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Not So Fast, Why Bother With Bankruptcy When We Can Just Take It All?

Bankruptcy is nothing compared to the power of forfeiture vested in the Department of Justice. So why bother letting the assets slip into the expensive, time-consuming morass of bankruptcy? Let's just take them all, no?

The Securities and Exchange Commission asked a federal judge on Wednesday to block an effort by a group of customers to force convicted Ponzi-scheme operator Bernard Madoff into involuntary bankruptcy.
In a court document filed Wednesday, the securities regulator asked U.S. District Judge Louis Stanton in Manhattan to reject a motion to lift a stay in the SEC case against Mr. Madoff that prevents the former clients of Bernard L. Madoff Investment Securities LLC from pursing a bankruptcy action against him personally.

SEC Seeks to Block Bid to Force Madoff Bankruptcy [The Wall Street Journal]

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