STATEMENTS & PRESS RELEASES
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July 01, 2015
Master Service List #44

Please open attached pdf file for Master Service List

Master Service List #44

June 26, 2015
Claim Status as of June 26, 2015

As of June 26, 2015, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,557 15.48%
Determined - No Claim 12 0.07%
Denied 2,700 16.34%
Denied - Third Party 10,144 61.41%
Withdrawn 990 5.99%
Deemed Determined 116 .70%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $14,091,721,539.45
Amount of SIPC Coverage Provided: $700,2014,517.50
(SIPC Committed of $825,535,150.34 less $125,330,632.84 subrogation payment) 

Claim Status as of June 26, 2015

June 19, 2015
Press Release: Madoff Trustee Reaches Recovery Agreement of $140 Million with Feeder Fund Plaza Investments International & Notz, Stucki Management (Bermuda) Limited

Press release from the offices of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC and the Securities Investor Protection Corporation (SIPC)

MADOFF TRUSTEE REACHES RECOVERY AGREEMENT OF $140 MILLION
WITH FEEDER FUND PLAZA INVESTMENTS INTERNATIONAL &
NOTZ, STUCKI MANAGEMENT (BERMUDA) LIMITED

TOTAL BLMIS CUSTOMER FUND RECOVERIES & AGREEMENTS WILL NOW BE MORE THAN $10.874 BILLION

NEW YORK, NEW YORK and WASHINGTON, D.C. – June 19, 2015 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), and the Securities Investor Protection Corporation (SIPC) announced that the SIPA Trustee filed a motion today in the United States Bankruptcy Court for the Southern District of New York seeking approval of a settlement agreement with Plaza Investments International Limited and Notz, Stucki Management (Bermuda) Limited (collectively, “Plaza”).

Under the terms of the agreement, the settlement with Plaza will immediately benefit the BLMIS Customer Fund by $140 million. This payment by Plaza represents approximately 60 percent of the amount transferred from BLMIS to Plaza during the six-year period prior to the BLMIS liquidation filing and also includes 100 percent of the preference and transfers from BLMIS to the Plaza defendants that occurred within two years of the BLMIS liquidation filing. The approval hearing has been set for July 29, 2015 at 10:00 a.m.

As of the approval of the settlement, Plaza will be entitled to an allowed claim of approximately $405 million and entitled to receive catch-up payments of approximately $198 million based on the five pro rata interim distributions made in the SIPA liquidation of BLMIS to date, plus the $500,000 SIPC advance. Plaza will use the first $140 million of the catch-up payments to pay the amount it owes to the BLMIS Customer Fund. Plaza will now be entitled to further pro rata interim distributions along with all other BLMIS customers with allowed claims not yet fully satisfied.

SIPC President and CEO Stephen P. Harbeck said, “These settlements will be a substantial addition to the SIPA Trustee's fund of ‘customer property.’ It shows the critical importance of powers given by the Bankruptcy Code and the Securities Investor Protection Act to the SIPA Trustee to recover assets for the investors who lost their funds in this financial tragedy. These settlements are a continuation of the SIPA Trustee's efforts to fully satisfy as many BLMIS allowed claims as possible.”

Harbeck added, “To that end, SIPC pays for all of the administrative expenses necessary to recover assets for distribution in the Madoff proceeding. All of the funds recovered are distributed to customers. No customer money is used for administrative expenses.”

Elizabeth Scully, BakerHostetler lead counsel for the Plaza matter on behalf of the SIPA Trustee stated, “The SIPA Trustee’s motion asks that the agreement be approved because it confers significant benefits not only to the BLMIS Customer Fund but also to the investors of Plaza. As with all settlements in the BLMIS liquidation, the first priority is to ensure that every account in the SIPA liquidation first be brought onto a level playing field so that those entitled to Customer Fund assets may receive fair and orderly distributions according to the law. With Court approval, the recovered money from Plaza will be combined with available recoveries in the Customer Fund and distributed on a pro rata basis to all BLMIS customers with allowed claims. To date, the SIPA Trustee has allowed 2,557 claims related to 2,220 BLMIS accounts; of these accounts, 1,162 accounts – or all allowed claims totaling $976,592 or less – have been fully satisfied.”

