Third Interim Pro Rata Distribution of Recovered Funds to Madoff Claims Holders Totals Approximately $506.2 Million

NEW YORK — Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC said today that the third pro rata interim distribution of recoveries from the Customer Fund to eligible BLMIS customers commenced on Friday, March 29, 2013. In the third interim distribution, the SIPA Trustee is distributing approximately $506.2 million on a pro rata basis to BLMIS account holders with allowed claims, bringing the amount distributed to eligible claimants to $5.44 billion, which includes approximately $807.2 million in committed advances from the Securities Investor Protection Corporation (SIPC). When combined with the funds previously returned to BLMIS customers, the distribution fully satisfies more than 50 percent of the total current accounts with allowed claims. In the third distribution, allowed claim holders will receive approximately 4.721 percent of the allowed claim amount of each individual account, unless the claim is fully satisfied. Currently, 2,178 account holders have allowed claims and, of these account holders, 1,106 will be fully satisfied following the third interim distribution. The average payment in this distribution is approximately $459,000 and the largest payment is approximately $116 million. More in the Fort Mills Times here.