• Bankruptcy Judge Authorizes Sale of Aston Martin Owned by Peter Madoff

    A 1958 Aston Martin once owned by Peter Madoff, brother of Bernard Madoff, is to be sold at auction to help pay former investors who suffered losses from the brother’s Ponzi schemes.

    The trustee liquidating Bernard Madoff’s firm in New York won permission from U.S. Bankruptcy Judge Burton Lifland to sell the car. Bernard Madoff’s U.K. firm bought the 1958 Aston Marton MK III Drophead Coupe for his brother in 2008 for $267,000. According to trustee Irving Picard, Peter Madoff never reimbursed the firm for the purchase.

    RM Auctions is selling the Drophead Coupe at auction in California in August 2011.  The company sold a similar car for $330,000 in 2011.

    Liquidators of Madoff’s U.K. firm sued Peter Madoff in 2009 for allegedly enriching himself unjustly by taking the Aston Martin. The liquidators transferred ownership of the car to the trustee on May 4, 2011.

    Trustee Irving Picard sought a total of $198.7 million from Peter Madoff and other members of Bernard Madoff’s family. To date, he has recovered about $7.6 billion for investors who lost more than $17 billion in Madoff’s schemes. Most of the money is not available for distribution as of this time.

    If you are looking into filing for bankruptcy and would like to learn more about the process, contact a Chicago bankruptcy attorney for more information.

  • Illinois Bankruptcy Court Facing Eviction from Will County Courts

    The Northern District of Illinois Bankruptcy Court is looking at possible eviction from their courtrooms in Joliet. Will County has seen an increase in court cases because of population growth, and now needs more space.

    An extension on an existing lease is due to expire soon, and Will County Judge Gerald Kinney said he needs the courtroom to accommodate his own crowded court system.

    Kenneth Gardner, clerk of the bankruptcy court, said that the courtroom has been in its current location since the 1990s, before Will County bought the building. He said 7,548 cases were filed there in 2010, originating in Grundy, Kendall, LaSalle, and Will counties. It was the court’s busiest year since 2005.

    Kinney told county board members the bankruptcy court cases could wind up in Chicago, but Gardner said it would seek a new courtroom in the area to keep them local. “Our intent, for sure, is to stay there,” Gardner said.

    Kinney said Will County’s main courthouse is crowded and fails to meet security standards set by the Illinois Supreme Court. The county is expecting to receive five new judges in 2012 because of its population growth.

    Kinney said he’d work with the bankruptcy court to give them time to find a new location.

    If you are considering filing for bankruptcy and have questions about the process, contact a Chicago bankruptcy attorney for more information.