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

Filing 65

STIPULATION AND ORDER: The Trustee hereby agrees not to require Defendants to reproduce the Rule 2004 Documents in discovery under the Federal Rules of Civil Procedure in response to the Trustee's First Requests for Production or any subsequent requests. Defendants hereby agree that they: (a) will not assert any objection to the authenticity or admissibility of any Rule 2004 Document on the basis, in whole or in part, that such Rule 2004 Document was produced pursuant to Federal Rule of Bankruptcy Procedure 2004 and/or the Rule 2004 Subpoena; and (b) will treat the Rule 2004 Documents as having been produced pursuant to the Federal Rules of Civil Procedure, as further set forth on this Stipulation. (Signed by Judge Jed S. Rakoff on 10/24/2011) (ab)

IRVING H. PICARD, Trustee for the Liquidation of
Bernard L. Madoff Investment Securities LLC,
Plaintiff,

v.

11-CV·03605 (JSR) (HBP)

SAUL B. KATZ, et at,
Deiendants.

STIPULATION AND ORDER

WHEREAS on October 7, 2009, Irving H. Picard (the "Trustee"), as 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 consolidated estate of
Bernard L. Madoff, served subpoenas under Federal Rule of Bankruptcy ,Procedure 2004 on
Sterling Equities, Inc. and Sterling American Property. Inc. (together the "Rule 2004

Subpoena"), and the subpoenaed parties produced a number of documents in response (the
"Rule 2004 Documents");

WHEREAS on December 7. 2010, the Trustee filed a Complaint against the defendants
in the above-captioned case ("Defendants") in the United States Bankruptcy Court for the
Southern District of New York, alleging, among other things) fraudulent transfer claims under
the Bankruptcy Code and New York Debtor and Creditor Law, which the Trustee amended on
March 18, 201l (the "Complaint");
WHEREAS, on July 1,2011, this

COUlt withdrew

the reference of this proceeding to the

United States District Court for the Southern District ofNew York;

WHEREAS, pursuant to an August 19, 20 II directive from this Court, the parties have
been engaged in discovery under the Federal Rules of Civil Procedure;
WHEREAS, on September 16.2011, the Trustee served Defendants with his First Set of
Requests for Production of Documents ("Trustee's First Requests for production"); and

WHEREAS, the parties wish to avoid the expense and burden of duplicating the
production of the Rule 2004 Documen1s to the extent that such documents are responsive to the
Trustee's First Requests for Production or may be responsive to subsequent requests.
IT IS

THEREFORI<~

MlJTUALLV AGREED AND STIl)ULATED, by and between

the Trustee and Defendants, through their respective counsel of record, a... follows:
1.

The Trustee hereby agrees not to require Defendants to reproduce the Rule 2004

Documents in discovery under the Federal Rules of Civil Procedure in response to the Trustee's

First Requests for Production or any subsequent requests.
2.

Defendants. hereby agree that they: (a) will not assert any objection to the

authenticity or admissibility of any Rule 2004 Doc·ument on the basis, in whole or in part, that
such Rule 2004 Document was produced pursuant to Federal Rule of Bankruptcy Procedure
2004 andlor the Rule 2004 Subpoena; and (b) will treat the Rule 2004 Documents as huving

been produced pursuant to the Federal Rules of Civil Procedure.
3.

Except as expressly set forth herein, the parties reserve all other rights. and

objections to the admissibility or authenticity of the Rule 2004 Documents, and agree that entry
into this stipulation shall not impair or otherwise affect the parties' rights under the Federal
Rules of Civil Procedure or Evidence and applicable case law to any such objections other than

on the basis of production pursuant to Federal Rule of Banknlptcy Procedure 2004 andlor the
Rule 2004 Subpoena.

Dated: New York, New York
October 25, 2011

BAKER & HOSTETLER LLP

5 RockefeU P
New York, e York 10111
TeJephon (2 ) 589-4200
Facsimile
2) 589-4201
David J. Sheehan
Bmail: [e-mail]
Fernando Bohorquez
Email: [e-mail]
Attorneys/or Irving H. Picard, Trustee/or the
Substantively Consolidated SJPA Liquidation
ofBernard L. MadojJ investment Securities
L1-C and Bernard L. Madofl

DAVIS POLK & WARDWELL LLP

450 Lexington venue
New York, New York 10017
[phone]
Karen E. Wagner
Email: [e-mail]
Dana M. Seshens
Email: [e-mail]

Attorneysfor Defendanls

SO ORDERED.