David Sheehan Named a Law360 Bankruptcy MVP for 2015

News / December 15, 2015

On December 4, 2015, Law360 named BakerHostetler Partner David Sheehan a 2015 MVP in Bankruptcy. The award recognizes Sheehan for his leadership at the helm of the legal team representing BakerHostetler Partner Irving Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Securities LLC (BLMIS).

Law360 opens its interview, entitled “Bankruptcy MVP: BakerHostetler's David Sheehan,” with journalist Cara Salvatore reporting:

Sheehan has accomplished a lot since he began working on the Madoff case seven years ago, but he's a Law360 MVP for 2015 because of the work he's done over this past year. Big news has been coming in for Sheehan even as recently as last week, when New York bankruptcy judge Stuart Bernstein said he'd approve a plan to distribute $1.18 billion by the end of the year to former customers of Madoff's bogus securities firm, pushing the total amount Picard has recovered or entered into agreements to recover to more than $10.9 billion.

The article also highlights two other significant successes achieved by Sheehan and his team in June 2015:

Another win came in early June when Picard asked a judge to approve a settlement with two funds formerly run by J. Ezra Merkin that would recoup all $35 million that was transferred to the feeder entities. The deal would bring in $17.9 million from Gabriel Capital LP and $17 million from Ariel Fund Ltd. … That wasn't even June's only big news for Sheehan. The same month, a judge cleared the way for Picard to attempt to claw back “fictitious profits” made by investors who cashed out of the decades-long Ponzi scheme before it collapsed, issuing a collective ruling that denied bids to dismiss more than 200 lawsuits.

In response to early critics of the recovery effort, Sheehan told Law360 that the extraordinary success of the Madoff Recovery Initiative to date demonstrates “We’re not just throwing out a bald allegation … we’re striking some pay dirt …” and that the most recent distribution “represents everything we try to accomplish every day.”

“While the Law360 article focused on the past year’s achievements, David and his team have seven years of unprecedented success in this matter,” said Picard. “From the start of this historic, global effort, David and BakerHostetler have set a new standard for recovery efforts. I congratulate David and his team on this well-deserved recognition.”