Madoff Trustee Gets OK For $29M Transfer

Law360, New York (December 30, 2008, 12:00 AM EST) -- The trustee in charge of liquidating disgraced fund manager Bernard Madoff's investment firm in the wake of his alleged $50 billion Ponzi scheme received approval Tuesday for a $29 million cash infusion to help pay for the firm's liquidation.

Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York approved the transfer of $29 million from the Bank of New York Mellon Corp. to an account administered by Irving H. Pickard, who was appointed trustee on Dec. 15.

According to...
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