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Trustee Seeks to Claw Back #Madoff Life Insurance Policy Payout

From: D. Sheehan, Esq.
To: I. Picard, Esq.

Irv-
This isn't the time to be a mamsy-pamsy; if the Feds aren't letting Bernie out for the funeral, there's no reason why we should turn the heat down either!(Personally, I think that story is a ruse, and Bernie will be there, if only in the back of the place.)

The life insurance policy MM told us about had a $10 million payout; amending the claw back against the widow and children to include prospective death benefit payments is SOP, and some of those bloodsuckers, including that loon Ambrosino,will have a field day with the media if we don't do something.

Also, the people at Kroll are telling us they've just uncovered several more life insurance policies in the name of the decedent, although we can't decipher the details re: beneficiaries. Could be "Kohn", or could be "Cohn." Its hard to tell; the printer cartridges that we clawed back from Madoff's office don't seem to work so well anymore, probably because they have a 2009 expiration date on them.

We also don't know who was paying the premiums on those other policies, so it could get sticky. Then again, it could take at least 100 or more billable hours for us to research further, which is good for this month's internal projections  report.

Anyway, I put a call in to the decedent's family lawyer to ask about policies, but his secretary said he was out walking the dog.

Speaking of calls and dogs, we've had Jane Wells from NBC News calling all day. You and I both know that when she sniffs out a story, she can be worse than a bloodhound!

Irv-We have to move quickly; aside from letting the press get a whiff of what we're up to, the life insurance policy that we do know about was underwritten by AIG, and you know what a bitch it can be trying to collect from them on anything once they dig their heels in.

BTW-Shapiro's people are now telling us their account at JPMC is frozen for the moment--apparently they went long OJ futures last week, and they don't want to liquidate anything until the freeze reports come in from Florida. How should we proceed?

Last- Recommend we hire a professional PR firm to deal with the various updates re "tragedy". Our "Its not personal, its only business" message isn't resonating as well as it should. I know someone that can get our message out properly: Let me know.
D.S.

Full post as published by Bernard Madoff on December 15, 2010 (boomark / email).