PPP KINGDOM

PPP KINGDOM

BANKS BUY UP LEGAL CLAIMS AGAINST BERNARD MADOFF

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Royal Bank of Scotland and UBS among banks snapping up victims’ claims at a fraction of their value.

http://www.guardian.co.uk/business/2011/jun/17/banks-buy-up-madoff-claims

Investors were receiving offers of just 20 cents to 30 cents on the dollar a year ago, when it was unclear how much money would be recovered. Now, with billions already extracted through settlements reached by a court-appointed trustee and the promise of billions more, deep-pocketed banks are moving in, pushing the offers on claims to roughly 70 cents to 75 cents on the dollar.

Even at the higher offers, the bidders are hoping to make millions of dollars on larger claims.

http://online.wsj.com/article/SB10001424052702304319804576389713307635764.html

Best Regards,

FINANCIAL WARRIOR

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