GT gunning for Madoff assets in New York

Liquidators from Grant Thornton are preparing for a showdown in the US courts in efforts to seize more assets of convicted fraudster Bernard Madoff.

Mark Byers, Andrew Hosking and Steve Akers are in a tug of war with Irving Picard, the trustee liquidating Madoff's US business and a group of investors he defrauded through his $65bn (£40bn) Ponzi scheme.

The trio are hoping to secure 'Foreign Main Proceeding' status from the US Bankruptcy Court in New York, allowing them to seize US assets without being delayed by legal challenges, the Times reported.

Earlier this year the GT liquidators seized a vintage Aston Martin, which had been bought through Madoff's UK operations.

However Picard is hoping to avoid a repeat with other Madoff assets by convincing a judge that GT's prospective seizure plans should be discussed with him first.

The group of investors are also fighting the firm's foreign main proceeding request, arguing that Madoff's UK business was not separate from its US operations.

Further reading:

Grant Thornton to liquidate Madoff's London office