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December 22, 2014
Press Release: Fifth Interim Distribution of Recovered Funds in Global Madoff SIPA Liquidation Will total Approximately $322 Million

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

FIFTH INTERIM DISTRIBUTION OF RECOVERED FUNDS IN GLOBAL
MADOFF SIPA LIQUIDATION WILL TOTAL APPROXIMATELY $322 MILLION

Aggregate Distributions of Approximately $7.2 Billion Represent
Return of More Than 48.5 Percent of Losses to Allowed Claimants

NEW YORK, NEW YORK – December 22, 2014 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS) filed a motion today in the United States Bankruptcy Court for the Southern District of New York seeking approval for an allocation of recoveries to the BLMIS Customer Fund and an authorization for a fifth pro rata interim distribution from the Customer Fund to BLMIS customers with allowed claims.

The fifth pro rata interim distribution will total approximately $322 million and will bring the amount distributed to eligible claimants to approximately $7.2 billion, which includes more than $822.5 million in advances committed to the SIPA Trustee for distribution to allowed claimants by the Securities Investor Protection Corporation (SIPC).

“The fifth distribution is yet another important milestone for the Madoff Recovery Initiative,” said Mr. Picard. “My legal teams have negotiated important and significant recovery agreements with several defendants. That work enables us to move ahead with this distribution, once we have the approval of the court.”

SIPC President and CEO Stephen P. Harbeck said, “The latest distribution further demonstrates how the BLMIS liquidation – with the support of SIPC – is progressing efficiently and effectively, with customers receiving significant recoveries of their lost assets even in this most egregious theft. We not only applaud the SIPA Trustee and his legal and professional teams regarding this latest accomplishment, but also look forward to additional achievements in 2015.”

The proposed distribution is a direct result of the ongoing work of the SIPA Trustee’s teams. BakerHostetler recently reached settlements with feeder funds Herald/Primeo and Senator. Windels Marx reached a settlement with the Blumenfeld defendants. The terms of these three recent agreements called for cash payments. Together, more than $642 million was brought into the BLMIS Customer Fund through these agreements. The Blumenfeld settlement was approved by the United States Bankruptcy Court on November 19, 2014 and the Herald/Primeo and Senator settlements were approved by the United States Bankruptcy Court on December 17, 2014.

The fifth pro rata interim distribution will result in the return of 2.487 percent of the allowed claim amount for each individual account, unless the allowed claim has been fully satisfied. The average payment for an allowed claim issued in the fifth distribution will total approximately $299,900. The smallest payment totals $390.96 and the largest payment is $60,873,991.23.

Currently, the SIPA Trustee has allowed 2,547 claims related to 2,213 BLMIS accounts. Of these accounts, 1,154 accounts will be fully satisfied following the fifth interim distribution. All allowed claims totaling $963,500 or less will be fully satisfied. The fifth interim distribution, when combined with the four prior interim distributions, will satisfy up to 48.546 percent of each customer’s allowed claim amount unless the account is fully satisfied. In addition, SIPC has been reimbursed for its advances to accounts which are now fully satisfied as of the fifth interim distribution.

“The past year or so has been among our most active periods, with the SIPA Trustee’s team of professionals working diligently on a number of fronts, in and out of the courtroom, using all the legal tools at our disposal,” said David J. Sheehan, Chief Counsel to the SIPA Trustee. “Through it all, we remain dedicated to our primary goal: to recover the maximum amount possible for the benefit of BLMIS customers with allowed claims.”

As of November 30, 2014, the SIPA Trustee has recovered or reached agreements to recover approximately $10.5 billion since his appointment in December 2008. These recoveries exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered.

Ultimately, 100 percent of the SIPA Trustee’s recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims. Prior distributions by the SIPA Trustee (as of November 30, 2014) to BLMIS accounts with allowed claims are as follows:

• The first pro rata interim distribution, which commenced on October 5, 2011, has distributed approximately $605 million, representing 4.602 percent of the allowed claim amount of each individual account, unless the claim is fully satisfied.

• The second pro rata interim distribution, which commenced on September 19, 2012, has distributed approximately $4.393 billion, representing 33.556 percent of the allowed claim amount of each individual account, unless the claim is fully satisfied.

• The third pro rata interim distribution, which commenced on March 29, 2013, has distributed approximately $614 million, representing 4.721 percent of the allowed claim amount of each individual account, unless the claim is fully satisfied.

• The fourth pro rata interim distribution, which commenced on May 5, 2014, has distributed approximately $412.8 million, representing 3.180 percent of each individual account, unless the claim is fully satisfied.

