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Second Circuit Ruling in Favor of Madoff Trustee

Second Circuit Ruling in Favor of Madoff Trustee



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Published by DealBook
Second Circuit ruling in favor of the Madoff trustee, Irving H. Picard, in how he is recovering money.
Second Circuit ruling in favor of the Madoff trustee, Irving H. Picard, in how he is recovering money.

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Published by: DealBook on Aug 17, 2011
Copyright:Attribution Non-commercial


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10-2378-bk(L)In re: Bernard L. Madoff Inv. Sec. LLC
45August Term, 2010678(Argued: March 3, 2011 Decided: August 16, 2011)910Docket Nos. 10-2378-bk(L); 10-2676-bk(con); 10-2677-bk(con);1110-2679-bk(con); 10-2684-bk(con); 10-2685-bk(con); 10-2687-12bk(con); 10-2691-bk(con); 10-2693-bk(con); 10-2694-bk(con);1310-2718-bk(con); 10-2737-bk(con); 10-3188-bk(con); 10-3579-14bk(con); 10-3675-bk(con)1516- - - - - - - - - - - - - - - - - - - -x1718IN RE: BERNARD L. MADOFF INVESTMENT19SECURITIES LLC,20Debtor.
21- - - - - - - - - - - - - - - - - - - -x2223Before:JACOBS, Chief Judge, LEVAL and RAGGI,24Circuit Judges.2526Former investors with Bernard L. Madoff appeal from an27order entered by the United States Bankruptcy Court for the28Southern District of New York (Lifland, J.) in the29liquidation proceedings of Bernard L. Madoff Investment30Securities LLC under the Securities Investor Protection Act.31The Trustee, Irving H. Picard, concluded that the investors’32“net equity,” which determines how customer property will be33 
Consolidated docket number 10-2737-bk was dismissedwith prejudice by stipulation of the parties on December 10,2010. Fed. R. App. P. 42(b).
distributed in the wake of Madoff’s fraud, should be1calculated based on the Net Investment Method. The2bankruptcy court affirmed the decision of the Trustee and3certified its decision for immediate appeal to this Court.428 U.S.C. § 158(d)(2). This Court accepted the direct5appeal from the bankruptcy court, and for the following6reasons, we hold that the Trustee’s determination as to how7to calculate “net equity” under the Securities Investor8Protection Act is legally sound in light of the9circumstances of this case and the relevant statutory10language. Accordingly, we affirm the order of the11bankruptcy court.12HELEN DAVIS CHAITMAN, Becker & Poliakoff,13LLP, New York, New York (Peter Schuyler,14
on the brief 
), for Appellants Diane and15Roger Peskin, et al.1617KAREN E. WAGNER, Davis Polk & Wardwell18LLP, New York, New York (Brian S.19Weinstein, Jonathan D. Martin,
on the
), for Appellants Sterling Equities21Associates, Arthur Friedman, David Katz,22Gregory Katz, Michael Katz, Saul Katz, L.23Thomas Osterman, Marvin Tepper, Fred24Wilpon, Jeff Wilpon, Richard Wilpon, Mets25Limited Partnership.2627BARRY R. LAX, Lax & Neville, New York,28New York (Brian Neville, Brian Maddox,
the brief 
), for Appellants Mary Albanese,30et al.31322
Seth C. Farber, Kelly A. Librera, Dewey &1LeBoeuf LLP, New York, New York, for2Appellant Ellen G. Victor.34Stephen Fishbein, Richard F. Schwed,5Shearman & Sterling LLP, New York, New6York, for Appellants Carl J. Shapiro, et7al.89Carole Neville, Sonnenschein Nath &10Rosenthal LLP, New York, New York, for11Appellants Marsha Peshkin IRA, Michael12and Meryl Mann, Barry Weisfeld.1314Matthew Gluck, Jonathan M. Landers, Brad15N. Friedman, Jennifer L. Young, Milberg16LLP, New York, New York, Stephen A.17Weiss, Christopher M. Van de Kieft,18Parvin K. Aminolroaya, Seeger Weiss LLP,19New York, New York, for Appellants The20Aspen Company, et al.2122David B. Bernfeld, Jeffrey L. Bernfeld,23Bernfeld, DeMatteo & Bernfeld, LLP, New24York, New York, for Appellants Michael25Schur and Edith A. Schur.2627David Parker, Matthew J. Gold, Jason28Otto, Kleinberg, Kaplan, Wolff & Cohen,29P.C., New York, New York, for Appellants30Lawrence Elins, Malibu Trading and31Investing, L.P.3233Stanley Dale Cohen, New York, New York,34for Appellants Lee Mellis, Jean35Pomerantz, Bonnie Savitt.3637Jeffrey A. Mitchell, Gibbons, P.C., New38York, New York, for Appellant Donald G.39Rynne.4041Daniel M. Glosband, Goodwin Procter LLP,42Boston, Massachusetts (Larkin M. Morton,43Goodwin Procter LLP, New York, New York,44
on the brief 
) for Appellants Jeffrey A.45Berman, et al.463

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