Meeschaert Group Appointed Special Advisor by the Luxalpha SICAV

PARIS, September 22, 2017 /PRNewswire/ --

The Luxalpha SICAV (investment fund) has given the Meeschaert Group a mandate to help find an amicable solution with United States trustee Irving Picard. 

Luxembourg-based Luxalpha SICAV (investment fund), one of the largest feeder funds into Bernard L. Madoff Investment Securities (BLIMS), has agreed to appoint Meeschaert as "special advisor" to the fund. Luxalpha holds a SIPA customer claim having a net equity value of over USD 750 million against BLMIS, which is now in liquidation in the U.S. and managed by U.S. Trustee Irving Picard.

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This means that Meeschaert Group has an official mandate to help reach an amicable resolution of the dispute between the Luxalpha SICAV and Trustee Picard, with the goal of having Luxalpha's SIPA customer claim allowed and resolving the clawback claims asserted by Trustee Picard against Luxalpha.

Trustee Picard has lodged several claims against Luxalpha in the proceeding Picard v. UBS et al (Adv. Pro No. 10-4285) pending before the New York federal bankrupcy court. Those pending claims prevent Luxalpha, for the time being, from having its SIPA customer claim allowed and preclude any distributions being made to Luxalpha victims from the BLMIS proceeding in the U.S.  

"This agreement between Luxalpha and our Group is the fruit of several years' work on this case that began in 2009, when the Madoff scandal broke," commented Mr. Cédric Meeschaert, Group President.

"Our efforts from the very start were aimed at helping our clients deal with legal red tape and uncertainties, in order to recover the sums invested. This has led us to lobby actively the different actors in this case whose dimensions - both European and American - we have mastered.

"In 2015, we formed an association of victims, private and institutional investors who, like Meeschaert Group, invested directly in Luxalpha, to strengthen dialogue with the Luxembourg and US bankruptcy officials. Finally, we recently offered to assist the Luxembourg official liquidators in an attempt to release payment of the 'clawback' that Trustee Picard is demanding from Luxalpha in order to allow it to have an allowed claim in the U.S. bankruptcy proceedings.

"Naturally, we are not seeking any remuneration in exchange for these services. Our only motivation is to ensure that all victims of this affair obtain compensation.

"We are an independent financial group with offices in Paris, Brussels and New York, and represent close to 6 billion euros in assets under management and supervision.

"All these factors have convinced the Luxembourg bankruptcy officials to cooperate with us."

In recent years, Trustee Picard has signed several agreements with Madoff feeder funds based in foreign jurisdictions, making it possible to compensate investors in these funds. To date, however, no such agreement has been signed with Luxalpha.

"Our legal team and I, together with the Luxalpha's American advisors, will be contacting Trustee Picard to discuss the different options envisaged," concluded Mr. Meeschaert.

Luxalpha's claim on BLMIS is estimated at approximately USD 750 million on a net equity basis.

About the Meeschaert group  

Founded in 1935, the Meeschaert Group represents close to 6 billion euros in assets under management and supervision. It is organized in four divisions: wealth management, family office, asset management and private equity. The company has offices in several French cities, notably Bordeaux, Cannes, Lille, Marseille, Nantes, Paris, Strasbourg and Toulouse, as well as abroad, in Brussels and New York.

SOURCE Meeschaert Group