Tuesday, November 10, 2009
Madoff investors to get billions from Picower will!
And it's big. At least $2.4 billion heading to victims of Madoff, and maybe $4.5 billion more to boot!
Here's what Mrs. Picower had to say:
“Jeffry was determined that we would put Madoff behind us, reclaim our good name and reverse the damage Madoff’s fraud had,” Barbara Picower said.
She's getting two hundred million. From his will. The one dated October 15. But his death, in the swimming pool, 10 days later, was just an accident!
So why $2.4 billion? That's the six year claw back--the money the Picower's withdrew from Madoff in the last six years.
1995 3 $50,240,000
1996 84 $390,751,188
1997 68 $420,959,554
1998 59 $506,065,516
1999 57 $590,835,236
2000 61 $658,061,313
2001 64 $821,000,950
2002 52 $922,221,107
2003 52 $1,025,301,463
2004 44 $480,151,300
2005 40 $468,316,059
2006 37 $165,025,910
2007 35 $216,450,976
2008 14 $30,685,976
That's where the $2.4 billion comes from. The "generous" part, is the amount they give back over and above the amount that they took back in the last six years.
Other beneficiaries in the will include his daughter, Gabrielle, $25 million and provides a $10 million trust to April Freilich, Jeffry Picower's longtime personal assistant.
Michael Bienes, who was married to Picower's sister Emily, and subsequently divorced 20 uyears ago, had a daughter Emily, who is also getting some change. Mr. Bienes funneled money to Madoff from an accounting firm he ran a long time ago.
In any event, Madoff victims, who had claims over $500,000 that weren't covered by SIPC, and didn't withdraw money greater than they put in, should now receive close to 20-25 cents on their dollars lost with the additional found money from Picower--and even more if their generosity is heightened!
Pretty soon, Mr. Madoff will even start looking respectable again.
And then, you can wear his NY Mets Jacket!
Posted by Palmoni at 5:09 PM