irving picard

Madoff's Debts Still Snowballing - Enter the Legal Fees

According to Reuters, today, "Bernard Madoff's bankruptcy trustee and the law firm employing him submitted a $22.1 million legal bill covering five months of work."

Baker & Hostetler LLP wants $21.28 million, and court-appointed trustee Irving Picard, the partner at Baker & Hostetler who is overseeing the liquidation of Madoff's professional and personal assets (that includes the auctions), wants $835,605 separately. Picard has "recovered $1.4 billion of assets, just 7 percent of the $21.2 billion of investor losses he had found."

When lawyers want their clients to get paid, that's one thing. When lawyers their own paycheck, it's another entirely. What do you think? Should they only get 7 percent of their bills paid? Perhaps that would reinvigorate their desire to find out, while liquidating, where the money really went.

[via Reuters]

Tags: baker hostetler, BakerHostetler, bernard madoff, BernardMadoff, irving picard, IrvingPicard, madoff

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Madoff's Debts Still Snowballing - Enter the Legal Fees

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