Mr. Sheehan noted that there are 126 “deemed determined” claims still subject to litigation. Once litigation is resolved or settlements reached, some of these claims may be allowed and would therefore become eligible for all pro rata distributions to date. For this potential scenario, as of November 30, 2014, the SIPA Trustee has reserved approximately $2.225 billion. Upon final court approval of the fifth pro rata interim distribution, this reserve amount will increase to approximately $2.345 billion. The ultimate amount of additional allowed claims depends on the outcome of litigation or negotiation and could add billions of dollars to the total amount of allowed claims.

Mr. Sheehan also noted that the SIPA Trustee anticipates recovering additional assets through litigation and settlements. Final resolution of certain disputes will permit the SIPA Trustee to further reduce the reserves he is required to maintain, allowing him to make additional distributions to customers. Upon final court approval of the fifth interim distribution, and incorporating the fifth allocation, the SIPA Trustee will be required to maintain a reserve of approximately $1.445 billion pending the resolution of the time-based damages issue, among other reserves. As of November 30, 2014, the time-based damages reserve is approximately $1.372 billion. The SIPA Trustee will seek authorization for these further allocations and distributions upon the recovery of additional funds and the resolution of significant disputes.

All administrative costs of the SIPA liquidation of Bernard L. Madoff Investment Securities LLC and its global recovery efforts, which make distributions to BLMIS customers with allowed claims possible, are funded by advances to the SIPA Trustee by SIPC.

A hearing on the fifth allocation and distribution motion has been set for January 15, 2015 at 10:00 a.m. before the United States Bankruptcy Court. Upon approval, record holders of allowed claims as of January 15, 2015 will be eligible to receive payments from the fifth interim distribution. The Fifth Customer Fund Allocation and Distribution 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). It can also be found on the SIPA Trustee’s website along with more information on overall recoveries to date, each settlement, the appeal status of a particular settlement, and on many other BLMIS liquidation issues at: www.madofftrustee.com.

Messrs. Picard and Sheehan would like to thank Seanna Brown and Heather Wlodek, who worked on the fifth pro rata interim distribution and its related filings, as well as the legal firms of BakerHostetler and Windels Marx, and all of the attorneys and professionals whose work has led to the distribution. They would also like to thank Vineet Sehgal and his colleagues at AlixPartners, as well as Kevin Bell and his colleagues at SIPC, for their ongoing work and participation in the Madoff Recovery Initiative distributions.

Press Release: Fifth Interim Distribution of Recovered Funds in Global Madoff SIPA Liquidation Will total Approximately $322 Million

December 19, 2014
Claim Status as of December 19, 2014

As of December 19, 2014, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,528 15.30%
Determined - No Claim 12 0.07%
Denied 2,701 16.35%
Denied - Third Party 10,424 63.10%
Withdrawn 709 4.29%
Deemed Determined 145 .88%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $11,424,272,259.75
Amount of SIPC Coverage Provided: $702,142,994.50
(SIPC Committed of $816,247,373.62 less $114,104,379.12 subrogation payment) 

Claim Status as of December 19, 2014

December 12, 2014
Claim Status as of December 12, 2014

As of December 12, 2014, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,528 15.30%
Determined - No Claim 12 0.07%
Denied 2,701 16.35%
Denied - Third Party 10,424 63.10%
Withdrawn 709 4.29%
Deemed Determined 145 .88%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $11,424,272,259.75
Amount of SIPC Coverage Provided: $702,142,994.50
(SIPC Committed of $816,247,373.62 less $114,104,379.12 subrogation payment) 

Claim Status as of December 12, 2014

December 05, 2014
Claim Status as of December 5, 2014

As of December 5, 2014, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,528 15.30%
Determined - No Claim 12 0.07%
Denied 2,701 16.35%
Denied - Third Party 10,424 63.10%
Withdrawn 709 4.29%
Deemed Determined 145 .88%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $11,424,272,259.75
Amount of SIPC Coverage Provided: $702,142,994.50
(SIPC Committed of $816,247,373.62 less $114,104,379.12 subrogation payment) 

Claim Status as of December 5, 2014

December 01, 2014
Master Service List #37

Please open attached pdf file for Master Service List

Master Service List #37

November 28, 2014
Claim Status as of November 28, 2014

As of November 28, 2014, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,528 15.30%
Determined - No Claim 12 0.07%
Denied 2,701 16.35%
Denied - Third Party 10,424 63.10%
Withdrawn 709 4.29%
Deemed Determined 145 .88%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $11,424,272,259.75
Amount of SIPC Coverage Provided: $702,142,994.50
(SIPC Committed of $816,247,373.62 less $114,104,379.12 subrogation payment) 

