Getting your player ready...
The court-appointed trustee in charge of recovering assets for investors burned by Bernard Madoff has withdrawn a $279 million claim against financier and former GMAC chairman J. Ezra Merkin’s Ariel and Gabriel funds.
In the amended complaint filed this week in U.S. Bankruptcy Court in New York, trustee Irving Picard dropped a claim seeking the return of “intra-fund” transfers of Madoff-linked money to Ariel and Gabriel, from Merkin’s third fund, Ascot, which is also named in the lawsuit.
