Having read the opening briefs filed by the Trustee and by SIPC on the net equity question, I thought to set down a few of what I believe are my most important impressions.

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In reading what little the Trustee has said in the past to justify his cash-in/cash-out position on net equity, a couple of thoughts struck me that, as far as I can recollect, have thus far not been made by opponents. I shall set them forth here.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
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In this essay, I shall not attempt to summarize Kotz's 457 page report. What shall be done instead is to discuss a particular perception the report induced in me, plus some points in the report that struck me forcibly and contributed to the perception but often seem not to have generally been picked up elsewhere or to have received only brief or minor mention elsewhere.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

On September 21st, the Government made a motion for forfeiture and remission proceedings in the criminal case against Madoff. The motion plainly would result in serious injury to many victims of Madoff, and seemed to me highly objectionable.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
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And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

The SEC -- though it ironically is one of the governmental or quasigovernmental bodies most responsible for allowing Madoff to succeed -- has put together what one thinks the best description to date of the methods used by Madoff to fool victims, agencies, feeder funds, and huge organizations or immensely wealthy individuals who sought to do due diligence, and others.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

If readers do not remember anything else written in this post or in its continuations, I beseech them to remember this: the IRS now appears to have surely admitted, in the letter of August 21st, that its review of Madoff was a paper-only-review -- was a review that was an open invitation for any liar, any Madoff, to receive IRS approval as a non-bank custodian by means of egregious fraudulent misstatements, and to thereby receive aid from the IRS in defrauding victims.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
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And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Let me begin with a matter that leaps off the page. Picard's brief does not so much as mention matters that should be the determinants of net equity:

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
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And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

I congratulate you on your excellent article on custodians on Saturday, July 25th.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

In this fourth segment, let me discuss an argument made by Harbeck and Picard in support of their cash in/cash out position.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

When David Sheehan attacked Helen Chaitman by a letter of June 12th, he accused her of making statements for which she could have no evidence. She responded, among other ways, by writing on June 16th that she would be able to prove various of her statements from SIPC's own files after discovery. My personal view is that she was right on.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes