Bob Hennelly
WNYC's Bob Hennelly is an award-winning investigative journalist. While at WNYC he has reported on a wide gamut of major public policy questions ranging from immigration and homeland security to power outages and utility mergers.
Trustee of Madoff Firm Liquidation Requests Funding
Madoff remains under detention in his NY home
Monday, December 29, 2008
New York, NY –
A trustee presiding over the liquidation of Bernard Madoff's investment firm says he plans to spend just over $28 million on employee salaries and other costs. Court papers filed in federal bankruptcy court in Manhattan on Friday show that the Bank of New York Mellon Corp has agreed to transfer the money to Trustee Irving Picard. The court papers say he's in "urgent need of funding for immediate costs of administration of the debtor's estate." A bankruptcy judge must still approve the deal.
A hearing will be held tomorrow morning.
Meanwhile, as government investigators continue to identify the victims of Madoff's alleged $50 billion Ponzi scheme, he remains in home detention in his luxury Manhattan apartment.
Under the terms of his $10 million bail agreement, the 70-year-old Madoff has to stay 24-7 in his East 64th Street apartment except to go to court. To prevent his flight and to assure his physical safety, his home detention is being supervised by former NYPD detective Nick Casale and his private security firm.
CASALE: What we do is protect the residency, monitor packages and deliveries using investigators, guards, surveillance cameras and sensors.
Casale says the pricey 24-7 protection is not being paid for with public funds. Court papers indicate the cost is being borne by Mr. Madoff's wife Ruth. A preliminary hearing date in the Madoff case has been set for January 12th.
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