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Trustee to Sell Madoff’s Share of Jet for $753,000
By Erik Larson
June 19 (Bloomberg) -- The trustee liquidating Bernard Madoff’s defunct money-management firm asked a judge to let him sell the conman’s one-eighth share of a private jet for $753,000 to an aircraft services company.
The proposed sale to NetJets Sales Inc., the company that has been managing the Citation X aircraft for Madoff, would recover 100 percent of the fair market value of the share acquired by the financier in 2001 for $2.1 million, trustee Irving Picard said today in papers in U.S. Bankruptcy Court.
“Given that no other potential purchaser would pay more than the fair market value, there is no advantage to attempting to sell the interest to a third party,†Picard said in the filing. The deal must be approved by U.S. Bankruptcy Judge Burton Lifland in New York.
Madoff, 71, pleaded guilty in March to running a $65 billion Ponzi scheme out of his New York-based firm, Bernard L. Madoff Investment Securities LLC, which Picard is liquidating to repay thousands of investors. Madoff faces as many as 150 years in prison when he is sentenced June 29.
The case is In re Bernard L. Madoff, 09-11893, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Erik Larson in New York at elarson4@bloomberg.net.
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