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Category Archives: Bernard Madoff

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Picard v. Mets/Wilpon/Katz Madoff Settlement One Year Later – Part III: Was the Michael Katz Form 990-PF Worth the Wait? – Installment 91

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Even though the private foundation of Dayle and Michael Katz (the “Michael Foundation”), like the private foundation of Iris and Saul Katz, took ample time until February 1, 2013 to prepare its Form 990-PF, such Form 990-PF suffers from a scarcity of information as to the Michael Foundation’s involvement with Madoff. However, the Michael Foundation’s situation is very different from that of the Saul Foundation.

Picard v. Mets/Wilpon/Katz Madoff Settlement One Year Later – Part II: Was the Saul Katz Form 990-PF Worth the Wait? – Installment 90

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Even though the private charitable foundation of Saul and Iris Katz took ample time until February 1, 2013 to prepare its 2011 Form 990-PF, such Form 990-PF suffers from a disappointing and manifest scarcity of information as to involvement with Madoff and the Settlement Agreement with Madoff Trustee Picard.

Picard v. Mets/Wilpon/Katz Settlement One Year Later – Part I: Why Were Certain Katz IRS Forms 990-PF so Delayed? – Installment 89

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This blog series has been monitoring the quality of disclosures being made by private charitable foundations of the Wilpon and Katz families in their IRS Forms 990-PF as to involvement with Madoff and the Settlement Agreement made with Trustee Irving Picard approved on May 31, 2012. The Forms 990-PF provide not only a window into the internal operations of the foundations but also allow for analysis of the quality of the disclosures made as to a matter that has received wide and continuous publicity.

The Picard/Wilpon Settlement: Should there be Disclosure in 2011 Forms 990-PF Filed with the IRS by Wilpon Private Foundations? – Installment 87

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It is perplexing that Forms 990-PF filed with the Internal Revenue Service by various Wilpon family private foundations provide no reference to the assignment to Madoff Trustee Irving Picard of their allowed net equity claims and the encumbering of their “Estimated SIPC Recovery – Madoff Theft Loss,” even though such 2011 Forms 990-PF were filed well after Federal District Court approval on May 31, 2012 of the Settlement Agreement dated April 13, 2012 between Picard and the Wilpons.

Investment Adviser Ivy Asset Management Settles Madoff Lawsuits for $210 Million – Installment 86

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While both the U.S. Department of Labor and the New York Attorney General are to be congratulated, it is not immediately clear that their respective press releases are addressing a single $210 million settlement with Ivy Asset Management and other defendants of a number of consolidated lawsuits in which the Department of Labor and New York Attorney General are principal plaintiffs.

After Madoff and Other Ponzi Schemes, Have Charities Become More Wary About Donors Bearing Large Gifts? – Installment 83

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The return of grants by a charity to private foundations related to the the sons of Bernard L. Madoff evidence that some charities may be exercising greater caution in their gift acceptance policies as a result of the dramatic and sometimes devastating consequences that highly respected charities have suffered from involvement in Ponzi schemes.

The Picard/Wilpons Settlement: Will Future Distributions to Madoff Victims by Picard Trigger Some Wealth Shifts Among the Wilpons? – Installment 82

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This Installment discusses some aspects of the potential impact that a large distribution to Madoff victims by Trustee Irving Picard may have on the diverse and divergent interests among the Wilpons that are parties to the global Settlement Agreement with Picard and how the Wilpons could address such an impact.

While State Taxing Authorities Continue to Battle with Madoff Investors, the New Jersey Tax Court Again Favors a Victim – Installment 81

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In a case in the New Jersey Tax Court, the Judge distinguishes the long-standing federal “Ithaca Trust Rule” to allow an estate of a decedent a refund of an estate tax payment from the Division of Taxation for the discovery by the estate after the decedent’s death of the worthlessness of an individual retirement account entrusted to Madoff.

The Supreme Court Refusal to Review the Method of Computing “Winners” and “Losers” in Madoff Cases Creates More Joy for the Wilpons – Installment 80

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The numerous former defendants, constituting the Wilpon-Katz-Mets individual, business, family trust and charitable interests (the “Wilpons”), in the celebrated but now-settled case brought by Irving H. Picard, the Trustee in the Madoff liquidation, will benefit greatly from the Supreme Court’s refusal to review the net equity calculation formula adopted by Picard.

Picard and Judge Rakoff Move Past the Wilpons/Mets Settlement: Now the Fun Begins for the Wilpons as Cheering Spectators – Installment 79

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Having settled their long-running case with Irving Picard, the numerous defendants, constituting the Wilpon-Katz-Mets individual, business, family trust and charitable interests (the “Wilpons”), are cheering Picard on to recover every dollar that he can in his mass appeal to the Second Circuit Court of Appeals to overturn a number of Judge Jed S. Rakoff’s earlier orders and opinions in the Wilpons’ case.

Judge Rakoff Approves the Picard/Wilpons/Mets Settlement: Is It Now Really “Over” Under Yogi Berra’s Definition? – Installment 78

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Would the great Yogi Berra, who is famous for saying, “It ain’t over till it’s over,” be likely to agree that, with the May 31, 2012 approval by Federal District Judge Jed S. Rakoff of the settlement agreement between Picard and the Wilpons, it is over? There appear to be a few loose strands still present, within the Wilpons’ case itself and generally for the many unresolved Madoff/Picard matters.

The Picard/Wilpons/Mets Settlement Effort Calls for a Closer, as the Court Hearing on Final Approval Is Delayed – Installment 77

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Those who were eagerly anticipating the final dénouement on May 15, 2012, in the epic battle between Madoff Trustee Irving Picard and the numerous defendants, constituting the Wilpon-Katz-Mets individual, business, family trust and charitable interests, will apparently have to wait at least until May 31, 2012. The approval of the final Settlement Agreement by Federal District Judge Jed S. Rakoff, originally scheduled to occur at a hearing on May 15, 2012 at 4 p.m., has been postponed until May 31, 2012 at 4 p.m.

The Picard/Wilpons Settlement: What Issues Surface for the Involved Charitable Private Foundations and Their Respective Fiduciaries? – Part 1 – Installment 75

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This Installment addresses some of the effects on, and implications for, certain charitable private foundations and their respective officers, directors, trustees and foundation managers under the proposed settlement agreement between Madoff Trustee Irving Picard and the numerous defendants, constituting the Wilpon-Katz-Mets individual, business, family trust and charitable interests.

Picard/Wilpons/Mets – Friday the 13th Brings with it the Deadline for Resolving Open Issues in their Settlement – Installment 73

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While the Memorandum of Understanding of March 19, 2012 respecting the settlement of the Picard/Wilpons/Mets litigation in the Madoff case stated that it was a legally binding document, the Memorandum contained a number of conditions to finalizing the settlement to be completed on or before Friday, the 13th of April, 2012.

Wilpons Settle with Picard for $162 Million but Buy Valuable Time and a Share of Potential Future Picard Recoveries – Installment 72

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Today, a settlement was reached between Madoff Trustee Irving Picard and the numerous defendants, the Wilpon-Katz-Mets individual, business, family trust and charitable interests (the “Wilpons”), which requires the Wilpons to pay $162 million to Picard but appears to be a very favorable result, perhaps actually an outright victory, in their efforts to keep control of the Mets.