Madoff Trustee Says He’s Recovered About $946 Million in Assets

Madoff Trustee Says He’s Recovered About $946 Million in Assets

By Christopher Scinta

Feb. 4 (Bloomberg) -- Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC, has recovered about $946.4 million in cash and securities, he said today following a court hearing.

The Baker Hostetler LLP attorney said he has retrieved $111.4 million in cash from various banks and financial institutions, on top of $535 million from the accounts at Bank of New York Mellon Corp. and JPMorgan Chase & Co. have agreed to transfer to him. Picard has also recovered about $300 million in securities that will eventually be liquidated, he said in an interview. He said there are 1,500 to 1,600 positions, none of which were large, and some of which were in illiquid securities that will need to be turned to cash.

“There are a few other little pockets we are working on,” to find cash, Picard said.

Picard said he hasn’t recovered any real estate assets he is currently trying to sell and hasn’t hired any broker to do so.

The SIPC case is Securities Investor Protection Corp. v. Bernard L. Madoff Investment Securities LLC, 08-01789, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Christopher Scinta in New York bankruptcy court at cscinta@bloomberg.net.

Last Updated: February 4, 2009 11:29 EST