GT liquidators in US court battle for Madoff assets
Liquidators from Grant Thornton battle their opposite numbers in the US to gain control of assets belonging to Bernard Madoff
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.