One hundred percent of the SIPA Trustee's recoveries will be allocated to the BLMIS Customer Fund for distribution to customers with allowed claims. To date, the SIPA Trustee has reached recoveries and agreements to recover approximately $10.734 billion and has distributed more than $7.576 billion, which includes $825.5 million in committed advances from SIPC. Once this agreement and other pending agreements are approved by the Bankruptcy Court, the total BLMIS Customer Fund recoveries will total $10.874 billion.

The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid in full by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from the recoveries obtained by the SIPA Trustee for the benefit of the BLMIS Customer Fund.

The SIPA Trustee’s motion can be found on the United States Bankruptcy Court’s website at http://www.nysb.uscourts.gov/; Bankr. S.D.N.Y., No. 08-01789 (SMB) / Adv. Pro. No. 10-04284 (SMB). In addition, the motion – as well as further information on recoveries to date, other legal proceedings, further settlements, and general information – can be found on the SIPA Trustee’s website: www.madofftrustee.com.

In addition to Ms. Scully, Mr. Harbeck and the SIPA Trustee Irving Picard would like to thank the Securities Investor Protection Corporation’s Kevin Bell and David Sheehan, Chief Counsel to the SIPA Trustee as well as Mark Kornfeld and Tom Long, BakerHostetler attorneys who assisted with the work on this settlement.

About SIPC
The Securities Investor Protection Corporation (http://www.sipc.org) is the U.S. investor's first line of defense in the event of the failure of a brokerage firm owing customers cash and securities that are missing from customer accounts. SIPC either acts as trustee or works with an independent court-appointed trustee in a brokerage insolvency case to recover funds.

The statute that created SIPC provides that customers of a failed brokerage firm receive all non-negotiable securities - such as stocks or bonds -- that are already registered in their names or in the process of being registered. At the same time, funds from the SIPC reserve are available to satisfy the remaining claims for customer cash and/or securities held in custody with the broker for up to a maximum of $500,000 per customer. This figure includes a maximum of $250,000 on claims for cash. From the time Congress created it in 1970 through December 2014, SIPC has advanced $ 2.3 billion in order to make possible the recovery of $134 billion in assets for an estimated 773,000 investors.

Press Release: Madoff Trustee Reaches Recovery Agreement of $140 Million with Feeder Fund Plaza Investments International & Notz, Stucki Management (Bermuda) Limited

June 19, 2015
Claim Status as of June 19, 2015

As of June 19, 2015, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,557 15.48%
Determined - No Claim 12 0.07%
Denied 2,699 16.34%
Denied - Third Party 10,184 62.65%
Withdrawn 950 5.75%
Deemed Determined 117 .71%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $14,091,721,539.45
Amount of SIPC Coverage Provided: $700,2014,517.50
(SIPC Committed of $825,535,150.34 less $125,330,632.84 subrogation payment) 

Claim Status as of June 19, 2015

June 12, 2015
Claim Status as of June 12, 2015

As of June 12, 2015, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,557 15.48%
Determined - No Claim 12 0.07%
Denied 2,699 16.34%
Denied - Third Party 10,184 62.65%
Withdrawn 950 5.75%
Deemed Determined 117 .71%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $14,091,721,539.45
Amount of SIPC Coverage Provided: $700,2014,517.50
(SIPC Committed of $825,535,150.34 less $125,330,632.84 subrogation payment) 

Claim Status as of June 12, 2015

June 05, 2015
Claim Status as of June 5, 2015

As of June 5, 2015, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,557 15.48%
Determined - No Claim 12 0.07%
Denied 2,699 16.34%
Denied - Third Party 10,184 62.65%
Withdrawn 950 5.75%
Deemed Determined 117 .71%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $14,091,721,539.45
Amount of SIPC Coverage Provided: $700,2014,517.50
(SIPC Committed of $825,535,150.34 less $125,330,632.84 subrogation payment) 

Claim Status as of June 5, 2015

June 01, 2015
Press Release: SIPA Trustee Seeks Bankruptcy Court Approval of Recovery Agreement with Feeder Funds Ariel Fund Limited and Gabriel Capital, L.P.

