Madoff liquidator pursues $80m held in the Bank of Bermuda
Liquidators of Bernard Madoff’s company are going after around $80 million being held in the Bank of Bermuda that they believe could be used to help pay off the convicted fraudster‘s swindled investors.
Last Wednesday they asked a judge for permission to hire Island lawyer Justin Williams to pursue matters related to the money, as part of their efforts to track down and protect assets that could help to pay something back to victims of Madoff’s $65 billion fraud.
Irving Picard is the trustee appointed to liquidate Bernard L. Madoff Investment Securities LLC. In a court filing last Wednesday, attorneys’ acting for Mr. Picard asked a bankruptcy court judge for permission to hire Williams Barristers & Attorneys in Hamilton.
“The trustee seeks to retain Williams as special counsel because of its knowledge, expertise and experience in liquidation proceedings in the Cayman Islands and other foreign jurisdictions,” according to the filing signed by Baker & Hostetler attorney David Sheehan.
Mr. Williams, said in a declaration filed with the court that Mr. Picard wants counsel to represent him in matters related to $80 million held at the Bank of Bermuda. The funds belong to the bankruptcy estate, Mr. Williams said.
Mr. Williams will also advise on cross-border insolvency issues and asset tracing and recovery, and expects “where necessary and appropriate, to pursue litigations seeking recovery of funds”, the statement said.
A Bank of Bermuda spokeswoman said on Thursday that the bank does not comment on active litigation.