Claim Status as of November 28, 2014

November 21, 2014
Claim Status as of November 21, 2014

As of November 21, 2014, the SIPA Trustee provides the following information regarding customer claims:

Total Claims 16,519
Total Determined Claims 16,519 100.00%
Allowed 2,528 15.30%
Determined - No Claim 12 0.07%
Denied 2,701 16.35%
Denied - Third Party 10,424 63.10%
Withdrawn 709 4.29%
Deemed Determined 145 .88%
Remaining To Determine 0 0.00%

Amount of Allowed Claims: $11,424,272,259.75
Amount of SIPC Coverage Provided: $702,142,994.50
(SIPC Committed of $816,247,373.62 less $114,104,379.12 subrogation payment) 

Claim Status as of November 21, 2014

November 19, 2014
Court Approves Recovery Agreement of up to $62 Million Between Madoff Trustee and Edward Blumenfeld

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

COURT APPROVES RECOVERY AGREEMENT OF UP TO $62 MILLION BETWEEN MADOFF TRUSTEE AND EDWARD BLUMENFELD

NEW YORK, NEW YORK – November 18, 2014 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), today announced that the United States Bankruptcy Court for the Southern District of New York approved a settlement between the SIPA Trustee and the defendants in Picard v. Edward Blumenfeld, et al. The settlement motion was filed with the United States Bankruptcy Court for the Southern District of New York on October 17, 2014.

The agreement has an aggregate potential value of approximately $62 million for the BLMIS Customer Fund. The Blumenfeld defendants have agreed to make an immediate payment of $32.75 million to the BLMIS Customer Fund for the benefit of BLMIS customers with allowed claims. The Blumenfeld defendants have also agreed to transfer their customer claims in the Madoff SIPA liquidation, totaling approximately $29 million, to the SIPA Trustee. Since the customer claims are already entitled to the four interim pro rata distributions, plus the $500,000 SIPC advance, the BLMIS Customer Fund will immediately benefit by an additional $17.7 million, making the total current payment approximately $50.47 million. The SIPA Trustee will capture all future pro rata distributions on the transferred claims for the benefit of BLMIS customers with allowed claims.

The SIPA Trustee believes the settlement is in the best interests of BLMIS customers with allowed claims, given the uncertainties, delays, and cost associated with a protracted, complex litigation involving several dozen defendants.

The recovery agreement with the Blumenfeld defendants represents the third negotiated agreement achieved within the past four weeks by the SIPA Trustee and his team for the benefit of BLMIS customers with allowed claims:

  • On November 17, the SIPA Trustee filed a motion seeking approval of a recovery agreement with the Herald and Primeo feeder funds that will return approximately $497 million to the BLMIS Customer Fund.
  • On November 18, the SIPA Trustee filed a motion seeking approval of a recovery agreement with the Senator Fund SPC, also a BLMIS feeder fund, that will return approximately $95 million to the BLMIS Customer Fund.
  • If approved by the Court, these three agreements bring approximately $642 million into the Customer Fund; in addition, these settlements will increase the recovery for the BLMIS customers by 1.879 percent.

The Bankruptcy Court will hold a hearing for approval of the Herald and Primeo settlement motion and the Senator settlement motion on Wednesday, December 17, 2014.

One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims. To date, the SIPA Trustee has recovered more than $9.8 billion and has distributed almost $6 billion, which includes approximately $816.2 million in committed advances from the Securities Investor Protection Corporation (SIPC). The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims.

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 (BRL). In addition, the motion – as well as information on overall recoveries to date, other legal actions, settlements, and other issues – can be found on the SIPA Trustee’s website: www.madofftrustee.com.

Counsel to the SIPA Trustee for the liquidation of BLMIS in this settlement are Howard L. Simon, Kim M. Longo and Antonio J. Casas of Windels Marx Lane & Mittendorf, LLP, who serve as Special Counsel to the SIPA Trustee. In addition to Windels Marx, Mr. Picard and David Sheehan, Chief Counsel to the SIPA Trustee, would like to thank the Securities Investor Protection Corporation’s Kevin Bell who assisted with the work on this settlement.

 

Court Approves Recovery Agreement of up to $62 Million Between Madoff Trustee and Edward Blumenfeld

November 18, 2014
Recovery Agreement of $95 Million reached with Senator Feeder Fund

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

RECOVERY AGREEMENT OF $95 MILLION REACHED WITH
SENATOR FEEDER FUND

TOTAL BLMIS CUSTOMER FUND RECOVERIES NEARLY $10.5 BILLION

NEW YORK, NEW YORK – November 18, 2014 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed a motion today in the United States Bankruptcy Court for the Southern District of New York seeking approval of a recovery agreement with Senator Fund SPC, a Cayman Islands incorporated investment fund invested exclusively with BLMIS.

