Madoff's Merkin To Part With $310M Art Trove

Law360, New York (June 30, 2009, 12:00 AM EDT) -- As the walls close in, J. Ezra Merkin, the former hedge fund heavyweight accused of funneling billions to Madoff’s Ponzi scheme, will not find escape in his prized artworks, having agreed to sell the $310 million collection for potential restitution to defrauded clients.

New York Attorney General Andrew Cuomo, whose office is spearheading a civil fraud case against Merkin in the New York State Supreme Court, announced Tuesday that the sale of Merkin’s art collection would, after taxes and liens, yield approximately $191 million for Merkin’s...
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