Word: chapter
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Dates: during 2000-2009
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...Picard, in his late 60s, is a rare bird in the quiet world of bankruptcy trustees, a blend of a traditional Chapter 7 bankruptcy panel trustee (of which there are 1,200 in the U.S.) and Securities Investment Protection Act (SIPA) trustee...
...SIPA trustee's job, not unlike a Chapter 7 trustee, is to recover property, assess claims and liquidate any other assets of a bankrupt firm for the benefit of the estate and its creditors. Consequently, Picard is using his authority to collect from customers who received preferences, non-existent principal, and/or payouts of fictitious profits to the detriment of other defrauded customers whose money was consumed by Madoff's global Ponzi scheme...
...Normally, Chapter 7 bankruptcy trustees personally receive 3% of anything over $1 million they recover for victims. In SIPA cases, however, the amount is not based strictly on a percentage of monies recovered since often there is no money remaining in accounts...
...free chapter of the Madoff whistleblower's story No One Would Listen: A True Financial Thriller...
...meeting. They bounced around ideas and came up with a campaign to raise money to place ads on buses in the handful of Indiana cities with populations over 50,000. But that was turned down by the public transportation system in Bloomington (pop. 72,254). The local chapter of the American Civil Liberties Union has since filed a lawsuit on First Amendment grounds. Indianapolis' public transportation system also declined. Michael Terry, its chief executive, pointed to a policy barring ads "involving or referring to political, religious, moral or environmental issues subject to public debate." Terry says, "It costs...