Press release from the office of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC

MADOFF TRUSTEE REACHES RECOVERY AGREEMENT OF $35 MILLION WITH FEEDER FUNDS ARIEL FUND LIMITED AND GABRIEL CAPITAL, L.P.

TOTAL BLMIS CUSTOMER FUND RECOVERIES NEARLY $10.734 BILLION

NEW YORK, NEW YORK– June 1, 2015 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed a motion on Friday, May 29 in the United States Bankruptcy Court for the Southern District of New York seeking approval of a settlement agreement with Bart M. Schwartz, the court-appointed Receiver for Ariel Fund Limited and Gabriel Capital, L.P.

Under the terms of the agreement, the settlement with Ariel Fund Limited will immediately benefit the BLMIS Customer Fund by approximately $17.9 million, and the settlement with Gabriel Capital, L.P. will benefit the BLMIS Customer Fund by approximately $17 million. These payments by both Ariel Fund Limited and Gabriel Capital, L.P. represent 100 percent of the amount transferred from BLMIS to the funds. The approval hearing has been set for June 24, 2015 at 10:00 a.m.

The SIPA Trustee seeks to recover at least an additional $280 million against J. Ezra Merkin, Ascot Partners LP, Ascot Fund Ltd., and Gabriel Capital Corporation, and the claims against those defendants remain unresolved.

Ariel Fund Limited and Gabriel Capital, L.P. will be entitled to allowed claims and the corresponding catch-up payments based on the five pro rata interim distributions made in the SIPA liquidation of BLMIS to date. Ariel Fund Limited will receive an allowed claim of approximately $189.4 million and will be entitled to a catch-up payment of approximately $92.4 million. Gabriel Capital, L.P. will receive an allowed claim of approximately $178.4 million and will be entitled to a catch-up payment of approximately $87.1 million. Both funds will then continue to receive future distributions, along with all other BLMIS customers with allowed claims who are not yet fully satisfied.

Lan Hoang, a partner at BakerHostetler, the court-appointed counsel to the SIPA Trustee, stated, “The SIPA Trustee’s motion asks that the agreement be approved because it confers significant benefits not only to the BLMIS Customer Fund but also to the investors of Ariel Fund Limited and Gabriel Capital, L.P. The agreement is also structured to bar direct distributions from either fund to J. Ezra Merkin and Gabriel Capital Corporation until those two parties’ obligations under a separate settlement made with the New York Attorney General have been fully satisfied.”

One hundred percent of the SIPA Trustee's recoveries will be allocated to the BLMIS Customer Fund for distribution to customers with allowed claims. To date, the SIPA Trustee has recovered more than $10.699 billion and has distributed approximately $7.576 billion, which includes more than $825.5 million in committed advances from the Securities Investor Protection Corporation (SIPC). Once the agreement is approved by the Bankruptcy Court, the total BLMIS Customer Fund recoveries will total $10.734 billion.

The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid in full by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from the recoveries obtained by the SIPA Trustee for the benefit of the BLMIS Customer Fund.

The SIPA Trustee’s motion can be found on the United States Bankruptcy Court’s website at http://www.nysb.uscourts.gov/; Bankr. S.D.N.Y., No. 08-01789 (SMB) / Adv. Pro. No. 09-01182 (SMB). In addition, the motion – as well as further information on recoveries to date, other legal proceedings, further settlements, and general information – can be found on the SIPA Trustee’s website: www.madofftrustee.com.

