Hearing scheduled on $28M Madoff trustee request

Financial Crisis Posted on

A Manhattan bankruptcy judge will hear a request by the trustee overseeing the liquidation of Bernard Madoff's (MAY'-dawf's) investment firm for a $28 million transfer to cover expenses.

A hearing on the request by trustee Irving Picard is scheduled for Tuesday. The trustee outlined the terms of an agreement reached with the Bank of New York Mellon Corp. in legal papers filed with the court Friday. Picard is a partner in the Baker Hostetler law firm.

The court papers said the trustee is in "urgent need of funding for immediate costs of administration of the debtor's estate." They added that $883,000 has already been transferred to cover employees' salaries and health care benefits.

Anyone objecting to the transfer of the funds to the trustee is invited to attend the hearing.

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