, and shallnot operate to, restrict any property or interest belonging to, owing to, or under the control of Shana Madoff’s husband, Eric Swanson (“Swanson Property”). Shana Madoff hereby representsthat, except as permitted elsewhere in this Order, there have been no transfers, at any time, of any assets or property belonging to Shana Madoff, to Eric Swanson, with a value in excess of $1,000.2. Shana Madoff shall be authorized to take and shall take all legitimate, necessary, andreasonable steps to preserve and maintain the market value of the Property, both real andpersonal, that is subject to depreciation, deterioration, and dissipation (normal wear and tearexcepted), including, but not limited to: paying in a timely manner all current and continuousobligations relating to the Property, including mortgage and loan payments, fees, insurancepremiums, necessary maintenance, and assessments; keeping the Property in good condition andfree of hazards; exercising the best efforts to maintain sufficient insurance, and not removing orcausing to be removed from the Property any fixtures or any personal property (except for in thenormal course) with an aggregate value in excess of $1,000.3. Shana Madoff shall not incur any debt, obligation, or other liability, directly orindirectly, beneficially or otherwise, beyond $1,000 without the prior written approval of thePlaintiff, except for the ordinary use of credit cards and as permitted elsewhere in this Order or inany other Order of this Court.

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