Irving Picard, the trustee who is overseeing the bankruptcy of Bernard Madoff's estate, has good news and bad news. According to a report he filed, he's found $849,000 for victims of the massive Ponzi scam, which is good...but during the same six-month period, he spent over $26 million, mostly on legal fees to Picard's firm. Bloomberg News reports, "Picard has recovered a total of about $1.5 billion for creditors of Bernard L. Madoff Investment Securities LLC..." He also says he's "evaluated 14,030 investor claims as of Oct. 22 and approved 2,280" and "has committed to paying $738 million on behalf of the [SIPC]." Something else that is keeping Picard busy: Getting ready for those clawback lawsuits.
Madoff Trustee Spends $26 Million, Finds $849,000
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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