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Vol 12, Num 6 l September 2016

Technology and Intellectual Property

► In This Issue:

Tracing Trust Funds in a Commingled Bank Account: A Deep Dive into Applying the Lowest Intermediate Balance Test


Richard A. Collura
Zolfo Cooper
New York

Have you ever had the unfortunate experience of losing a smartphone? Has your car ever been taken for a joy-ride? Has your home been burglarized? Fortunately, in the digital age we have the benefit of sophisticated technology and software applications that can be used to track down the whereabouts of our prized possessions. We also often rely on law enforcement to help find and recover our lost and stolen property.

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Ponzi meets the Internal Revenue Code


David P. Leibowitz

Since 2009, I have served as a bankruptcy trustee for the estate of Kevin Carney, a Ponzi fraudster. Carney stole over $10 million from close to 200 people, most of whom were people of modest means.

The victims of this Ponzi scheme have received a lot of help from the Internal Revenue Service. Not only did the IRS subordinate its claim in the estate, but thanks to a favorable revenue procedure, victims will be able to treat most of their Ponzi scheme losses as losses owing to casualty or theft.

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Bankruptcy Court Dismisses Pre-2001 Avoidance Claims Based on Separation of Madoff and SIPA Debtor Entity: In re Bernard L. Madoff Investment Securities LLC


Bianca Rucker
Rucker Law PLLC
Fayetteville, Ark.

In the case of Irving H. Picard, Trustee v. Frank J. Avellino, et al. (In re Bernard L. Madoff Investment Securities LLC), the trustee filed an amended complaint asserting 13 counts to, in sum, avoid preferential and fraudulent transfers and subsequent transfers against multiple defendants and to subordinate and disallow certain defendants’ claims. The trustee served as both the trustee for the liquidation of the estate of Bernard L. Madoff Investment Securities LLC (BLMIS) and the estate of Bernard L. Madoff, the estates for which had been substantively consolidated. The bankruptcy court acknowledged from the outset that the proceeding arose from “the massive Ponzi scheme masterminded by Bernard L. Madoff that was executed using BLMIS.”

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