2nd Circ. Mulls Voiding Fairfield's Sale of $230M Madoff Claim
By Andrew Scurria
Law360, New York (May 21, 2014, 7:58 PM ET) -- Attorneys for a hedge fund that wisely bought a $230 million claim in the Bernard L. Madoff liquidation urged the Second Circuit on Wednesday to uphold the transaction, saying the Chapter 15 representative of a bankrupt Madoff feeder fund can't void the sale based on "seller’s remorse."
Arguing for hedge fund The Baupost Group LLC, Kathleen Sullivan of Quinn Emanuel Urquhart & Sullivan LLP said that Madoff feeder Fairfield Sentry Ltd.'s foreign bankruptcy representative lacked standing to ask the appeals court to undo Fairfield's 2010 sale...