Word: picard
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...Picard has collected $1.2 billion from banks, personal property, and funds around the world. Monies found in Madoff's accounts were just over $900 million, a far cry from the estimated $20 billion or so that Madoff swindled from investors. (See Bernard Madoff on the TIME...
...Lawyers familiar with the case estimate the legal costs of the Madoff case - which could run on for two years or more - could exceed $30 million. Picard's fees, they say, will likely be less than that, though it's impossible to know precisely how much less. So far, Picard has collected $1.2 billion in recovered funds, so even if his fee were half the normal bankruptcy trustee fee he would still pocket $15 million...
When it comes to paying Picard, the recovered funds will not be touched. Instead, SIPC will pay all fees and administrative costs related to the case from monies it receives from its member institutions, an account with some $1.6 billion...
...Picard still stands to put a pretty penny in his pocket. SIPA trustees like Picard and their staffs get hourly fees and expenses paid for, as well as discretionary amounts based on a number of factors...
...last 30 days, Picard has filed six major lawsuits, many against Madoff's largest feeder funds. The combined suits ask for the return of over $10 billion in fraudulent profits. Picard's complaints allege the people running the funds "knew or should have known" Madoff was a fake, simply based on the exorbitant, non-stop returns they received. Suits have been filed against Walter Noel's Fairfield-Greenwich Group, which withdrew $3.2 billion since 1995, Jeffrey Picower's funds, totaling $6.7 billion withdrawn, and against Stanley Chais, whose funds took out over $1 billion since 1995. (See pictures...