NIAP Statement on Feb 2nd Net Equity Hearing:
“The Network for Investor Action and Protection believes the argument made by the attorneys on behalf of Madoff fraud victims is consistent with the law, and a ruling in favor of that net equity definition would be an important statement for investor protections and confidence. The legal foundation of this argument is backed by numerous securities law experts who formally filed briefs with the court.
But this case is extraordinary in every way, so we are prepared to take this battle as far as it needs to go. This hearing is likely just a starting point.”
I thought the 2/2/10 hearing was to make a determination regarding the net equity - last statement vs the in/out method. It seems all the reports are mentioning the decision was to determine who shares the money that Picard recovers. Who cares about that as the individual amount will be so minimal. We are concerned only about the SIPC decision not to pay out the $500,000 or amount thereof, that each customer rightfully should be paid.
What’s happening?