Houses For Sale In Delaware

Madoff, Nortel, WaMu, Deb, Lehman, Allen, Vitro: Bankruptcy

(This report contains items about companies both in bankruptcy and not in bankruptcy. Updates Vitro; adds Madoff, Nortel, Washington Mutual, PJ Finance, Bear Island and Raser in Updates; Lambuth University in New Filings.)

July 5 (Bloomberg) -- U.S. District Judge Jed S. Rakoff sounded as though he might eventually rule that bankruptcy law doesn’t govern that part of the lawsuit where the trustee liquidating Bernard L. Madoff Investment Securities Inc. is seeking to recover $700 million in principal that Fred Wilpon, Sterling Equities Inc., the owners of the New York Mets baseball club, and Wilpon’s friends, family and associates took out of the Ponzi scheme before the fraud surfaced publicly.

At a hearing July 1, Rakoff said he, not the bankruptcy judge, would initially decide if the Wilpon group had a duty to investigate whether the Madoff firm was a fraud. Rakoff said, “It doesn’t seem to me to be self-evident that bankruptcy law sets the duty of inquiry that a customer of a brokerage has.”

“How can it be that the law governing someone’s duty to inquire is determined, not by what the governing laws in place were at the time, but by the happenstance that the entity later went into bankruptcy?” Rakoff asked at another juncture in the hearing.

The Wilpon group argues that federal securities laws govern and give them no duty to investigate whether the broker is a fraud. For Bloomberg coverage of the July 1 hearing in Rakoff’s court, click here.

Rakoff previously ruled it was appropriate for the district court to make initial rulings about dismissal of the trustee’s lawsuits against HSBC Holdings Plc and UniCredit SpA.

The Madoff firm began liquidating in December 2008, with the appointment of the trustee under the Securities Investor Protection Act. Bernard Madoff individually went into an involuntary Chapter 7 liquidation in April 2009. His bankruptcy case was consolidated with the firm’s liquidation. Madoff is serving a 150-year prison sentence following a guilty plea.

The motion by Wilpon to remove the suit from bankruptcy court is Picard v. Katz, 11-03605, U.S. District Court, Southern District New York.

In bankruptcy court, the liquidation of the Madoff firm is Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities Inc., 08-01789, U.S. Bankruptcy Court, Southern District of New York (Manhattan). The criminal case is U.S. v. Madoff, 09-cr-00213, U.S. District Court, Southern District of New York (Manhattan).

Spanway LLC » Lewes Delaware Homes For Sale- Some Suggestions The ...

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At a General Assembly begun at Dover, in the Delaware State, ... the following Acts were passed ...