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Thursday, November 26, 2009

Madoff Victims Be Damned; Lawyers Must Get Their Fees....

NY Lawyer, Firm Cleaning Up After Madoff Ask for More Than $20 million in Fees
The New York Law Journal by Noeleen G. Walder - November 24, 2009

The trustee and his team of lawyers liquidating Bernard L. Madoff's investment firm have asked a bankruptcy judge for $22 million in interim counsel fees. In papers filed yesterday in Southern District Bankruptcy Court, Baker & Hostetler and Irving H. Picard, respectively, requested some $21.3 million and $836,000 in fees for May 1 through Sept. 30, a 10 percent discount off of their customary billable rates. Mr. Picard was appointed trustee of Bernard L. Madoff Investment Securities in the wake of Mr. Madoff's arrest last December.
The recent fee application comes 3 1/2 months after Bankruptcy Judge Burton R. Lifland approved about $15 million in interim counsel fees for Mr. Picard and his attorneys. Judge Lifland's ruling dispensed with objections by a number of Madoff investors who claimed Mr. Picard's failure to look at a customer's most recent statement when valuing claims violated the Securities Investor Protection Act. A hearing on Mr. Picard's approach is scheduled for Feb. 2.


Anonymous said...

It's ONLY about the lawyers getting the money. Justice and the law is meaningless.

Anonymous said...

The lawyers can ask all that they want. It is the judge who makes the final decision. Perhaps the judge needs to take a harder look. Perhaps the judge needs to take a long hard look the faces of the people who have been destroyed.

Anonymous said...

what Madoff did not get the lawyers and accountants will get.
The people that had accounts with Madoff will get spare change.
Someone should look at how law firms get those jobs.
It should be open to competitive bidding or make Gov. do it for a resonable fee.

Anonymous said...

You need accountants, not lawyers. Judges need Darth Vader head gear to complete their Dark Side roles.

Anonymous said...

Allpart of the big scam coverup guys

Anonymous said...

it probably is just another shell,
they'll claim the lawyers took the money that was never there!
blame the lawyers, we know it is all their fault!

Anonymous said...

that new DOJ guy, MCInnery, from the DPW- they represent some of the Made Off victims, let us see, what he does to help the victims!

Laser said...

The issue of victims being fleeced a 2nd time by Receivers, Trustee's etc., looms large these days.

In the Tom Petters ponzi scheme Trial - Doug Kelley - the Petters Group Worldwide Attorney was illegitimately made the Federal Receiver (a temporary assignment to halt monies and evidence from vanishing) - as a result the man (Doug Kelley) seized all of Petters assets and began illicit side dealings Everywhere.
Including selling Polaroid to the 2nd highest bidder of Hilco/Gordon Brothers who are Paul Traub clients - and TRAUB was the original Co-founder of Petters Group Worldwide, UBid and Petters Fingerhut.
Traub, a NY Attorney was in MN August 2008, helping re-align ownership values and getting $50 million to Fingerhut from Bain/Goldman Sachs - the parties he stole eToys for in 2001 till today.
Turns out Doug Kelley the Receiver and Judge Montgomery Magistrate went to Law school together and worked in MN US Attorneys office together.
And - same as the NY Asst US Attorney being connected to Madoff/Picower - where he had to recuse himself and Picower wound up dead speciously 2 weeks later
IN MN the Greg Bell associate of Lancelot was Marty Lackner who purportedly committed suicide over the $1 billion lost in Petters ponzi scheme.
Marty Lackner is the brother to J Lackner - the MN Asst US Attorney.
The website has many details and notes that Thane Ritchie has sued Doug Kelley and Polaroid CEO Mary Jeffries - accusing them of Conspiracy to defraud the Creditors after Petters was arrested.

Laser said...

American Citizens must unite and beseech Congress to look into the travesty of justice of good ole boy legal networks fleecing victims of crimes the 2nd time around under the guise of color of law!
Purportedly there is a new group in Washington DC by Denari that seeks to assist Citizens Against Unjustice Schemes (CAUS)
As soon as we find the location, numbers etc - we will post them here.
Please keep up the wonderful work ECC

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See Video of Senator John L. Sampson's 1st Hearing on Court 'Ethics' Corruption

The first hearing, held in Albany on June 8, 2009 hearing is on two videos:

               Video of 1st Hearing on Court 'Ethics' Corruption
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