Anwar et al v. Fairfield Greenwich Limited et al

Filing 1105

ENDORSED LETTER addressed to Judge Victor Marrero from David A. Barrett dated 4/5/2013 re: The parties have agreed to the enclosed Stipulation signed by the Plaintiffs, the Fairfield Greenwich Defendant and the Trustee, which provides for a stay of the distribution of Settlement funds, but otherwise permits the continued administration of the Settlement and the processing of claims. The parties further agreed to an expedited briefing schedule for any appeals. The parties respectfully request that the Court "so order" the Stipulation and remain available at the Court's convenience if there are any questions. ENDORSEMENT: So Ordered. (Signed by Judge Victor Marrero on 4/5/2013) (rsh)

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CHI L L E R

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F LEX N E R

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575 LEXINGTON AVENUE' 7TH FLOOR' NEW YORK, NY 10022' PH, 212,446,2300 • FAX 212,446,2350

April 5,2013

BY HAND
Judge Victor Marrero
United States District Court
Southern District of New York
500 Pearl Street
New York, New York 10007
Re:

Anwar, et al. v. Fairfield Greenwich Limited, et al.
Master File No. 09-CV-00118 (VM) (FM)

Dear Judge Marrero:
We write in response to the March 27, 2013 letter from David J. Sheehan, counsel for
Irving Picard, the Trustee in the liquidation of Bernard 1. Madoff Securities Investment
Securities LLC ("Trustee"), requesting to file a motion for an injunction or stay pending appeal
against entry of final approval of the partial Settlement of this action with the Fairfield
Greenwich Defendants.
The parties have agreed to the enclosed Stipulation signed by Plaintiffs, the Fairfield
Greenwich Defendants and the Trustee, which provides for a stay of the distribution of
Settlement funds, but otherwise pennits the continued administration of the Settlement and the
processing of claims. The parties further agreed to an expedited briefing schedule for any
appeals.
The parties respectfully request that the Court "so order" the Stipulation and remain
available at the Court's convenience if there are any questions.

Respectfully yours,

Zl~i~~
cc:

David J. Sheehan (by email)
All counsel in Anwar (by email)

WWW.BSFLLP.COM

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
PASHA ANWAR, et ai.,
Plaintiffs,

Master File No. 09-cv-118 (VM) (FM)

v.
FAIRFIELD GREENWICH LIMITED, et al.,
Defendants.
This Document Relates To: 09-cv-118 (VM)

IRVING H. PICARD, Trustee for the
Liquidation of Bernard L. MadoffInvestment
Securities LLC,

No. 12 Civ. 9408 (VM)

Plaintiff,

v.
FAIRFIELD GREENWICH LIMITED, et aI.,
Defendants.

STIPULATION AND ORDER
Irving H. Picard, as trustee (the "Trustee") for the liquidation of the business of
Bernard L. Madoff Investment Securities LLC under the Securities Investor Protection
Act, 15 U.S.C. §§ 78aaa et seq., and the estate of Bernard L. Madoff, individually, by
and through his counsel, and Defendants Fairfield Greenwich Limited, Fairfield
Greenwich (Bermuda) Limited, Walter M. Noel, Jr., Jeffrey H. Tucker, Andres
Piedrahita, Lourdes Barreneche, Robert Blum, Cornelis Boele, Gregory Bowes, Vianney
d'Hendecourt, Yanko della Schiava, Harold Greisman, Jacqueline Harary, David Hom,
Richard Landsberger, Daniel E. Lipton, Julia Luongo, Mark McKeefry, Charles Murphy,
Corina Noel Piedrahita, Maria Teresa Pulido Mendoza, Santiago Reyes, Andrew Smith,

Philip Toub, and Amit Vijayvergiya (collectively the "Fairfield Defendants") by and
through their respective counsel; and the Anwar (as defined below) Plaintiffs Pacific
West Health Medical Center Inc. Employees Retirement Trust, Harellnsurance Company
Ltd., Martin and Shirley Bach Family Trust, Natalia Hatgis, Securities & Investment
Company (SICO) Bahrain, Dawson Bypass Trust, St. Stephen's School, by and through
their respective counsel (collectively, the "Representative Plaintiffs," and together with
the Fairfield Defendants, the "Anwar Settlement Parties") (collectively, the Trustee and
the Anwar Settlement Parties are the "Parties"), hereby stipulate and agree as follows:
WHEREAS, On November 30,2012 the Court granted the Representative
Plaintiffs' motion seeking preliminary approval of the proposed $80.25 million partial
settlement of Anwar, providing for the dismissal and release of the Representative
Plaintiffs' claims against the Fairfield Defendants (the "Settlement") in Anwar v.

