A lawyer for five investors claiming $64 million filed court papers on Monday that may force fraudster Bernard Madoff into personal bankruptcy, according to a Reuters.
The filing was made in U.S. Bankruptcy Court in New York is related to the legal case Bernard L. Madoff 09-11893 U.S. Bankruptcy Court for the Southern District of New York (Manhattan).
A judged allowed for this type of filing last week, reversing his own decision last December to not allow it.
If approved, the next step in the process would be for the court to appoint a trustee to oversee Madoff’s personal assets. There is already at trustee in place who is selling off Madoff’s business assets.
Investors want to try to make sure that no assets slip through the process, said lawyer Jonathan Landers, the investors’ lawyer.
The two trustees will sit down and work out a protocol, hetold Reuters. We trust they will cooperate.