So, the Madoffs were not billionaires. I was reading on Reuters just now, that the Madoffs were worth in excess of $800 million as of the day before he was jailed. $800 million is nothing to sneeze at, of course. But in the grand scheme of things, when you compare them to a guy like say, R. Allen Stanford, or better yet, Warren Buffet, they were practically destitute. Here is what Rueters said about the “marital assets” of the Madoffs:
Bernard Madoff and his wife had $823 million in assets at the end of last year, including $22 million in properties stretching from New York to the French Riviera, a $7 million yacht and a $2.2 million boat named “Bull,” according to a document his lawyers filed Friday. The document, prepared for the Securities and Exchange Commissionat the end of last year, was contained in papers filed with the 2nd U.S. Circuit Court of Appealsin an effort to get Madoff freed on bail. Among the couple’s assets: a $12 million half share in a plane, $65,000 in silverware and a $39,000 piano. It values their four properties — in Manhattan, Montauk, Palm Beach, Fla., and Cap d’Antibes, France — at $22 million, and the furniture, fine art and household goods in the homes at $8.7 million.
Cap d’Antibes France, huh Ruth? Very nice. If anything I would be fighting to keep that. Because how are you going to live in Manhattan after this? Who will be your friends? The stress is going to kill you Ruth. Fight for the place in Cap D’antibes instead. But how are you going to pull this off? Are you going the divorce route? I already expressed that I don’t think that that is necessarily your best bet…
But wait. Does the New York courts even have jurisdiction over the Cap D’Antibes property? I mean what are we talking about here? Federal long arm jurisdiction over property in a foreign forum? Jesus this case is complex. I mean…does the New York courts…can they seize the Cap D’antibes property? Or could Ruth hold on to it? Or could the French courts come into this on the basis that some of their citizens were also defrauded, including the guy Thierry Magon de la Villehuchet the 65 year old money manager who committed suicide after losing $1.5 billion of client money he invested with Madoff?….any intelligent lawyers who actually paid attention in law school out there who know the answer?
Can they seize the Cap D’antibes property?
Want to read more Madoff posts? Go here: http://www.divorcesaloon.com/index.php?s=madoff+