judge's ruling in favor of trustee's plan to repay madoff victims
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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iaz neawmp{ dl{pg` am dn{p JDEL[ kw{paegz {pnpgegmp{ `npg` Maygejgz ;6 :662 "pbg
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nm` Enldlmo ai Maplkg{ [vgkli|lmo Vzakg`wzg{ Iaz Ildlmo @gpgzelmnplam nm` N`hw`lknplam ai
Kdnle{3 nm` Vzayl`lmo Apbgz Zgdlgi "pbg Kdnle{ Vzakg`wzg Az`gz, gmpgzg` am @gkgejgz :;
:662 nm` pbg Kawzp{ Az`gz [kbg`wdlmo N`hw`lknplam ai Mgp G~wlp| L{{wg "pbg [kbg`wdlmo
Az`gz, gmpgzg` am [gvpgejgz >9 :66
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Pbg En`aii vzakgg`lmo nm` lp{ nkkaevnm|lmo [LVN dl~wl`nplam lmyadyg {pnoogzlmo
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>> :662 "pbg Ildlmo @npg,; kw{paegz{ Maygejgz ;6pb [pnpgegmp{ zgidgkpg` $?;-> jlddlam lm
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jlddlam kw{paegz{ nzg vwzvazpg`d| ag` n papnd ai $90-2 jlddlam- Pbg kzlplknd l{{wg jgiazg pbg
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pa pbg grpgmp ai pbglz mgp
g~wlplg{ n{ `gilmg` lm [LVN {gkplam ?2ddd">>, "Mgp G~wlp|,-7 [gg [LVN ?2iii%:"k,">,"j,- Li
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nm n`ynmkg9 izae pbg [gkwzlplg{ Lmyg{paz Vzapgkplam Kazvaznplam "[LVK, pa vn| gnkb kw{paegz
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knv ai $766666 iaz {gkwzlplg{ kdnle{- [gg [LVN ?2iii%;"n,-
Pbg Pzw{pgg `gilmg{ Mgp G~wlp| n{ pbg neawmp ai kn{b `gva{lpg` j| pbg kw{paegz lmpa bl{
JDEL[ kw{paegz nkkawmp dg{{ nm| neawmp{ ndzgn`| lpb`znm j| ble "pbg Mgp Lmyg{pegmp
Egpba`,- Lm kampzn{p pbg Ajhgkplmo Kdnlenmp{ `gilmg Mgp G~wlp| n{ pbg neawmp{ zgidgkpg` am
; Bgzg pbg Ildlmo @npg l{ pbg `npg am blkb pbg [GK jzawobp {wlp nonlm{p JDEL[ @gkgejgz >> :662 blkbzg{wdpg` lm pbg nvvalmpegmp ai n zgkglygz iaz pbg gmplp|- [gg [LVN ?2ddd"?,"J,-
0 N iwm` ai kw{paegz vzavgzp| kam{l{p{ ai n{{gp{ onzmgzg` j| pbg [LVN pzw{pgg am nkkawmp ai kw{paegz{- Pbg{gn{{gp{ nzg map n{kzljnjdg pa lm`lyl`wnd kw{paegz{ jwp znpbgz nzg `l{pzljwpg`vza znpn pa pbg grpgmp ai n kw{paegz{ Mgp
G~wlp|- [gg [LVN ?2ddd"0, "`gilmlmo kw{paegz vzavgzp|,3 {gg lmizn np @l{kw{{lam {gkplam L-7 [LVN {gkplam ?2ddd">>, `gilmg{ Mgp G~wlp| n{ pbg `addnz neawmp ai pbg nkkawmp az nkkawmp{ ai n kw{paegz pa jg`gpgzelmg` j|
"N, kndkwdnplmo pbg {we blkb awd` bnyg jggm ag` j| pbg `gjpaz pa {wkb kw{paegz li pbg `gjpaz bn`dl~wl`npg` j| {ndg az vwzkbn{g am pbg ildlmo `npg ndd {gkwzlplg{ va{lplam{ ai {wkb kw{paegz - - - 3 elmw{
"J, nm| lm`gjpg`mg{{ ai {wkb kw{paegz pa pbg `gjpaz am pbg ildlmo `npg - - - -
