Bernard Madoff Investors to Receive Another Payout
Total recoveries reach nearly $9.5 billion
By Jacqueline Palankhttp://blogs.wsj.com/bankruptcy/2016/06/16/bernard-madoff-investors-to-receive-another-payout/
Bernard Madoff’s cheated investors will receive another multimillion-dollar payout, bringing their total recoveries since the collapse of his Ponzi scheme to nearly $9.5 billion.
Judge Stuart M. Bernstein of the U.S. Bankruptcy Court in Manhattan on Wednesday authorized the seventh payout to investors in Bernard L. Madoff Investment Securities LLC, court papers show.
The judge’s order means liquidation trustee Irving Picard can mail out checks worth $171 million to investors, expected for mid-July, according to a statement. Another $76 million will be held in reserve for future distribution.
The most recent distribution, made last December, saw $1.2 billion paid out to investors. Prior distributions have fallen between $400 million and $5 billion, court papers show.
Paving the way for the latest round of distributions are a number of settlement payments that Mr. Picard has collected in recent months. For instance, Madoff investor Vizcaya Partners Ltd. paid nearly $25 million to settle litigation seeking the return of false profits it received during the course of the Ponzi scheme.