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.
This Installment points out the potential impact that the current $2.5 billion distribution by Madoff Trustee Irving Picard may have on the diverse and divergent interests among the Wilpons that are parties to the global Settlement Agreement with Picard.
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.
This is the twentieth in a series of installments on this blog that are discussing some issues arising in the aftermath of the long global Ponzi scheme of Bernard L. Madoff (“Madoff”). Installments 3 through 8, Installment 10 and Installments 14 through 19 of this series focused on the specific concerns of charities that were… Continue Reading