Bankruptcy Breakfast Program on Ponzi Scheme Clawbacks
2 Park Avenue
New York City
The financial crisis of 2008 exposed many significant Ponzi schemes, including that of Bernard L. Madoff. Since that time, Ponzi schemes and similar fraudulent ventures have continued to be uncovered. As a result, investors in those schemes have continued to become targeted in trustee clawback actions. Our authoritative panel of bankruptcy and restructuring professionals discussed recent trends in clawback suits and strategies for investors who have been targeted by trustees. Panelists shared their personal experiences with specific matters, as well as a number of practical pointers which can be applied in daily practice.
Marc Kirschner, Kirschner Consulting Company
Marc is an attorney with over 30 years' experience in the restructuring field. For 14 years until January 2001, Mr. Kirschner was the head of the bankruptcy and reorganization practice in the New York office of the global law firm, Jones Day. From February 2001 through January 2006, he was Managing Director and General Counsel of a hedge fund specializing in distressed debt investments. Thereafter, he was the Chapter 11 Trustee for Refco Capital Markets, Ltd. ("RCM"), a global financial services firm, and later became the post effective date Plan Administrator for RCM and the Litigation Trustee for the Refco Litigation Trust and Refco Private Actions Trust. He has also been retained as the Liquidation Trustee for the Le Nature's Liquidation Trust and for the Yellowstone Club Liquidating Trust. Mr. Kirschner is currently engaged as trustee of the litigation trust established in the Tribune Company bankruptcy cases.
Andrew Gold, Bankruptcy Litigation Partner, Herrick, Feinstein LLP
Andy concentrates his practice in bankruptcy, out of court restructuring and bankruptcy litigation and has practiced bankruptcy and debtor and creditor rights law for over 25 years. Andy has extensive experience representing clients in avoidance proceedings. Andy was a key member of Herrick's team representing the Trustee for Winstar Communications in an adversarial proceeding asserting claims of insider/voidable preference, equitable subordination and breach of contract, against Lucent Technologies.
Neil Steinkamp, Managing Director and Testifying Expert in the Dispute Advisory & Forensic Services Group, Stout Risius Ross
Neil has significant experience with financial and economic claims in the context of bankruptcy and has been engaged as the testifying expert in matters ranging from bankruptcy preference claims, fraudulent conveyance, involuntary bankruptcy and Ponzi schemes. Neil has published extensively on topics pertinent to bankruptcy and Ponzi scheme financial analysis.