9 [aeg Ajhgkplmo Kdnlenmp{ zgigz pa pbl{ n`ynmkg n{ lm{wznmkg n `g{lomnplam {pzgmwaw{d| kampzaygzpg` j| pbg[gkwzlplg{ nm` Grkbnmog Kaeel{{lam "pbg [GK, [LVK nm` pbg Pzw{pgg nm` n `g{lomnplam pbnp l{ map {wvvazpg` j|pbg kampzaddlmo [LVN {pnpwpg- [gg [LVN ?2iii%;"n, "plpdg` N`ynmkg{ iaz Kw{paegz{ Kdnle{, "gevbn{l{ n``g`,-
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kw{paegz{ Maygejgz ;6pb [pnpgegmp{ "pbg Dn{p [pnpgegmp Egpba`,- Pbg Pzw{pgg nm` pbg
Ajhgkplmo Kdnlenmp{ enlmpnlm pbnp pbglz zg{vgkplyg `gilmlplam{ ai Mgp G~wlp| nzg pbazawobd|
kam{l{pgmp lpb [LVN {pnpwpaz| nm` kn{g dn nm` maplam{ ai g~wlp|-
Kamozwgmp pa pbg levazp nm` kaevdgrlp| ai pbl{ l{{wg pbg jzlgi{ ildg` lm {wvvazp nm`
avva{lplam pa pbg Eaplam nzg yadwelmaw{ nm` levzg{{lyg- Iaz pbg vwzva{g{ ai pbl{ `gkl{lam pbg
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ai pbg Eaplam-2 Pbg Kawzp zgkaomlxg{ pbnp pbg nvvdlknplam ai pbg Mgp G~wlp| `gilmlplam pa pbg
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g~wlp| nm` vznkplkndlp| pbg Kawzp gm`az{g{ pbg Pzw{pgg{ Mgp Lmyg{pegmp Egpba`-
Nkkaz`lmod| iaz pbg zgn{am{ {gp iazpb jgda pbg Pzw{pgg{ `gpgzelmnplam ai Mgp G~wlp| l{
bgzgj| NVVZAYG@-
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pbzawob bl{ lmyg{pegmp kaevnm| JDEL[- Am @gkgejgz >> :662 En`aii n{ nzzg{pg` j|
? Pbg vzlmklvnd nzowegmp{ en`g lm {wvvazp nm` avva{lplam pa pbg Eaplam bnyg jggm awpdlmg` lm n `l{vn{{lamnpgenmmgz nm` azonmlxg` lm n pnjdg iaz gn{g ai zgigzgmkg nppnkbg` bgzgpa n{ Grbljlp N- Pbl{ pnjdg l{ map grbnw{plyg aindd nzowegmp{ en`g- Pbg Kawzp `ag{ map mgkg{{nzld| nozgg az `l{nozgg lpb pbg nzowegmp{ {gp iazpb lm Grbljlp N-
2 Pbg [GK `liigz{ izae pbg Pzw{pgg lm nm nzgn pbnp `ag{ map niigkp pbg Kawzp{ nmnd|{l{ "pbg [GK zgkaeegm`{kaevgm{nplmo En`aii kw{paegz{ iaz pbg pleg yndwg ai eamg| bgm wpldlxlmo pbg Mgp Lmyg{pegmp Egpba` "pbgKam{pnmp @addnz Nvvzankb,,-
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ig`gznd nogmp{ nm` kbnzog` lpb {gkwzlplg{ iznw` lm yladnplam ai >7 W-[-K- {gkplam{ ?2h"j, ?2ii
nm` >? K-I-Z- {gkplam :06->6j%7 lm pbg Wmlpg` [pnpg{ @l{pzlkp Kawzp iaz pbg [awpbgzm @l{pzlkp ai
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pbg [gkwzlplg{ nm` Grkbnmog Kaeel{{lam "pbg [GK, ildg` n klyld kaevdnlmp lm pbg @l{pzlkp
Kawzp nddgolmo lmpgz ndln pbnp En`aii nm` JDEL[ gzg avgznplmo n Vamxl {kbgeg pbzawob
JDEL[{ lmyg{pegmp n`yl{az nkplylplg{- [-G-K- y- En`aii$ gp nd-Ma- 62%KY%>6? "pbg Klyld
Nkplam,-
Am @gkgejgz >7 :662 [LVK ildg` nm nvvdlknplam lm pbg Klyld Nkplam {ggclmo n `gkzgg
pbnp pbg kw{paegz{ ai JDEL[ nzg lm mgg` ai pbg vzapgkplam{ niiaz`g` j| [LVN- Pbg @l{pzlkp Kawzp
oznmpg` [LVK{ nvvdlknplam nm` gmpgzg` nm az`gz am @gkgejgz >7 :662 vdnklmo JDEL[{
kw{paegz{ wm`gz pbg vzapgkplam{ ai [LVN "pbg Vzapgkplyg Az`gz,- Pbg Vzapgkplyg Az`gz
