Tuesday, April 19, 2011

Overseeing The Liquidation Of A Ponzi Scheme Almost As Lucrative As Running A Ponzi Scheme

If Mr. Picard can recover half of what he's sued the big banks for he deserves every penny.
From Bloomberg via DealBreaker:
Irving Picard wants $43.2 million for the last four months of work on the Madoff file.
…bringing total fees sought in the case to $175.5 million since Madoff’s arrest.
Expenses of $1.1 million were claimed by trustee Irving Picard and Baker & Hostetler LLP from Oct. 1 to Jan. 31, according to a U.S. Bankruptcy Court filing in New York yesterday. The Madoff case took almost 955 hours of Picard’s time during the period, charged at $748 an hour, and 116,399 hours of his firm’s time at $371 an hour, according to the filing.
Also at DealBreaker: