BusinessBusiness RecoveryGT gunning for Madoff assets in New York

GT gunning for Madoff assets in New York

Liquidators from Grant Thornton locking horns with opposite number in the US to seize control of the remains of the Madoff empire

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

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