In the Madoff case, Picard has been particularly punitive toward investors who "knew or should have known" that Madoff was crooked; that is, people who, in the trustee's view, ignored red flags that should have alerted them to Madoff's wrongdoing.
15 July Trustees at Park View educational trust announce that they have quit in protest at a "coordinated and vicious" offensive led by Gove.
The trustee takes the view that scheme assets are better used in paying member benefits than potentially swelling a PPF surplus or insurance companies' profits.
In other words, instead of letting their anger carry the day, the owners of the Mets did what they had to do, which included, essentially, agreeing with the trustee's legal view of the Madoff bankruptcy.
In a letter to parents, Park View's trustees and new principal, Adrian Packer, said the school recognised the problems identified by Ofsted.
In his view, "the trustees have to act in the best interest of the beneficiary, which is the charity," he added.
"The trustees remain of the view that it would be in the best interests of the charity to close Arundells, sell the property, allow it to revert to residential use, and use the proceeds of sale for other charitable purposes as provided for in Sir Edward Heath's will," the statement said.
Our view as Trustees is that Union should take these steps on moral grounds.
Gerald McKelvey, a spokesman for the school, said yesterday that Mr. Pivar was "a disaffected former trustee" with a "soured view of the academy and its administration".
The United States Trustee has supported this view in a number of recent cases, but exempting banks from future lawsuits on this issue would send a message that questioning MERS's standing is of no interest to top state officials.
