• 30 Dec 2008 at 10:47 AM

Madoff (Liquidator) Scores $28 Million

By Bess Levin

kevin_bacon.jpg

U.S. Bankruptcy Judge Burton Lifland on Tuesday approved the transfer of $28.1 million to cover expenses tied to the liquidation of Bernard Madoff’s investment firm.
[...]
Irving Picard, the trustee presiding over the liquidation of Madoff’s investment firm, said he needed the $28.1 million to cover employee salaries and other costs, according to court documents. Bank of New York Mellon Corp. previously agreed to transfer the funds, but the bankruptcy judge first had to approve the transfer.
BNY Mellon already transferred about $883,000 to cover costs tied to the liquidation.
Picard will oversee the liquidation as the Securities Investor Protection Corp. attempts to help investors recoup their money. SIPC was created by Congress in 1970 to protect investors when a brokerage firm fails and cash and securities are missing from accounts. Funds can be used to satisfy the remaining claims of each customer up to a maximum of $500,000. The figure includes a maximum of up to $100,000 on claims for cash.

Madoff liquidation trustee receives $28M for costs [AP via Forbes]
Meanwhile, Kevin Bacon, who we know by virtue of the KB Law had to have been affected by Madoff, is getting screwed.

Comments (18)

  1. 1
    Posted by guest | December 30, 2008 at 11:06 AM

    no picture of Kevin Bacon fishing?

  2. 2
    Posted by guest | December 30, 2008 at 11:07 AM

    Pretty inevitable he’d get tied in eventually, right?

  3. 3
    Posted by guest | December 30, 2008 at 11:12 AM

    @2- hence the line “who we know by virtue of the KB Law had to have been affected by Madoff”

  4. 4
    Posted by guest | December 30, 2008 at 11:13 AM

    @3, yeah, but I was amazed that it only took one degree

  5. 5
    Posted by guest | December 30, 2008 at 11:14 AM

    There goes the Bacon Brothers’ next tour.

  6. 6
    Posted by Clown Capital | December 30, 2008 at 11:21 AM

    Life hands you lemons, make lemonade Kev. Time to go back to basics. Ready for it???…
    Tremors Part 5: Ragin’ Rodents…

  7. 7
    Posted by guest | December 30, 2008 at 11:30 AM

    WIDECLOPS is only 3 degrees separated from the Bacon.

  8. 8
    Posted by guest | December 30, 2008 at 11:41 AM

    Footloose 2009: LET’s PONZI….

  9. 9
    Posted by guest | December 30, 2008 at 11:49 AM

    Kevin Bacon was in a Spieberg movie and Stevie’s Wunderkind Charity was gassed by Bernie

  10. 10
    Posted by Clown Capital | December 30, 2008 at 11:51 AM

    Bess,
    By the way, DB’s news coverage and comedic commentary has sucked BALLS for the last few days. Were you on vaca or somethin’??? You guys in a slump???

  11. 11
    Posted by guest | December 30, 2008 at 11:56 AM

    10 what are you talking about. nothing is going on first of all, also that HF letter thread was gold

  12. 12
    Posted by guest | December 30, 2008 at 12:04 PM

    Am I the only one who is getting super annoyed with Blackberry Messenger (BBM)? A couple years ago it was cool, me and all the other 1st year guys would shoot messages to and fro through out the day and we shared a lot of laughs. I even remember being a kiss ass and bbming with the boss – good times. But now, now I feel like I am “talking” to 20 odd “friends” through out the day. It’s like everyone has become dependent on constant communication and it makes them feel special. Between doing actual work, being on the actual phone, trying not to get caught cheating on my girlfriend, and responding to actual emails I don’t have the time nor desire to continue bbming my friends/co-workers…
    Yet I still reply; too worried that once they see that little “r” and don’t receive a response they will no longer consider me a pal. It’s a vicious cycle I’ve caught myself in. Am I alone in this struggle?

  13. 13
    Posted by Bess Levin | December 30, 2008 at 12:05 PM

    Clown Capital@10- Are you always this deaf, dumb and stupid or are we merely beholding a flare up period?
    http://dealbreaker.com/2008/12/opening-bell-122908.php#more
    “*Programming Note (in case you missed it): We’re on an abbreviated vacation-esque schedule ’til ’09 (opening/closing wraps and very limited updates whenever the urge to reach out and touch you moves us). We still want to hear from you, though, so if Bernie Madoff slips in the shower and you’ve got pics, do not hesitate to let us know.”
    http://dealbreaker.com/2008/12/opening-bell-122408.php
    “Programming Note: We’re on an abbreviated vacation-esque schedule ’til ’09, or the urge to reach out and touch you moves us. Off for the big birthday tomorrow, with opening/closing wraps today, Friday, next week. We still want to hear from you, though, so if Bernie Madoff slips in the shower and you’ve got pics, do not hesitate to let us know.”
    Shall we mention it again? Or do you have it now?

  14. 14
    Posted by guest | December 30, 2008 at 12:10 PM

    Hey Bess- are you guys on an abbreviated vacation-esque schedule ? Can I come over and hang out?

  15. 15
    Posted by guest | December 30, 2008 at 12:57 PM

    Clown – stop staring at wideclops’ picture it is making you stupid.

  16. 16
    Posted by guest | December 30, 2008 at 1:41 PM

    @ 12 – This is the single best reason to upgrade your Blackberry.

  17. 17
    Posted by guest | December 30, 2008 at 2:17 PM

    Bank of America and Mr. Higgins missing $millions, it can happen to you my, fellows Americans
    More info at: http://maxhiggins.com/blog/

  18. 18
    Posted by guest | December 30, 2008 at 5:15 PM

    @8– Ironically, they’re coming out with a new Footloose… with that db from High School Musical if I’m not mistaken.
    Inquiring minds want to know, will it live up to the high standard set by Dirty Dancing Havana Nights?

Leave a comment

You can log in with your account or comment as a guest below.

   or