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Hearing Scheduled on $28M Madoff Trustee Request

NEW YORK (AP) - A Manhattan bankruptcy judge will hear a request
by the trustee overseeing the liquidation of Bernard Madoff's investment firm for a $28 million transfer to cover
expenses.
A hearing on the request by trustee Irving Picard is scheduled
for Tuesday. The trustee outlined the terms of an agreement reached
with the Bank of New York Mellon Corp. in legal papers filed with
the court Friday. Picard is a partner in the Baker Hostetler law
firm.
The court papers said the trustee is in "urgent need of funding
for immediate costs of administration of the debtor's estate."
They added that $883,000 has already been transferred to cover
employees' salaries and health care benefits.
Anyone objecting to the transfer of the funds to the trustee is
invited to attend the hearing.


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