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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