Nine months after Bernie Madoff was sent to prison for a 150-year sentence, another famous figure stepped forward to try and win back the millions he had invested with the Ponzi schemer. John Malkovich’s lawyers went to Madoff’s federal bankruptcy judge to try to regain the $2.23 million he had lost in the folds of the investment fraud.

John Malkovich was just one of a handful of celebrities who lost a significant amount of money by dealing with Bernie Madoff.  Steven Spielberg, Elie Wiesel, and Kevin Bacon are a few other famous names affected by the scandal. 

It may seem late in the game for Malkovich to be requesting these funds, as many of his peers filed with the bankruptcy trustee over a year ago.  However, Malkovich did not miss the window—he is disputing that he deserves more than the $670,000 the bankruptcy trustee is willing to reward. Many celebrities and civilians’ lawyers have found difficulty with the “net equity method” in which Irving Picard, the trustee assigned to Madoff’s case, has responded to victims’ claims.  He tells Madoff’s victims that they are only entitled to the difference between what they invested and what they withdrew. 

It’s unrealistic that the full gamut of the $65 billion fraud will be recovered, but Malkovich’s lawyers remain optimistic that they can win the bankruptcy trustee’s support.

Ponzi schemes aside, in personal bankruptcies the debtors are often victims to credit traps and credit harassment.  You can break the cycle of your debt when you file for bankruptcy.  Call one of our personal bankruptcy lawyers for a free initial consultation and start fresh at 1-800-260-1402

Celebrity chef Gordon Ramsay, of TV’s Kitchen Nightmares and Hell’s Kitchen, has recently been battling some financial demons of his own.

Although his company, Gordon Ramsay Holdings Ltd., has faced many of the same hardships as other companies worldwide, the rather outspoken and brash restaurateur ignored (assuredly very pricey) professional advice that he should file for bankruptcy. The advice was apparently predicated on the fact that the company had failed to meet the demands of a loan from a Scottish bank and was reportedly met with very colorful language refuting the advice. It was also advised, in 2008, that the Scottish-born chef fire hordes of staff and close his less successful restaurants.

On the financial front line were Ramsay’s 20 white-cloth restaurants in such international cities as Dubai, London, Las Vegas, L.A. and New York, as well as his many cookbooks and self-branded lines of cooking utensils and serving ware.

In an article by Brett Moore in www.About.com:Gourmet Food,  “During the most trying times, the hot-head celebrity had to get down to brass tacks, renegotiating where necessary and following his head rather than his heart or his ego when making business decisions.”

Legal Helpers is there for you when you need serious advice on the serious subject of bankruptcy. Call them at 800-260-1402 now.