New York (HedgeCo.Net) – As the Receiver for Ezra Merkin’s two Madoff-related hedge funds, Gabriel Capital L.P. and Ariel Fund Ltd., hedge fund lawyer Bart M. Schwartz announced today his third round of interim distributions of more than $110 million of cash investments (bringing total recoveries to more than $500 million), to investors who suffered losses through the funds.
“My team and I will continue in our efforts to maximize overall returns to investors, including through prudent, value-preserving liquidation of the funds’ remaining assets, and through pursuing additional recoveries.” Schwartz said. “We continue to make good progress in our ongoing value realization efforts, and we will seek Court approval for further interim distributions at the earliest prudently feasible date.”
The $500 million payback from the two Merkin funds may be the largest distribution to injured investors so far in the Bernie Madoff Ponzi scheme. Payments of the $110 million in this third distribution by Schwartz will be sent to all investors in the hedge funds, generally for delivery within the next 10 business days.
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