Under the terms of the recovery agreement, the settlement will benefit the BLMIS Customer Fund by $95 million. Approval of the Senator agreement is pending with the United States Bankruptcy Court. In addition, a recovery agreement of approximately $497 million, reached between the SIPA Trustee and the Herald/Primeo feeder funds, is also pending approval with the Bankruptcy Court. Once both agreements are final, and combined with the agreement reached with the Blumenfeld defendants and approved by the Court on November 18, 2014, total BLMIS Customer Fund recoveries will be approximately $10.5 billion.

“The SIPA Trustee’s legal team at BakerHostetler has worked diligently over the years to bring the maximum amount back into the BLMIS Customer Fund, and with these two settlements – Senator and Primeo/Herald – total recoveries to date have now crossed well beyond the $10 billion threshold,” said Oren Warshavsky, lead counsel for the matter and architect of the settlement on behalf of the SIPA Trustee. “Our colleagues at Windels Marx, who serve as Special Counsel to the SIPA Trustee on the Blumenfeld settlement approved today by the United States Bankruptcy Court, have also worked tirelessly for the benefit of BLMIS customers. Together, these three settlements show that the SIPA Trustee and his legal team continue to work towards a full recovery for BLMIS customers with allowed claims.”

The agreement with Senator represents 100 percent of the principal withdrawals by Senator from BLMIS. As Senator deposited more into its BLMIS account than it withdrew, the fund will receive an allowed claim of approximately $239 million. With this allowed claim, Senator is entitled to catch-up payments from the four interim distributions to BLMIS victims to date. Out of these catch-up payments, the first $95 million will be used to pay the amount owed by Senator to the BLMIS Customer Fund. As of approval of the settlement, Senator becomes an allowed claimant and will receive further distributions along with all other BLMIS customers with allowed claims who are not yet fully satisfied.

Senator also agreed to share with the SIPA Trustee half of the proceeds of other Senator claims, including its claims against HSSL, HSBC Bank plc and other entities, for the benefit of the BLMIS Customer Fund. Senator has indicated that it will be filing claims against HSSL in Luxembourg, for, among other things, HSSL’s liability related to its role as Senator’s custodian and administrator.

Geoffrey North, a partner at BakerHostetler LLP, the court-appointed counsel to the SIPA Trustee, said, “The SIPA Trustee’s motion asks that the agreement should be approved because it confers a significant benefit to the BLMIS Customer Fund, avoids lengthy, burdensome, and expensive litigation and because it represents a fair and reasonable compromise of the SIPA Trustee’s claims and the customer claim.”

The Senator recovery agreement represents the third negotiated agreement finalized within the past four weeks by the SIPA Trustee and his legal teams for the benefit of BLMIS customers with allowed claims. All together, and if approved by the Court, these three agreements will bring approximately $642 million into the Customer Fund; in addition, these settlements will increase the recovery for the BLMIS customers by 1.879 percent.

One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims. To date, the SIPA Trustee has recovered more than $9.8 billion and has distributed almost $6 billion, which includes approximately $816.2 million in committed advances from the Securities Investor Protection Corporation (SIPC). The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims.

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 (BRL). In addition, the motion – as well as information on overall recoveries to date, other legal actions, settlements, and other issues – can be found on the SIPA Trustee’s website: www.madofftrustee.com. The Bankruptcy Court will hold a hearing for approval of the Senator and the Primeo/Herald settlement motions on Wednesday, December 17, 2014.

In addition to Mr. Warshavsky and Mr. North, the SIPA Trustee and David Sheehan, Chief Counsel to the SIPA Trustee, would like to thank the Securities Investor Protection Corporation’s Kevin Bell and Lauren Attard as well as BakerHostetler attorneys Gonzalo Zeballos, Tatiana Markel, Dominic Gentile, Maryanne Stanganelli and Carrie Longstaff, who assisted with the work on this settlement.

Recovery Agreement of $95 Million reached with Senator Feeder Fund

November 17, 2014
Madoff Trustee Reaches Recovery Agreement of Nearly $500 Million with Herald and Primeo Feeder Funds

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 NEARLY
$500 MILLION WITH HERALD AND PRIMEO FEEDER FUNDS

INCREASES TOTAL RECOVERIES TO MORE THAN $10.3 BILLION

SETTLEMENT TO ALSO BENEFIT INDIRECT INVESTORS OF HERALD FUND

NEW YORK, NEW YORK – November 17, 2014 – Irving H. Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), filed a motion today in the United States Bankruptcy Court for the Southern District of New York seeking approval of a settlement agreement with Herald Fund SPC and Primeo Fund, two feeder funds primarily invested in BLMIS.

