Judge: Investors can force bankruptcy

[formercia]

Source: finance.yahoo



Judge says investors can force Madoff into bankruptcy to protect assets

* Tom Hays, Associated Press Writer
* Friday April 10, 2009, 11:01 pm EDT


NEW YORK (AP) -- A Manhattan judge has given investors a green light to go after Bernard Madoff's personal property by forcing the disgraced financier into bankruptcy.

--snip--

The ruling on Friday came after a small group of investors had requested the court's permission last week to directly pursue Madoff's personal assets in bankruptcy court. Their lawyers argued that without it, those assets might land in the U.S. Treasury rather than their pockets.

--snip--

In a document prepared for the SEC late last year, Madoff claimed he and his wife had $823 million in assets at the end of last year, including $22 million in properties stretching from New York to the French Riviera, a $7 million yacht and a $2.2 million boat named "Bull."



Read more: http://finance.yahoo.com/news/Judge-Investors-can-force-apf-14903471.html

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Hey Bernie, those bribes you paid to your buddies at SEC and elsewhere.....feh!

[Baby Snooks]

1. And the pockets of all the amubliance chasers...

The investors need to look at what the attorneys representing the investors in the Enron collapse took of their money. Of course the attorneys get paid whether it's a lawsuit or a bankruptcy.

As for the SEC, they are going to seize whatever they want. And could care less what anyone thinks. In a bankruptcy, the SEC will get theirs first, along with the IRS if there are taxes owed, then the attorneys will get theirs, then any creditors will get theirs and then the investors will get what is left. Usually not much.

Since most of the investors never actually owned any stock, more than likely all they will get is the "up to $100,000" for their "cash investment" protected under the SEC securities fraud fund unless the SEC gets in a generous mood which is about as likely as the Bushes showing up at the Hague voluntarily.

The only difference between Bernie Madoff and many of the Wall Street CEOs who have gotten enormous "bonuses" for destroying their companies is that Bernie Madoff was charged with a crime while they have been rewarded for it. And of course the bonuses were paid by the taxpayers.

So maybe Congress should be charged with a crime as well. Or just voted out of office finally. We need some new faces. And some empty back pockets that haven't been lined by the lobbyists for the crooks.

[formercia]

2. That maybe so, perhaps not.

regardless, Madoff, those who profited from his scams and all the Hedge Fund managers that fed the sucker money to him need to be driven penniless with a pile of liens they will never get out from under.

It's time to make a lesson of these criminals. Let them experience life in a homeless shelter for a few decades until they die from lack of proper medical care.
I would rather not see them go to some country club prison like Danbury where they get 3 hots and a cot.

[w4rma]

3. Very good. (nt)

[Chronotis2613]

4. A boat named "Bull"...

... belonging to a man who was full of it.

Nice! :D

[formercia]

5. Inside joke

I bet he and others 'in the know' had a good laugh over it.