In addition to Ms. Hoang, the SIPA Trustee and David Sheehan, Chief Counsel to the SIPA Trustee, would like to thank the Securities Investor Protection Corporation’s Kevin Bell as well as BakerHostetler attorneys Brian Song, Seanna Brown, and Stacy Dasaro who assisted with the work on this settlement.

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Link to Securities Investor Protection Corporation Press Release: http://sipc.org/news-and-media/news-releases/20150601

Press Release: SIPA Trustee Seeks Bankruptcy Court Approval of Recovery Agreement with Feeder Funds Ariel Fund Limited and Gabriel Capital, L.P.

June 01, 2015
Master Service List #43

Please open attached pdf file for Master Service List

Master Service List #43

May 29, 2015
Claim Status as of May 29, 2015

As of May 29, 2015, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,557 15.48%
Determined - No Claim 12 0.07%
Denied 2,699 16.34%
Denied - Third Party 10,184 62.65%
Withdrawn 950 5.75%
Deemed Determined 117 .71%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $14,091,721,539.45
Amount of SIPC Coverage Provided: $700,2014,517.50
(SIPC Committed of $825,535,150.34 less $125,330,632.84 subrogation payment) 

Claim Status as of May 29, 2015

May 26, 2015
Statement Regarding SIPA Trustee’s Notice of Adjournment from May 28 to July 29 of Sixth Interim Distribution Motion Approval Hearing

Statement from the office of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS)

Attributable to Amanda Remus, spokeswoman for Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) and his counsel:

On May 26, 2015, the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) filed a notice of adjournment of the hearing – which was scheduled for May 28, 2015 – for approval of the sixth interim distribution motion. The notice, filed with the United States Bankruptcy Court for the Southern District of New York, adjourns the hearing until July 29, 2015.

In the sixth pro rata interim distribution motion, filed April 15, 2015, the SIPA Trustee sought the release of $1.249 billion of the $1.449 billion held in reserve under a September 2012 Bankruptcy Court order.

The reserve was required due to ongoing litigation of the “time-based damages” issue, in which claimants asserted that they were entitled to an inflation or interest adjustment on their claims. On February 20, 2015, the Second Circuit affirmed that claimants in the SIPA liquidation of BLMIS are not entitled to interest or inflation adjustments on money deposited at BLMIS.

The May 28 hearing was originally scheduled for seven days after the expiration of the time period within which claimants could ask the Supreme Court of the United States to review the Second Circuit decision by filing a petition for writ of certiorari. If no petitions had been filed, the SIPA Trustee’s sixth distribution motion hearing would have been able to go forward on that date.
Although as of today, no petitions for certiorari have been filed, certain parties requested an extension of the deadline to file a petition for certiorari. The request was granted by the Supreme Court of the United States and the deadline was extended to July 20, 2015.

The SIPA Trustee is hopeful that no petition for certiorari will be filed with the Supreme Court by July 20 so that the hearing regarding the sixth distribution motion may go forward on July 29, 2015. If the distribution motion is approved, the SIPA Trustee will release $1.249 billion of the reserved $1.449 billion, with $904 million available for immediate distribution to customers with allowed claims.

However, if a petition for certiorari is filed by July 20, 2015, the sixth distribution motion hearing will be adjourned again, until such time as the Supreme Court resolves the petition for certiorari.

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Link to the Notice of Adjournment:
http://www.madofftrustee.com/document/dockets/006006-blmisnotices08-01789docket10037.pdf

Link to the original April 15th press release:
http://www.madofftrustee.com/document/news/000579-2015-april-15-sipa-trustee-6th-dist-filing-press-release-final.pdf

Statement Regarding SIPA Trustee’s Notice of Adjournment from May 28 to July 29 of Sixth Interim Distribution Motion Approval Hearing