Fairfield Greenwich Ltd., No. 09-00118 (S.D.N.Y. filed Jan. 7, 2009)(the "Action" or
"Anwar") (Dkt. No. 1008);
WHEREAS, on November 29,2012, the Trustee commenced an adversary
proceeding by filing a complaint ("Adversary Complaint") and an application
("Preliminary Injunction Application") in the United States Bankruptcy Court for the
Southern District of New York ("Bankruptcy Court"), Picard v. Fairfield Greenwich

Ltd., No. 12-02047 (S.D.N.Y.) (the "Adversary Proceeding"), requesting, inter alia,
enforcement of the automatic stay of the Bankruptcy Code and the related stay orders,
and a preliminary injunction against the Anwar Settlement Parties relating to the
Settlement proposed in Anwar;
WHEREAS, on December 21,2012, the Anwar Settlement Parties filed their

2

motion to withdraw the reference ("MTWR") in the Adversary Proceeding (Adversary
Proceeding Okt Nos. 1-4);
WHEREAS, this Court granted the MTWR with respect to the Adversary
Proceeding on February 6, 2013 (Adversary Proceeding Okt. No. 30);
WHEREAS, the Anwar Settlement Parties opposed the Preliminary Injunction
Application and on February 19,2013 the Parties completed briefing on that application
and such briefing was filed and submitted to the Court (Adversary Proceeding Okt. Nos.
40-41);
WHEREAS, in an order dated March 20,2013 (Adversary Proceeding Okt. No.
59), the Court denied the Trustee's Preliminary Injunction Application;
WHEREAS, on February 26, 2013, while the Preliminary Injunction Application
was pending, the Trustee sent the Court a pre-motion letter requesting permission to file a
motion intervene in Anwar for the purpose of filing an objection to the Settlement (Anwar
Okt No.1 054)("Intervention Request");
WHEREAS, on February 28, 2013 the Anwar Settlement Parties submitted letters
in opposition to the Trustee's Intervention Request (Anwar Okt No. 1060-61);
WHEREAS, on March 8, 2013, the Court entered an Order, denying the Trustee's
Intervention Request (Anwar Okt Nos. 1071);
WHEREAS, after holding a fairness hearing concerning the Settlement on March
22,2013, the Court entered a Final Judgment approving and effectuating the Settlement
on March 25,2013 (Anwar Okt. No. 1097) ("Final Judgment");

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WHEREAS, On March 27, 2013, the Trustee submitted a pre-motion letter to the
Court seeking a conference and requesting permission to file a motion seeking a stay of
the Final Judgment (Anwar Dkt. No. 1100);
WHEREAS, on March 28, 2013, the Court endorsed the Trustee's letter of March
27,2013, by instructing the Anwar Settlement Parties to respond to the Trustee's letter by
April 2, 2013 (Anwar Dkt. No. 1000);
WHEREAS, the Trustee and the Anwar Settlement Parties jointly desire to
establish orderly procedures for expedited appeals, recognizing the need, and the benefit
to all Parties, of such expedited appeals, while preserving the status quo with respect to
the Settlement Fund and Escrow Fund (as defined in the Stipulation of Settlement (Anwar
Dkt No. 996); the "Stipulation") and continuing to proceed with the submission and
processing of claims filed by investors in connection with the Settlement;
NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED BY AND
BETWEEN THE PARTIES:

1.

Without prejudice to any Party's positions concerning the propriety or

need for interim relief pending any appeals, or of the propriety, merit or lack thereof of
any appeal or review that may be taken or sought from (a) denial of the Preliminary
Injunction Application, (b) denial of the Intervention Request, or (c) the Final Judgment
(individually, an "Appeal" and collectively, "Appeals"), and in the interest of avoiding
unnecessary motion practice, the Parties consent to a stay, pending the last to occur of
final disposition of any and all Appeals and exhaustion and expiration of any further right
of appeal or review from any such disposition (the "Stay"), of any payments (other than
for administrative expenses up to $500,000) from the Settlement Fund and Escrow Fund

4

(as defined in the Stipulation), provided that the Stay does not apply to implementation of
other aspects of the Settlement, including receipt and processing of proofs of claims
submitted by Settlement Class Members.
2.

