My last post "Forced Collections Against A Fraudster Like Madoff" mentioned the problem of numerous plaintiffs competing to recover assets from someone like Mr. Madoff. This issue of "competing interests" during forced collections, is the subject of this "Asset Search News Roundup":
- "Madoff Trustee Picard Wins Power of Attorney Over U.K. Unit" indicates that prosecutors competed with SIPC trustee Irving Picard in Securities and Exchange Commission v. Madoff et. al., for control of Madoff’s London-based company. Although U.S. prosecutors claimed that their control of Madoff’s company was necessary for a criminal investigation, Mr. Picard was ultimately given control via the Court’s March 23, 2009 Order.
- In R. Allen Stanford’s case, there might also possibly be competing interests between Antigua-appointed receiver Nigel Hamilton-Smith of Vantis Business Recovery Service and his U.S. counterpart, receiver Ralph Janvey. This could be true since the Houston Chronicle reported in "Antigua receiver could seek Stanford’s U.S. assets", that Mr. Nigel Hamilton-Smith and Mr. Janvey are both seeking to interdict Mr. Stanford’s assets.
Copyright 2009 Fred L. Abrams