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Madoff Trustee Seeks Summary Judgment With Respect To Fictitious Profits,...

The adversary proceeding of Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), against Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families...

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Madoff Trustee and Mets’ Owners Aim Final Beanballs at Each Other Ahead of...

Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), and Fred Wilpon and Saul Katz, the owners of the New York Mets, and their families and affiliated enterprises (the...

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Madoff Trustee Gets Call on Borderline Pitch – Judge “Skeptical” But Does Not...

On the surface, Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”), had a very good day. Judge Jed S. Rakoff granted Picard’s motion for summary judgment against Fred...

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Legal Nightmare Ends for Mets’ Owners. No Relief In Sight for Mets’ Fans.

At the end of the day, Picard really did not have a case, but there was no way that Wilpon and Katz could risk a trial.  It looks to be a fair and reasonable outcome....

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Whither the Bankruptcy Courts? Will They Wither? Supreme Court Again to...

Two years ago in Stern v Marshall, the Supreme Court surprised many observers by placing constitutional limits on the jurisdiction of the United States Bankruptcy Courts. The Court, in limiting the...

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As Madoff Five Year Anniversary Approaches, Investors Denied Time-Based Damages

Two months from now will bring the five year anniversary of the unraveling of Bernie Madoff’s Ponzi scheme, one of the bookends, along with the collapse of Lehman Brothers., of the extraordinary Fall...

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COVID-19: Modified Bankruptcy Court Procedures

As the nation hunkers down to combat the novel coronavirus (COVID-19), bankruptcy courts throughout the country have moved quickly to implement procedures to preserve access to the courts while...

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COVID-19: Small Business Bankruptcy Relief

Last week, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, implementing broad relief for individuals and businesses affected by COVID-19.  One of the sections of the...

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Beware of Post-Confirmation Bar Dates In Chapter 11 Plans

A recent decision reminds creditors of the harsh consequences of failing to comply with a court imposed deadline for filing claims in a bankruptcy case. The U.S. Court of Appeals for the Third Circuit...

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$7.5 Million Increased Debt Limit For Small Business Debtors May Become...

The law that temporarily increased the maximum amount of debt a company may have to qualify as a small business under Subchapter V – the cheaper, easier, and faster version of Chapter 11 – from $2.7...

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