Contact Us






Math Captcha   86 − 84 =

* Required Fields

Contact Us

NEWS & EVENTS

PRESS RELEASES

Receiver Bart M. Schwartz Files 2017 Year-End Report with NY State Supreme Court

For Partial Madoff Feeder Funds Gabriel Capital, L.P. and Ariel Fund, Ltd.

Total Payout Expected to Reach Approximately $2 Billion and Is Greater Than Value of Funds at the Time Madoff Fraud Exposed

New York, NY – December 21, 2017 – Today, Court-appointed Receiver Bart M. Schwartz filed his 2017 year-end report for Gabriel Capital LP and Ariel Fund, Ltd. with Justice Richard B. Lowe, III, of the New York State Supreme Court in Manhattan. These two private investment Funds, formerly run by J. Ezra Merkin, were once partial feeder Funds to the Madoff Funds.

As per the year-end report, payouts by Mr. Schwartz to the Funds’ investors have now reached approximately $1.87 billion. This amount is approximately $700 million greater than the value of the Funds at the time of Mr. Schwartz’s appointment as Receiver by the Court, in June 2009. The amount also equals the apparent value of the Funds when the fictitious Madoff investments were included. Mr. Schwartz has consistently made pro-rata distributions to investors throughout his term as Receiver. Most recently, last month Justice Lowe approved a $92 million distribution request proposed by Mr. Schwartz, the 14th such distribution.

“Working closely with Justice Lowe and the Office of the New York Attorney General, which was represented by David N. Ellenhorn, Senior Trial Counsel, we are pleased that, in 2017, we have been able to make further distributions to the injured investors of these Funds,” said Mr. Schwartz. “We continue to work diligently to maximize payments to investors and complete the monetization of Fund assets, which we anticipate will occur in early 2018.”

The Funds’ remaining investment portfolio, with a combined estimated value of approximately $130 million, is expected to be monetized before the close of the first quarter 2018. This will enable distributions to exceed the $1.8 billion estimated value of the Funds as of November 2008. By achieving that goal, the payout will equal approximately $2 billion.

Added Mr. Schwartz, “On behalf of the investors, as well as my colleagues, I would like to congratulate Justice Lowe on his upcoming retirement from the Court. Justice Lowe’s career in public service, as an Assistant District Attorney in Manhattan and on the Bench, spans 50 years. He has had a long and distinguished career, and has been extremely helpful in our work to make investors whole. We wish him well in his retirement and all his future endeavors.”

Questions regarding these distributions should be directed to Bart M. Schwartz, the Receiver, at bschwartz@bartmschwartz.com or +1.212.817.6700.

 

# # #

Media Contact:

Montieth M. Illingworth
Montieth & Company
646-864-3080
Montieth@montiethco.com

 

For Partial Madoff Feeder Funds Gabriel Capital, L.P. and Ariel Fund, Ltd.

Total Payout Expected to Reach Approximately $2 Billion and Is Greater Than Value of Funds at the Time Madoff Fraud Exposed

New York, NY – December 21, 2017 – Today, Court-appointed Receiver Bart M. Schwartz filed his 2017 year-end report for Gabriel Capital LP and Ariel Fund, Ltd. with Justice Richard B. Lowe, III, of the New York State Supreme Court in Manhattan. These two private investment Funds, formerly run by J. Ezra Merkin, were once partial feeder Funds to the Madoff Funds.

As per the year-end report, payouts by Mr. Schwartz to the Funds’ investors have now reached approximately $1.87 billion. This amount is approximately $700 million greater than the value of the Funds at the time of Mr. Schwartz’s appointment as Receiver by the Court, in June 2009. The amount also equals the apparent value of the Funds when the fictitious Madoff investments were included. Mr. Schwartz has consistently made pro-rata distributions to investors throughout his term as Receiver. Most recently, last month Justice Lowe approved a $92 million distribution request proposed by Mr. Schwartz, the 14th such distribution.

“Working closely with Justice Lowe and the Office of the New York Attorney General, which was represented by David N. Ellenhorn, Senior Trial Counsel, we are pleased that, in 2017, we have been able to make further distributions to the injured investors of these Funds,” said Mr. Schwartz. “We continue to work diligently to maximize payments to investors and complete the monetization of Fund assets, which we anticipate will occur in early 2018.”

The Funds’ remaining investment portfolio, with a combined estimated value of approximately $130 million, is expected to be monetized before the close of the first quarter 2018. This will enable distributions to exceed the $1.8 billion estimated value of the Funds as of November 2008. By achieving that goal, the payout will equal approximately $2 billion.

Added Mr. Schwartz, “On behalf of the investors, as well as my colleagues, I would like to congratulate Justice Lowe on his upcoming retirement from the Court. Justice Lowe’s career in public service, as an Assistant District Attorney in Manhattan and on the Bench, spans 50 years. He has had a long and distinguished career, and has been extremely helpful in our work to make investors whole. We wish him well in his retirement and all his future endeavors.”

Questions regarding these distributions should be directed to Bart M. Schwartz, the Receiver, at bschwartz@bartmschwartz.com or +1.212.817.6700.

 

# # #

Media Contact:

Montieth M. Illingworth
Montieth & Company
646-864-3080
Montieth@montiethco.com

 

News

Please enter your email to subscribe. By doing so, you are opting-in to receive news from Guidepost Solutions LLC.




Math Captcha   + 65 = 75