- Jan 27, 2009
Fleeting Fortune: Courts asked to cancel Madoff's car leases
Included in the Madoff garage are a Land Rover Range Rover, a Cadillac DTS, a pair of Mercedes S550s and a GL450, along with an unspecified Lexus. Several of the vehicles have already been returned to their dealerships, but Picard is petitioning the Federal Bankruptcy Court to rubber-stamp the cancellation of the leases in order to mitigate the cost of administrating the case. Considering that Picard has already delivered letters of termination to the firm's sixty employees and that Madoff himself is under house arrest in his Manhattan penthouse apartment, it's not like anyone's going to be using them, anyway. Unfortunately, since the cars are leased, there's no capital to recuperate for the reimbursement of Madoff's defrauded clients who are, themselves, still waiting to find out how much they've each lost.
[Source: The New York Times via The Car Connection]