Trustee is a Bulldog for Some an Angel for Others
The court appointed attorney for the Madoff bankruptcy had the job of trying to recover some of the $65 billion allegedly lost in investors’ accounts in history’s largest Ponzi scheme ever. As reported in a Bloomberg article, the trustee, Irving Picard, has been tenacious in his attempts to recover funds as he has pursued hundreds of lawsuits on the way to recovering $20 billion. He continues to seek $100 billion from banks and others who profited from the fraud, including the owners of the New York Mets. John V. Donnelly III, a partner with Cozen & O’Connor in Philadelphia, said, “He’s doing what the receiver is supposed to be doing……..going after the deep pockets he believes could have put an end to the fraud.” Just recently Picard claimed the owners of the New York Mets and JP Morgan had information to know Madoff was running a huge scam and they both looked the other way.
The American Lawyer has reported that the work performed by Picard has been lucrative for him and his firm, Baker Hostetler, with the bankruptcy court approving some $119 million in fees. In 2010 the firm got $58 million. His work has been so aggressive that some have called him a bulldog and the sound of his name makes others cringe. But for the many investors who now not only have hopes of recovering some of the $20 billion given to Madoff but possibly some of their supposed profits as well, he is an angel.