"The lawsuit filed Tuesday in Manhattan bankruptcy court accused the Harley International Ltd. fund of withdrawing $425 million from Madoff's firm during the three months before his arrest last year.
It claims the fund based on the Isle of Man knew or should have known the money came from other investors victimized by Madoff's massive Ponzi scheme."
Ok, let's break this down logically. First, Picard (bankruptcy trustee) is a virtual idiot. That being said, how on earth does he think he's going to prove that this fund or any other fund or investor knew or should have known that the money they first invested and then withdrew came from a massive ponzi scheme??? If you knew, why on earth would you have invested in a ponzi scheme to begin with (and there's no indication or suspicion that any of the investors "knew" they were investing in a ponzi scheme)?? And if you had invested with Madoff and did not know it was a ponzi scheme (as I'm sure the vast majority of his investors did not), why on earth would you think anything of redeeming earnings you thought you had made on money you invested? This guy seriously needs to be replaced if that's the sum total of his thought process.
Tell me when this thread is updated:
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