Madoff Recovery Initiative Marks Fourth Anniversary … Moves into Fifth Year Still Building Recovery Momentum

News / December 10, 2012

In an interview last week with the Associated Press, David Sheehan discussed the past four years of his work as Chief Counsel to Partner Irving Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, and the plans for the ongoing global work on behalf of Madoff’s customers and victims. The article, published December 10, 2012, sums up the Madoff Recovery Initiative in the headline: “4 years in, Madoff Trustee still pursuing assets.”

“On the fourth anniversary of Madoff’s December 11, 2008 arrest, it’s an international effort that shows no signs of slowing,” Sheehan told the AP.

He also noted that recoveries to date represent an outcome that neither he nor the SIPA Trustee ever thought possible at the outset of their activities in the Madoff matter, as there has “never been any case like this.”

And no wonder. An attorney quoted in the AP piece described Mr. Picard as "… a strong, positive advocate for those individuals whose money was stolen by Madoff.” That dedicated advocacy also characterizes the teams who, working on behalf of the SIPA Trustee, continue to pursue recoveries around the world.

What’s next in this unprecedented global liquidation? After four years and more than $9.28 billion in recoveries – 100 percent of which will be returned to BLMIS customers with allowed claims – Sheehan lays down the gauntlet for the next phase of the Recovery Effort in the interview saying the team is hopeful it can recover $3 billion more over the next 18 months, cutting investors’ losses to around $5 billion.

The AP article has been carried in more than 200 print and broadcast media outlets worldwide – including major network and cable news programs, top online news and legal sites, including Crain’s New York Business, Forbes, The Washington Post, ABC News, The Wall Street Journal, The Boston Globe, The Miami Herald, and The Philadelphia Inquirer.

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