All Parties will jointly request that the Court of Appeals for the Second

Circuit ("Court of Appeals") grant expedited consideration of any Appeals, and agree that
regardless of whether the Court of Appeals grants expedited consideration, any opening
briefs to be filed in support of any Appeals will be filed by April 30, 2013, opposition
briefs concerning the Appeals will be filed by May 30,2013, and any reply briefs
concerning the Appeals will be filed within 14 days after filing of opposition briefs.
3.

The Parties agree that they each will have no more than thirty (30) days to

undertake any further appellate action (should such Party choose to undertake any such
action) in response to any decision by the Court of Appeals with respect to any Appeal,
provided that the time for filing any petitions under Federal Rules of Appellate Procedure
35 and 40 shall be fourteen (14) days.

5

Dated: New York, New York
April 4, 2013
_____

J.A~

David J. Sheehan, Esq.
Thomas L. Long, Esq.
Mark A. Kornfeld, Esq,
Deborah H. Renner, Esq.
Tracey L. Cole, Esq.
Keith R. Murphy, Esq.
Baker & Hostetler LLP
45 Rockefeller Plaza
New York, New York 10111
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]
Email: [e-mail]
Email: [e-mail]
Email: [e-mail]
Email: [e-mail]

DavId A. B ett, Esq.
Howard L. Vickery, II, Esq.
Boies, Schiller & Flexner LLP
575 Lexington Avenue
New York, New York 10022
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]
Robert C. Finkel, Esq.
James A. Harrod, Esq.
Wolf Popper LLP
845 Third A venue
New York, New York 10022
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Irving H Picard, Trustee for
the Substantively Consolidated SIPA
Liquidation ofBernard L. MadojJ Investment
Securities LLC and the estate ofBernard L.
MadojJ

Christopher Lovell, Esq.
Victor E. Stewart, Esq.
Lovell Steward Halebian Jacobson LLP
61 Broadway, Suite 501
New York, New York 10006
Telephone: [phone]
Facsimile: (212)-719-4677
Email: [e-mail]
Email: [e-mail]

Glenn Kurtz, Esq.
Andrew Hammond, Esq.
White & Case LLP
115 5 Avenue of the Americas
New York, New York 10036
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for the Representative Plaintiffs

Attorneysfor Walter M Noel, Jr.

6

Dated: New York, New York
April 4, 2013

David J. Sheehan, Esq
Thomas L. Long, Esq:
Mark A. Kornfeld, Esq.
Deborah H. Renner, Esq.
Tracey L. Cole, Esq
Keith R. Murphy, ESq.
Baker & Hostetler LLP
45 Rockefeller Plaza
New York, New York 10111
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
EmaIl: [e-mail]
Email: [e-mail]
Email: [e-mail]
Email: [e-mail]
Email: [e-mail]

David A. BWfett, Esq.
Howard L. Vickery, II, Esq.
Boies, Schiller & Flexner LLP
575 Lexington Avenue
New York, New York 10022
Telephone: [phone]
FacsimIle: (212) 446·2350
EmaIl: [e-mail]
Email: [e-mail]
Robert C. Finkel, Esq.
James A. Harrod, Esq
Wolf Popper LLP
845 ThIrd Avenue
New York, New York 10022
Telephone: (212) 759·4600
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Irving H. Picard, Trustee for
the Substantively Consolidated SIPA
Liquidation ofBernard L. Madoff Investment
Securities LLC and the estate ofBernard L.
Madoff

Christopher Lovell, Esq
Victor E. Stewart, Esq..
Lovell Steward Halebian Jacobson LLP
61 Broadway, Suite 501
New York, New York 10006
Telephone: [phone]
Facsimile: (212)-719-4677
Email: [e-mail]
Email: [e-mail]

--

,
An rew Hammond, Esq
White & Case LLP

1155 Avenue of the Americas
New York, New York 10036
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]
e

Attorneysfor the Representattve Plaintijft

Attorneys for Walter M. Noel, Jr.

