Madoff, Coach, Ambac, Nebraska Book, Real Mex: Bankruptcy
(This report contains items about companies both in bankruptcy and not in bankruptcy. Updates RoomStore and first Madoff item; adds Madoff item on test case, Nebraska Book, American Airlines and Jefferson County in Updates; Kodak in Watch List and Sears in Downgrade.)
Jan. 6 (Bloomberg) -- Investors in feeder funds don't have customer claims against Bernard L. Madoff Investment Securities Inc. as the result of an opinion handed down by U.S. District Judge Denise L. Cote upholding a bankruptcy judge's ruling.
U.S. Bankruptcy Judge Burton R. Lifland wrote a 33-page opinion in June explaining why investors in so-called feeder funds don't have customer claims in the Madoff liquidation. Their claims are against the feeder firms, Lifland said.
Cote issued a 27-page opinion on Jan. 4 explaining why Lifland was correct.
She said the result was commanded by the “plain language” of the word “customer” contained in the Securities Investor Protection Act. Among other things, she noted that feeder-fund investors didn't have accounts with Madoff. The only Madoff accounts were those opened by the feeder funds, not investors in the feeder funds.
Cote's opinion is important because individual investors in feeder funds stand to realize a smaller recovery if their claims must be made through the feeder funds than if they all had direct claims against the Madoff firm. The investors have the right to appeal to the U.S. Court of Appeals.
The 16 feeder-fund investors filing appeals included the Trustees of Tufts College, Axa Private Management, National Bank of Kuwait SAK, and Aozora Bank Ltd. To read Cote's opinion, click here. For details on Lifland's ruling, click here for the June 29 Bloomberg bankruptcy report.
In other Madoff developments, trustee Irving Picard sued California Attorney General Kamala Harris to stop a lawsuit she brought in California state court against the estate of the late Stanley Chais.
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