NewsBits: The Madoff Trustee
from The New York Times:
The trustee charged with recovering assets for investors defrauded by Bernard L. Madoff has started a “hardship program” for individual victims to accelerate payments from the Securities Investor Protection Corporation and help them meet daily living expenses.
The program, announced on Friday by the trustee, Irving H. Picard, requires individual victims to file an application to be eligible for an accelerated payment of up to $500,000 from SIPC.
Mr. Picard plans to evaluate each application based on various indicators of hardship. They include an inability to pay for necessary living expenses like food, housing, transportation and medical expenses; the need to return to work at the age of 65 or older; or a declaration of personal bankruptcy.