Under the terms of the agreement, the settlement will benefit the BLMIS Customer Fund by approximately $497 million. The agreement, once approved, will increase total Customer Fund recoveries to more than $10.3 billion.

“By any measure, the settlement terms are highly advantageous, not only to BLMIS direct customers with allowed claims, but also potentially to the indirect investors in the Herald Fund,” said Oren Warshavsky, lead counsel for the matter and architect of the settlement on behalf of the SIPA Trustee. “Every account in the SIPA liquidation must first be brought to a level playing field, so that those entitled to Customer Fund assets may receive distributions. These recoveries – once approved by the Court – will be combined with existing, available funds and distributed on a fair and orderly basis to all BLMIS customers with allowed claims. That will now include Herald Fund SPC.”

The Herald Fund will receive an allowed claim of approximately $1.6 billion in the BLMIS liquidation. With this allowed claim, Herald is entitled to catch-up payments from the four interim distributions to BLMIS victims to date. Out of these catch-up payments, the first approximately $497 million will be used to pay the amount owed by Herald Fund to the BLMIS Customer Fund. As of approval of the settlement, Herald Fund SPC becomes an allowed claimant and will receive further distributions along with all other BLMIS customers with allowed claims not yet fully satisfied.

“These were complex negotiations conducted across international borders. This settlement is a testament to the determination of the SIPA Trustee and the sophisticated asset-tracing and recovery skills of our legal teams, who negotiate on the SIPA Trustee’s behalf for the benefit of all BLMIS customers,” said Geoffrey North, a partner at BakerHostetler LLP, the court-appointed counsel to the SIPA Trustee. “In the filing, the SIPA Trustee noted that the agreement avoids the cost and delay of what could otherwise have been lengthy and contentious litigation.”

Both Primeo and Herald, currently in liquidation in the Cayman Islands, deposited more in BLMIS than they ultimately withdrew before the bankruptcy was announced on December 11, 2008. In accordance with the United States Bankruptcy Code, the SIPA Trustee and his team negotiated a return of the approximately $497 million for equitable distribution to all BLMIS customers with allowed claims whose claims are not yet fully satisfied. To date, the SIPA Trustee has allowed 2,528 claims related to 2,198 BLMIS accounts. Of these accounts, 1,131 accounts – or all allowed claims totaling $925,000 or less – have been fully satisfied.

Additional terms of the settlement with the Funds’ liquidators are as follows:

  • The approximately $497 million represents the return of the $500,000 SIPC advance to the BLMIS Customer Fund and settlement payments from the Funds consisting of 100 percent of the withdrawals made by Herald from BLMIS within six years prior to the BLMIS liquidation filing date and approximately $29 million from Primeo.
  • At closing, the SIPA Trustee shall pay Herald approximately $258 million, consisting of the balance of the catch-up distribution owed to Herald under its allowed claim, for distribution to indirect investors. Herald shall continue to have an allowed customer claim of approximately $1.6 billion, representing the net equity of the indirect investors in the Herald Fund. Primeo has forfeited all claims.

One hundred percent of the SIPA Trustee's recoveries will be allocated to the Customer Fund for distribution to BLMIS customers with allowed claims. To date, the SIPA Trustee has recovered more than $9.8 billion and has distributed almost $6 billion, which includes approximately $816.2 million in committed advances from the Securities Investor Protection Corporation (SIPC). The costs associated with the SIPA Trustee’s recovery and settlement efforts are paid by SIPC, which administers a fund drawn upon assessments on the securities industry. No fees or other costs of administration are paid from recoveries obtained by the SIPA Trustee for the benefit of BLMIS customers with allowed claims.

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 (BRL). In addition, the motion – as well as information on overall recoveries to date, other legal actions, settlements, and other issues – can be found on the SIPA Trustee’s website: www.madofftrustee.com. The Bankruptcy Court will hold a hearing for approval of the settlement motion on Wednesday, December 17, 2014.

In addition to Mr. Warshavsky and Mr. North, Mr. Picard and David Sheehan, Chief Counsel to the SIPA Trustee, would like to thank the Securities Investor Protection Corporation’s Kevin Bell and Lauren Attard and BakerHostetler attorneys Gonzalo Zeballos, Tatiana Markel, Dominic A. Gentile, Maryanne Stanganelli, Jessie Kuhn and Anat Maytal who assisted with the work on this settlement.

Madoff Trustee Reaches Recovery Agreement of Nearly $500 Million with Herald and Primeo Feeder Funds