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Tag Archives: Judge Jed S. Rakoff

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

Posted in Bernard Madoff

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

Posted in Bernard Madoff

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

Posted in Bernard Madoff

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

Posted in Bernard Madoff

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

Posted in Bernard Madoff

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

Posted in Bernard Madoff

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

Posted in Bernard Madoff

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.

Madoff/Picard/Judge Rakoff/Wilpons-Mets: Picard Strikes Out in His Effort to Appeal Judge Rakoff’s Ruling Before Trial – Installment 68

Posted in Bernard Madoff

In his latest Opinion and Order of January 17, 2012, Judge Rakoff denied the motion of Irving Picard, who sought an immediate interlocutory appeal to the Second Circuit Court of Appeals of Judge Rakoff’s earlier ruling that greatly limited the amount that Picard could seek to recover from the Wilpon interests. As a result Judge Rakoff’s “fixed and firm” trial date of March 19, 2012 remains unaffected.

Will JASA Become More Forthcoming in Disclosing its Substantial Losses and Risks from Investing with Madoff? – Installment 62

Posted in Bernard Madoff

There has been a disappointing lack of transparency evidenced by the Jewish Association for Services for the Aged — a defendant in a clawback action recently filed by the Madoff trustee — in its failure to provide meaningful public disclosures of the magnitude of its investments with Madoff and its loss and exposure to risk, either in media releases or in filings of Forms 990 with the Internal Revenue Service.

Can Picard Pull off a Squeeze Play by Using His $5.2 Million Lawsuit Against JASA to Place Pressure on Saul Katz of the Mets? – Installment 61

Posted in Bernard Madoff

Trustee Irving Picard has addressed charities that invested with Bernard Madoff in a perplexing and inconsistent manner, virtually to the point of arbitrariness and unfairness. His new $5.2 million lawsuit against the Jewish Association for Services for the Aged not only reaffirms his erratic behavior in this area, but also suggests that Picard may have other purposes for his actions.

Picard Cries Foul that Judge Rakoff has Ruled “Arbitrarily” in the Wilpon Case – Has the Trustee Been Playing the Same Game Himself? – Installment 60

Posted in Bernard Madoff

This posting will focus on the position of Madoff Trustee Irving Picard that the recent opinion of Judge Jed S. Rakoff is arbitrary and unfair, especially in view of the inconsistent decisions, perhaps to the point of unfairness, that Picard himself has made relative to certain charities that invested with Madoff.

Picard vs. Wilpons: Does the Pending Trustee Lawsuit Chill Meaningful Opportunities for Sales of Interests by the Mets Owners? – Installment 58

Posted in Bernard Madoff

This Installment will address the potential legal disabilities that exist under the New York Debtor and Creditor Law for the Wilpon/Katz families, the owners of the New York Mets, in their effort to sell a minority interest(s) in the Mets, in light of the existence of the lawsuit against them by Irving Picard, the Trustee in the Bernard L. Madoff bankruptcy.

Madoff Trustee Wins a Playoff Game in the Second Circuit but Later Has Wilpon Game Suspended by Judge Rakoff for Darkness – Installment 57

Posted in Bernard Madoff

A whirlwind of activity this past week had sports writers and fans of the New York Mets buzzing about an appellate opinion rendered by the Second Circuit on Tuesday and a hearing in a Federal District courtroom in Manhattan at 4 P.M. on a Friday afternoon in mid-August about the Bernard L. Madoff scandal.