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11 Jun 2009
Liquidators from Grant Thornton are embroiled in a tug of war with their opposite numbers in the US to gain control of assets belonging to Bernard Madoff, perpetrator of the world’s largest ever Ponzi scheme.
The case being heard in the US Bankruptcy Court this week, will decide if GT is eligible for ‘foreign main proceeding’ status, allowing it to seize Madoff assets without being blocked by legal challenges.
The dispute between the two sides has escalated after GT liquidators seized a vintage Aston Martin worth $235,000 (£145,000) earlier this year which had been bought through Madoff’s UK operations.
US liquidator Irving Picard is hoping to avoid a repeat with other Madoff assets by convincing a judge that GT’s future seizure plans should be discussed with him first.
A group of investors is also fighting the firm’s request, arguing that Madoff’s UK business was not separate from its US operations.
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