Well, it’s something. According to trustee Irving Picard, Madoff’s firm still has $830 million in liquid assets that can be distributed to the thousands of victims. This, of course, is just part of what victims hope they can recover. In addition, victims and their lawyers will seek all of Madoff’s personal wealth, money that was pulled out by lucky Madoff investors over the past few years, as well as assets of Madoff’s enablesr (Merking, Fairfield, Tremont et. al.)
How it will be distributed, plus whatever amount is paid out by the SIPC, remains to be seen, but we’re wondering: How will they calculate an investor’s losses? Consider that Yeshiva University recently slashed its loss estimates, simply by deciding that its years of gains were fictitious, and thus couldn’t be lost. Sure, but when you’re talking about claiming a share of the pennies left over, you want to have the biggest lose you can claim.
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