Bankruptcy Court approves Trustee’s 8th distribution of $342M to Madoff claimants; total repaid will rise to $9.72B.
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:
The United States Bankruptcy Court for the Southern District of New York today approved the SIPA Trustee’s request for an allocation of approximately $342 million in recoveries to the BLMIS Customer Fund and has authorized the SIPA Trustee to proceed with the eighth pro rata interim distribution from the Customer Fund to BLMIS customers with allowed claims.
As previously announced, the SIPA Trustee, with today’s court approval, will allocate approximately $342 million to the BLMIS Customer Fund, with approximately $252 million available for immediate distribution to customers with allowed claims and approximately $90.7 million held in reserve for claims that are deemed determined pending the resolution of litigation, as well as other issues. This eighth interim distribution, when combined with the prior seven distributions, will equal 60.098 percent of each customer’s allowed claim amount, unless that claim has been fully satisfied. The amount distributed to eligible BLMIS customers will total approximately $9.72 billion, which includes more than $839.6 million in advances committed by the Securities Investor Protection Corporation (SIPC).
The distribution is expected to commence by mid-February. Record holders of allowed claims as of January 12, 2017 will be eligible to receive payments from the eighth interim distribution.
The supplemental Eighth 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 the BLMIS liquidation at www.madofftrustee.com.
Link to the December 14, 2016 Press Release: