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Avoiding Foreign Transfers Based on Foreign Law Claims: Fairfield Sentry Cases Illustrate Broad Scope of Safe Harbor in Chapter 15 | Weil, Gotshal & Manges LLP


Fairfield Sentry IV
3 provide insight into, among other things, the interplay between the safe harbor provision of section 546(e)
4 of the Bankruptcy Code (the “Safe Harbor”) and chapter 15. Relying on section 561(d)
5 of the Bankruptcy Code, which makes the Safe Harbor applicable to chapter 15 cases “to limit avoidance powers to the same extent as in a proceeding under chapter 7 or 11,” the court extended the Safe Harbor to bar the avoidance of certain foreign transactions based on foreign law claims which resembled preference claims under section 547(b)
6 of the Bankruptcy Code and constructive fraudulent transfer claims under state and federal law. However, when the defendants attempted to use the Safe Harbor to bar certain constructive trust claims under foreign law, the court did not agree, finding that the constructive trust claims proceeded on different theories and different proof than the preference and constructive fraudulent transfer clai ....

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Madoff is Dead – The Great NY Cover-UP | Armstrong Economics


 
Perhaps in Madoff’s case, they threatened his family to get him to plead to end any further investigation thereby protecting the bankers. In his case, his son Mark committed suicide and left a note to his father. Maybe now they have met and sorted things out up there.
Today, Madoff’s alleged victims are close to getting their money back. Irving Picard, the court-appointed trustee in the Madoff case, has recovered more than $14.4 billion of the $20 billion in stolen assets. Of that, $13.6 billion has been returned to investors so far. That includes the almost $850 million in cash advances to victims that were provided by the Securities Investor Protection Corporation. The latest distribution in February 2021 gave each customer approximately 70% of their allowed claim amount unless it was previously fully satisfied. Most of the money Picard’s lawyers have collected came through settlements with former investors who withdrew more from Madoff’s firm than they depos ....

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