Judge consolidates Madoff’s business, personal assets to streamline bankruptcy process
By Tom Hays, Gaea News NetworkTuesday, June 9, 2009
Judge consolidates Madoff bankruptcy cases
NEW YORK — A federal judge has consolidated two bankruptcy cases involving Bernard Madoff’s business and personal assets.
The decision Tuesday by U.S. Bankruptcy Judge Burton Lifland is expected to streamline a process to sell assets and pay back thousands of swindled investors.
The trustee handling the liquidation of Madoff’s business has said he has recovered roughly $1 billion so far. The disgraced financier’s personal property includes homes in Manhattan, Florida and France, a yacht and two fishing boats.
Madoff pleaded guilty in March to charges his investment advisory operation was a multibillion dollar Ponzi scheme. He awaits sentencing.
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