Word: picard
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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...
...Picard, the New York-based lawyer who could have easily doubled for actor Frederic March in film Inherit the Wind, is at the turbulent center of the post-Madoff world, a world that includes multi-billion dollar feeder fund lawsuits, multi-million dollar deals with international banks, and, less grand, the issuing of multi-hundred thousand dollar checks to the nearly 7,000 direct account holders caught up in Madoff's massive Ponzi scheme. (See pictures of the demise of Bernard Madoff...
...Bernie Madoff bankruptcy trustee, Irving H. Picard, may be the hardest working man in the collections business - and maybe one day the richest...
...SIPA trustee handles bankruptcies when the Securities Investor Protection Corp. (SIPC) steps in to take charge of fallen brokerage houses. Picard is considered the superstar of SIPA trustees, having handled the largest cases SIPC has managed, and other large non-SIPC cases, such as portions of airline TWA's bankruptcy. He has participated in at least 38 major bankruptcy decisions. According to Stephen Harbeck, president of the Securities Investors Protection Corporation, Picard has served as trustee in more brokerage firm liquidations than anyone else in the U.S. (See the worst business deals...
...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...