Irving H. Picard v. Saul B. Katz et al

Filing 41

ORDER: In connection with today's in court conference at 3:00 P.M., the parties should be prepared to set a briefing schedule on the unresolved issue referred to in footnote six at page eleven of yesterday's Opinion and Order. As a result of that Opinion and Order, the most that the Trustee can recover from the defendants is the total of all transfers made during two-year period prior to the filing of the bankruptcy petition, which, according to the Amended Complaint, appears to be approximately $386 million. However, it remains an open question whether, in determining what portion of that sum should be considered principal and what portion profits, reference should be made only to that period or should be made to earlier transfers as well. The Court wishes to resolve this issue promptly after briefing by the parties. (Signed by Judge Jed S. Rakoff on 9/28/2011) (mro)

- - - - ...

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
x

IRVING H. PICARD,
Plaintiff,
11 Civ. 3605 (JSR)

v

SAUL B. KATZ et al.,

ORDER

Defendants.

- -- -- ---- -- x

JED S. RAKOFF, U.S.D.J.

In connection with today's in court conference at 3:00 P.M.,
the part

s should be prepared to set a briefing schedule on the

unresolved issue referred to in footnote six at page eleven of
yesterday's Opinion and Order.

As a result of that Opinion and Order,

the most that the Trustee can recover from the defendants is the total
of all transfers made during two-year period prior to the filing of
the bankruptcy petition, which, according to the Amended Complaint,
appears to be approximately $386 million.
~

1108.

Amended Complaint

However, it remains an open question whether, in determining

what portion of that sum should be considered principal and what
portion profits, reference should be made only to that period or
should be made to earlier transfers as well.
Madoff Inv. Sec. LLC
Aug. 16, 2011).

1

F.3d

-I

See In re Bernard L.

2011 WL 3568936 at *12 n.10

(2d Cir.

The Court wishes to resolve this issue promptly after

briefing by the parties.

SO ORDERED.

Dated:

New York, New York
September 28/ 2011

2