Citing what they called the “pathetic track record” of the court-appointed trustee in charge of liquidating Bernard L. Madoff’s investment securities firm, three Pennsylvania residents who invested with Madoff urged a bankruptcy court to reject the request of Irving H. Picard and his counsel for more than $15 million in interim fees.
In papers filed Monday with the U.S. Southern District Bankruptcy Court, Diane and Roger Peskin and Maureen Ebel, who claim the support of more than 100 customers of Bernard L. Madoff Investment Securities LLC, accused Picard and his legal team at Baker & Hostetler of causing “needless devastation” to Madoff’s customers by “ignoring” the mandate of the Securities Investor Protection Corporation (SIPC) to pay claims promptly based upon their “statutory balances.”
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