A profile of New York partner Irving Picard was featured as the cover story for the July/August 2010 edition of FRAUD Magazine. Picard was profiled for his role as the court-appointed trustee under SIPA in the liquidation of Bernard L. Madoff Investment Securities LLC, as he "tries to balance the needs of investors and creditors as he unravels the fallout from the largest-ever Ponzi scheme."
According to the article: "Irving H. Picard might have one of the tougher jobs in America. He not only has to liquidate Bernard L. Madoff Investment Securities LLC (BLMIS), he has to find and collect the assets of Madoff's estate, dole much of it out to creditors, and deal with angry – and sometimes desolate – investors who want their shares. Picard has to decide who will get paid and how much. He needs a mixture of wisdom, resoluteness, and compassion. And yet, Picard has done this before. Granted, not to this degree (and probably, hopefully, never again at this level). But as a lawyer and partner at Baker Hostetler in New York, he normally focuses his practice on representing unsecured and secured creditors, commercial landlords, bankruptcy trustees, and other parties in bankruptcy reorganization cases and out-of-court structuring. In other words, this isn't his first rodeo."
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