The attorney for the trustee recovering Bernard Madoff's assets argued before a packed courtroom Tuesday that "no one in their right mind" would use financial statements concocted by Madoff as a basis for distributing the funds. David Sheehan urged the judge to accept trustee Irving Picard's approach, under which investors who withdrew less cash from their accounts than they deposited would share in what Picard recovers, now about $1.5 billion, while investors who withdrew funds exceeding what they invested would get nothing.
February 03, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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.
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