The attorney for the bankruptcy trustee recovering the assets of Bernard L. Madoff argued before a packed courtroom Tuesday that “no one in their right mind” would use the financial statements concocted by Madoff as a basis for distributing the funds.

During a nearly four-hour hearing, David J. Sheehan, an attorney for trustee Irving H. Picard, urged Bankruptcy Judge Burton Lifland to accept Picard’s “cash-in/ cash-out” method of compensating investors.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]