Skip to comments.Madoff investors oppose payments to bankruptcy trustee
Posted on 09/03/2010 4:39:30 AM PDT by Zakeet
Hundreds of Ponzi king Bernard Madoff's victims today challenged the latest bill from his bankruptcy trustee, which seeks more than $34 million for 120 days of work.
The Aug. 20 bill, for services rendered between Feb. 1 and May 31, works out to more than $5,000 a day for court-appointed trustee Irving Picard and more than $283,000 a day for his firm, Baker & Hostetler, court papers say.
"On an annualized basis, this would be $104,900,950," according to the objection filed by Diane and Roger Peskin, Maureen Ebel and "several hundred" other unnamed Madoff investors.
Picard spokesman Kevin McCue declined to comment on the filing, but noted that "any fees paid to Irving Picard and Baker Hostetler are not paid out of the funds recovered for the victims," but by the industry-funded Securities Investor Protection Corporation.
(Excerpt) Read more at nypost.com ...
It's OK for the nice lawyers to be paid exorbitant fees because they are screwing the taxpayers rather than Madoff's investors.
Well, the fees seem high, but try doing something like this without competent lawyers and see how far you get.
It was so cold last winter in Dallas I saw two lawyers walking down Main Street with their hands in their OWN pockets!
A groaner yes, but it’s all I can think of this early. Actually lawyers are like handguns. When that is what you require for the task at hand, nothing else will do.
appointed trustees have a way of eating up all assets..
And is this all fees? Or are they rolling in accounting expenses too?
I find it amazing that of all the bids that came in when this job was offered, $288,000 per day was the lowest bid. Astounding.
This job was offered to the lowest bidder, wasn't it?
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