Madoff Agrees to Give Up Property, Art, Tickets

Madoff Agrees to Give Up Property, Art, Tickets - 3/3/2009

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Madoff Agrees to Give Up Property, Art, Tickets
Staff Writer

The Associated Press. March 3, 2009
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EXCERPT: Bernard Madoff has agreed to give up the rights to his disgraced investment business and his company's prized artwork and entertainment tickets, as an official for an organization providing relief to investors said Tuesday that some checks may be in the mail this month. The trustee overseeing the liquidation of Madoff's business said the former money manager was surrendering ownership rights to his business, Bernard L. Madoff Investment Securities LLC, along with the company's artwork and entertainment tickets. The trustee, Irving Picard, did not specify the value of the property or say what kinds of tickets and artwork Madoff possessed. The ultimate goal is to put some of Madoff's remaining assets in the hands of investors who lost their life savings amid the scandal, and there are growing signs that some of them could see relief in coming weeks. Madoff has been under house arrest at his Manhattan penthouse as the government investigates how he carried out a fraud he said totaled about $50 billion. His court appearances in the weeks after his arrest generated huge attention amid an uproar over his release on bail. Stephen Harbeck, president of the Securities Investor Protection Corp., told The Associated Press on Tuesday that a group of 10 investors were sent forms late last week or early this week informing them whether they were eligible to receive funds from the organization. SIPC is an industry-funded group that rescues investors when brokerage firms fail, paying them up to $500,000 to recoup losses. ''I would hope some of them will get money very, very soon,'' he said. Harbeck said he expected that the first checks could be mailed before April and possibly sooner and that the organization's $500,000 cap would apply to most of Madoff's customers. [...] Ruth Madoff has not been charged in the case.

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