6

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Mark<iCU:ilia, Esq.
Peter E. Kazanoff, Esq.
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017-3954
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Andrew Levander, Esq.
Dechert LLP
1095 Avenue of the Americas
New York, New York 10036
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Attorneys for Andres Piedrahita

Attorneys for Fairfield Greenwich Limited,
Fairfield Greenwich (Bermuda) Limited,
Lourdes Barreneche, Vianney d'Hendecourt,
Yanko Della Schiava, Harold Greisman,
Jacqueline Harary, Richard Landsberger,
Daniel E. Lipton, Julia Luongo, Mark
McKeefry, Charles Murphy, Corina Noel
Piedrahita, Maria Teresa Pulido Mendoza,
Santiago Reyes, Andrew Smith, and Philip
Toub

Marc Kasowitz, Esq.
Daniel J. Fetterman, Esq.
Kasowitz Benson Torres & Friedman LLP
1633 Broadway
New York, New York 10019
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]
Attorneys for Jeffrey H. Tucker

Robert J. Anello, Esq.
Edward M. Spiro, Esq.
Morvillo Abramowitz Grand
lagon & Anello P.C.
565 Fifth A venue
New York, New York 10017
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Mark Goodman, Esq.
Helen Cantwell, Esq.
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]
Attorneysfor Amit Vijayvergiya

Attorneys for David B. Horn and
Robert A. Blum

7

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8. vJ~",
Mark G. Cunha, Esq.
Peter E. Kazanoff, Esq.
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017-3954
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

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L~

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Cr

l11a}

Andrew Levander, Esq.
DechertLLP
1095 Avenue of the Americas
New York, New York 10036
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]

Attorneys for Andres Piedrahita

Attorneys for Fairfield Greenwich Limited,
Fairfield Greenwich (Bermuda) Limited,
Lourdes Barreneche, Vianney d'Hendecourt,
Yanko Della Schiava, Harold Greisman,
Jacqueline Harary, Richard Landsberger,
Daniel E. Lipton, Julia Luongo, Mark
McKeefry, Charles Murphy, Corina Noel
Piedrahita, Maria Teresa Pulido Mendoza,
Santiago Reyes, Andrew Smith, and Philip
Toub

Marc Kasowitz, Esq.
Daniel J. Fetterman, Esq.
Kasowitz Benson Torres & Friedman LLP
1633 Broadway
New York, New York 10019
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Jeffrey H Tucker

Mark Goodman. Esq.
Helen Cantwell, Esq.
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Robert J. Anello, Esq.
Edward M. Spiro, Esq.
Morvillo Abramowitz Grand
Iason & Anello P.C.
565 Fifth Avenue
New York, New York 10017
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Amit Vijayvergiya
Attorneys for David B. Horn and
Robert A. Blum

7

Andrew Levander, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Telephone: [phone]

Facsimile: [phone]

Email: [e-mail]

Mark G. Cunha, Esq.
Peter E. Kazanoff, Esq.
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017-3954
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Andres Pied.r.ahi!a
,,/

.~

@/Jl.~c

Attorneys for Fairfield Greenwich Limited,
Fairfield Greenwich (Bermuda) Limited,
Lourdes Barreneche, Vianney d'Hendecourt,
Yanko Della Schiava, Harold Greisman,
Jacqueline Harary, Richard Landsberger,
Daniel E. Lipton, Julia Luongo, Mark
McKeefry, Charles Murphy, Corina Noel
Piedrahita, Maria Teresa Pulido Mendoza,
Santiago Reyes, Andrew Smith, and Philip
Toub

MarC~Sq.

