Defendant. :
--------------------------------------------------------------X
BRIEF OF AMICUS CURIAE
The briefs of the plaintiffs, and those of other plaintiffs filed in related cases, cover several crucial points relating to the proper definition of net equity. They elaborate, for example, the legislative history of SIPA, the views previously followed and/or expressed by SIPC, and the decision in the New Times case. There are, however, some points of consequence which either have not been brought to the Court's attention at all, or have been brought to its attention only cursorily. Three such matters shall be discussed here.
1. The first is the long term consequence, when distributing the monies collected for the estate by the Trustee, of the definition of net equity adopted by SIPC and the Trustee. As is well known, their method of calculating net equity -- cash-in minus cash-out -- wipes out the net equity of many victims of Madoff who would have a positive net equity if it were based on the November 30, 2008 statements. The number of persons whose net equity is eliminated by the unusual cash-in/cash-out method of determination is likely in the high hundreds or the thousands; only the Trustee and SIPC know, and they have not said.
Next Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
