Monday, June 25, 2012

The checks are in the mail! Madoff vics’ big $

Talk about a nice fat summer bonus!  Bernie Madoff’s investors could finally see fat checks after the US Supreme Court yesterday greenlighted the bankruptcy trustee’s plan for calculating payouts to victims of the huge Ponzi scheme.

The court declined to hear an appeal by lawyers opposing Madoff trustee Irving Picard’s method for determining victims’ losses — a decision that frees up as much as $2.3 billion for burned investors, based on The Post’s calculations.

Picard said that only investors who withdrew less than they invested with Madoff should be entitled to a slice of the recovery pot. He went after so-called net winners who he said took out more than they put into the scheme.  But some investors argued that his loss formula should be based on their final account statements from Madoff — even if those turned out to be bogus.

By declining to review the case, the high court sided with Picard and the lower-court decisions that have upheld his method..... 

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