Philip Bentley of Kramer Levin Naftalis & Frankel LLP, New York, spoke on February 25, 2009 at the Madoff Litigation Conference, conducted by HB Litigation Conferences in New York City. Mr. Bentley discussed the potential impact of the recent ruling in Bayou Accredited Fund, LLC v. Redwood Growth Partners, L.P. (In re Bayou Group, LLC), 396 B.R. 810 (Bankr. S.D.N.Y. 2008), upon the current liquidation of Bernard L. Madoff Investment Securities, LLC, in the U.S. Bankruptcy Court, Southern District of New York.
In the videos that can be accessed below, Mr. Bentley focuses on whether investors who redeemed their investments in Mr. Madoff’s firm prior to the filing of the Securities Investor Protection Act liquidation proceeding in the Bankruptcy Court will be required to return those redemptions to the Bankruptcy Court because they constitute clawback claims or avoidance claims under the Bankruptcy Code.
Mr. Bentley examines in detail:
· The lessons learned from the Bayou case,
· Which investors may be targeted and what is the likely outcome,
· Will investors be required to return principal as well as profits,
· Do indirect investors face less clawback risk than direct investors,
· Is the filing of SIPC claims prejudicial to clawback defendants?
Each video is 2 to 4 minutes in length, and the videos are best viewed in the order listed below.
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