My dream date with Hooper draws nearer

Sorry, little fellow, but I have to let you go

Madoff boys agree to asset freeze. I’m sure Hoops is an understanding sort of girl, but you can’t do much Seychelles fly fishing on five hundred bucks a month.

Feb. 5 (Bloomberg) — Andrew and Mark Madoff, whose father Bernard is serving 150 years in prison for the largest-ever Ponzi scheme, agreed to restrict movement of their own personal assets, not incur debt beyond $1,000 and give a monthly accounting of their expenses.

Peter and Shana Madoff Swanson, Bernard’s brother and niece, signed similar agreements with the trustee liquidating the con man’s estate, Irving Picard, according to documents filed today in U.S. Bankruptcy Court in Manhattan.

Picard, who is unwinding Madoff’s defunct investment firm and gathering assets to help pay customers, sued Andrew, Mark, Peter and Shana in October, claiming they spent almost $199 million of victims’ money and treated the investment firm as their personal bank.

The Madoffs said in court papers that they deny Picard’s allegations and dispute his right to restrict their assets. They are consenting to the asset freeze to avoid “the potential costs and expenses of the instant dispute,” which could prove “substantial,” according to the filings.

The asset restrictions prevent the Madoffs and their representatives from selling, leveraging, wasting or moving all their property that is worth more than $1,000, “except for wearing personal clothing and jewelry in the normal course.” The must also take “reasonable” steps to preserve the value of their possessions, according to the filings.

30 Days

In addition, they agreed to disclose their finances to Picard within 30 days. Their monthly accounting of expenses requires them to document all items costing more than $500.

UPDATE: Pappa Bernie’s NYC penthouse is reported under contract. All that’s left to get rid of is the Florida property, and that’s going to take awhile.

6 Comments

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6 responses to “My dream date with Hooper draws nearer

  1. Stanwich

    Why wasn’t this done 12 months ago?

  2. sw

    What about the Noels and their heavily spending family members? I know one sold the townhouse… but shouldn’t they all have to scale it back and report large expenditures? Weren’t they also spending their client’s deposits on their own lavish lifestyles while purporting to being doing “due diligence” on where they were investing client’s money…um except for their good friend Bernie where they parked $7.5 BILLION of client money without asking a question about what was being done with that money.. talk about don’t ask don’t tell.. it was fun while it lasted. Certainly someone out there must think these people also must now lead a life of modesty. Where are all of them anyway?? losers

  3. Walt

    sw –
    Does that stand for sh&t wad? It should. I am not accounting to anybody. Based on my track record, it’s already clear I can’t account, so why start now?
    I don’t live lavishly. A house on Round Them Up Road, which I have owned for many years, a cottage on Mustique, which the Fillys use more than me, a flop house in Manhattan, and a weekend place in Palm Beach. So what is the big frigging deal?
    Your Pal,
    Walt

  4. Andres

    Fuhgeddaboudit, sw. The Noels are totally going to get away with it. Nothing. Nada. Shoving your nose into it. Keeping all (or most, anyway) of our ill-gotten gains. Laughing right in your and everyone else’s face.

    I didn’t care much about that piddly little yacht anyway. BFD! A fig leaf! We’ve all got our big bucks hidden away where no one will ever find them.

    HAHAHAHAHAHA!

    http://christopherfountain.com/2010/02/02/thinks-keep-looking-up-for-walter-noel/

  5. mrs p

    Will Hoops get to keep the ring?