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IN RE BERNARD L. MADOFF INVESTMENT SECURITIES LLC

Bankruptcy No. 08-01789 (BRL). Adversary No. 09-01272 (BRL).

413 B.R. 137 (2009)

In re BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Debtor. Diane Peskin, et al., Plaintiffs, v. Irving H. Picard, as Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, Defendant.

United States Bankruptcy Court, S.D. New York.

September 10, 2009.

Attorney(s) appearing for the Case

Baker & Hostetler LLP by David J. Sheehan, Marc E. Hirschfield, Oren J. Warshavsky, Seanna R. Brown, New York, NY, for Defendant Irving H. Picard, Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff.

Securities Investor Protection Corporation by Josephine Wang, General Counsel, Kevin H. Bell, Hemant Sharma, Washington, DC, for the Securities Investor Protection Corporation.

Phillips Nizer LLP by Helen Davis Chaitman, New York, NY, for Plaintiffs Diane and Roger Peskin and Maureen Ebel.

Milberg LLP by Jonathan M. Landers, Matthew Gluck, Lois F. Dix, Joshua E. Keller, New York, NY, for Intervenors Dr. Gerald Blumenthal, Robert Horowitz, Lester Kolodny, and Paul J. Robinson.

Before: Hon. Burton R. Lifland, United States Bankruptcy Judge.

MEMORANDUM DECISION AND ORDER GRANTING TRUSTEE'S MOTION TO DISMISS PLAINTIFFS' COMPLAINT

BURTON R. LIFLAND, Bankruptcy Judge.

With more than 15,000 claims filed in the Madoff proceeding and multi-billions of dollars at stake, the issue of how the Trustee determines claimants' "net equity" for distribution purposes is a central question to be determined in this SIPA liquidation.

Before this Court is the motion ("Motion to Dismiss") brought...

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