Judge approves release of Madoff assets

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Judge approves release of Madoff assets
« Thread Started on Dec 30, 2008, 2:41pm »

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Judge approves release of Madoff assets
Posted: 02:34 PM ET
NEW YORK (CNN) — A federal bankruptcy judge Tuesday approved the release
of more than $28 million in assets belonging to accused swindler Bernard Madoff
to pay for the administrative costs related to his case.

Madoff is accused of bilking investors out of some $50 billion through a
Ponzi scheme that he allegedly ran through his investment advisory business.

According to papers filed in federal bankruptcy court in Manhattan on
Friday, the Bank of New York Mellon Corp. has agreed to transfer the money to
the federally appointed trustees presiding over the liquidation of Madoff’s
investment firm.

The court papers said that $883,000 had already been transferred to the
trustees to pay employees’ salaries and health care benefits.
According to representatives for the trustees, the funds are needed to
pay employee salaries and other costs.

The trustee would also sell off assets to recover funds for the investors
who lost money held by Madoff, the trustees’ representative Richard Bernard
told the court on Tuesday.