Daniel J. Fetterman, Esq.
Kasowitz Benson Torres & Friedman LLP
1633 Broadway
New York, New York 10019
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]
Attorneys for Jeffrey H. Tucker

Robert J. Anello, Esq.
Edward M. Spiro, Esq.
Morvillo Abramowitz Grand
lason & Anello P.C.
565 Fifth Avenue
New York, New York 10017
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Mark Goodman, Esq.
Helen Cantwell, Esq.
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]
Attorneys for Ami! Vijayvergiya

Attorneys for David B. Horn and
Robert A. Blum

7

Andrew Levander, Esq.
Dechert LLP
1095 A venue of the Americas
New York, New York 10036
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]

Mark G. Cunha, Esq.
Peter E. Kazanoff, Esq.
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017-3954
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Andres Piedrahita

Attorneys for Fairfield Greenwich Limited,
Fairfield Greenwich (Bermuda) Limited,
Lourdes Barreneche, Vianney d'Hendecourt,
Yanko Della Schiava, Harold Greisman,
Jacqueline Harary, Richard Landsberger,
Daniel E. Lipton, Julia Luongo, Mark
McKeefry, Charles Murphy, Corina Noel
Piedrahita, Maria Teresa Pulido Mendoza,
Santiago Reyes, Andrew Smith, and Philip
Toub

Marc Kasowitz, Esq.
Daniel J. Fetterman, Esq.
Kasowitz Benson Torres & Friedman LLP
1633 Broadway
New York, New York 10019
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneysfor Jeffrey H. Tucker

Robert J. Anello, Esq.
Edward M. Spiro, Esq.
Morvillo Abramowitz Grand
lason & Anello P.C.
565 Fifth Avenue
New York, New York 10017
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Mark oodman, Esq.
Helen Cantwell, Esq.
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneysfor Amit Vijayvergiya
Attorneys for David B. Horn and
Robert A. Blum

7

Andrew Levander, Esq.
Dechert LLP
1095 Avenue of the Americas
New Y orIc, New York 10036
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]

Mark G. Cunha, Esq.
Peter E. Kazanoff, Esq.
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017-3954
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Andres Piedrahita

Attorneysfor Fairfield Greenwich Limited,
Fairfield Greenwich (Bermuda) Limited,
Lourdes Barreneche, Vianney d'Hendecourt,
Yanko Della Schiava, Harold Greisman,
Jacqueline Harary, Richard Landsberger,
Daniel E. Lipton, Julia Luongo, Mark
McKeefry, Charles Murphy, Corina Noel
Piedrahita, Maria Teresa Pulido Mendoza,
Santiago Reyes, Andrew Smith, and Philip
Toub

Marc Kasowitz, Esq.
Daniel J. Fetterman, Esq.
Kasowitz Benson Torres & Friedman LLP
1633 Broadway
New York, New York 10019
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Jeffrey H. Tucker

~~4s~

Mark Goodman, Esq.
Helen Cantwell, Esq.
Debevoise & Plimpton LLP
919 Third Avenue
New York, New York 10022
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Edward M. Spiro, Esq.
Morvillo Abramowitz Grand
lason & Anello P.C.
565 Fifth Avenue
New York, New York 10017
Telephone: [phone]
Facsimile: [phone]
Email: [e-mail]
Email: [e-mail]

Attorneys for Ami! Vijayvergiya
Attorneys for David B. Horn and
Robert A. Blum

7

~

Michael E. Petrella, Esq.

O'Shea Partners LLP

521 Fifth Avenue, 25th Floor

New York, New York 10175

Telephone: [phone]

Facsimile: [phone]

Email: [e-mail]

Email: [e-mail]

Bruce A. Baird, Esq.

Matthew F. Dunn, Esq.

Covington & Burling LLP

1201 Pennsylvania Avenue, NW

Washington, DC 20004

Telephone: [phone]

Facsimile: [phone]

Email: [e-mail]

Email: [e-mail]

Attorneys for Corne lis Boele

Attorneysfor Gregory Bowes

So Ordered:

Hon. Victor Marrero
United States District Judge

8

Sean F. O'Shea, Esq.
Michael E. Petrella, Esq.
O'Shea Partners LLP
521 Fifth Avenue, 25th Floor
New York, New York 10175
Telephone: (212) 682~4426
Facsimile: (212) 682~4437
Email: [e-mail]
Email: [e-mail]

Bruce A. Baird, Esq.
Matthew F. Dunn, Esq.
Covington & Burling LLP
1201 Pennsylvania Avenue, NW
Washington, DC 20004
Telephone: (202) 662~6000
Facsimile: (202) 662~6291
Email: [e-mail]
Email: [e-mail]

Attorneys for Cornelis Boele

Attorneys for Gregory Bowes

8