Let me, for a change, be blunt

±$0.00
 

In response to all those Madoff investors quoted this weekend “waiting to hear how much of their stake is left” and similar.  And it’ll be years before you see that.

Oh, and anybody who’s taken a redemption directly from Madoff (as opposed to the feeder funds through which most investors accessed him — that’s a whole other can of worms) within the last six years or so can look forward to eventually being sued for the return of both the “profits” and the capital component of those withdrawals.

The feeder funds will also be sued for their withdrawals, and Good Luck to them clawing back whatever they paid back to their investors. The feeders will also be sued by their investors but probably to relatively little effect as their Madoff chips (current est. NAV = 0.00) contained within the firewalls of a corporate entity. 

This post sponsored by the Legal Profession Full Employment For All Eternity Act. Under the auspices of the It’s An Ill Wind That Blows Nobody Any Good Foundation. 

(Official) Information for Madoff customers:

UPDATE FOR INVESTORS

The Honorable Louis Stanton, U.S. District Court Judge for the Southern District of New York, has granted the SEC’s request for emergency relief for investors, and issued an order freezing assets and appointing a receiver over Bernard Madoff and his firm.

Lee Richards of Richards Kibbe & Orbe LLP has been appointed receiver…

• Order freezing assets and granting emergency relief