nvvalmpg` Vlknz` n{ pzw{pgg iaz pbg dl~wl`nplam ai pbg jw{lmg{{ ai JDEL[ nvvalmpg` Jncgz nm`
Ba{pgpdgz DDV n{ kawm{gd pa pbg Pzw{pgg nm` zgeayg` pbg [LVN dl~wl`nplam vzakgg`lmo pa pbl{
Kawzp vwz{wnmp pa [LVN {gkplam{ ?2ggg"j,";, nm` "j,"0,-
Am Enzkb >: :66>%kawmp kzlelmnd lm`lkpegmp ildg` nonlm{p
ble nm` n`elppg` pbnp bg avgznpg` n Vamxl {kbgeg pbzawob pbg lmyg{pegmp n`yl{az| {l`g ai
SJDEL[U- [gg Wmlpg` [pnpg{ y- En`aii Ma- 6< KZ :>; "@K, @akcgp Ma- 7? Vdgn Bzo Pz- np
:;8>0>?- Am Hwmg :6 :66
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Pzw{pgg ba ew{p `gpgzelmg pbg kdnle{ lm zlplmo- Li pbg kdnlenmp `ag{ map ajhgkp pa pbg
`gpgzelmnplam lp l{ `ggeg` nvvzayg` j| pbg Kawzp nm` jlm`lmo am pbg kdnlenmp- Li pbg kdnlenmp
ajhgkp{ nm` ildg{ nm avva{lplam pbg Pzw{pgg ew{p ajpnlm n bgnzlmo `npg nm` mapli| pbg kdnlenmp
pbgzgai- Kgzpnlm jwp map ndd En`aii kdnlenmp{ ajhgkpg` pa pbg Pzw{pgg{ `gpgzelmnplam ai Mgp
G~wlp| `wg pa bl{ w{g ai pbg Mgp Lmyg{pegmp Egpba`-
Nipgz n mwejgz ai pbg{g ajhgkplam{ gzg ildg` pbg Kawzp gmpgzg` pbg [kbg`wdlmo Az`gz
g{pnjdl{blmo n bgnzlmo `npg ai Igjzwnz| : :6>6 pa n``zg{{ bgpbgz Mgp G~wlp| n{ `gilmg` j|
[LVN l{ kndkwdnpg` w{lmo pbg Mgp Lmyg{pegmp Egpba` az pbg Dn{p [pnpgegmp Egpba`- Lm pbg
lmpgzle pbg Pzw{pgg kamplmwg{ pa vzakg{{ nm` vn| kw{paegz kdnle{ lm pbg az`lmnz| kawz{g- N{ ai
Igjzwnz| :9 :6>6 >:60? kdnle{ bnyg jggm `gpgzelmg` >
L- PBG [PZWKPWZG NM@ AZONMLXNPLAM AI JDEL[
JDEL[ l{ n Mg \azc dlelpg` dlnjldlp| kaevnm| iawm`g` j| En`aii n{ n {adg
vzavzlgpaz{blv lm >7"j, ai pbg [gkwzlplg{ Grkbnmog Nkp ai >7 W-[-K- {gkplam ?2a"j, nm`
jgolmmlmo lm :669 n{ nm lmyg{pegmp n`yl{az- J| ylzpwg ai lp{ zgol{pznplam n{ n jzacgz%`gndgz
>6[gg bppv8!!-en`aiipzw{pgg-kae-
>> Pbg{g inkp{ nzg dnzogd| wm`l{vwpg` nm` bnyg jggm pncgm vzlenzld| izae pbg Pzw{pgg{ egeaznm`we ai dn nm`{wvvazplmo `gkdnznplam{ n{ gdd n{ pbg kzlelmnd nddakwplam{ ai En`aii nm` Iznmc @lVn{kndl Hz- "@lVn{kndl,- AmNwow{p >> :666 kzlelmnd kbnzog{ {pgeelmo izae bl{ grpgm{lyg vnzplklvnplam lm pbgEn`aii iznw`- Am Igjzwnz| >> :6>6 nm az`gz n{ gmpgzg` zgdgn{lmo @lVn{kndl am jnld vgm`lmo {gmpgmklmo-
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: Awpnz`d| JDEL[
iwmkplamg` japb n{ nm lmyg{pegmp n`yl{az pa lp{ kw{paegz{ nm` n kw{pa`lnm ai pbglz {gkwzlplg{-
Jn{g` am pbg Pzw{pgg{ lmyg{plonplam lp nvvgnz{ pbnp JDEL[ jgonm pa aiigz lmyg{pegmp n`yl{az|
{gzylkg{ n{ gnzd| n{ pbg >
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Pbg LN Jw{lmg{{ am pbg apbgz bnm` vgzvgpwnpg` En`aii{ iznw`wdgmp nkplylp|- Vb|{lkndd|
l{adnpg` am pbg >?pb
idaaz izae pbg EE nm` VP Jw{lmg{{g{ pbg LN Jw{lmg{{ n{ nkkg{{ljdg amd|
pa {gdgkp gevda|gg{ nm` lm{l`gz{->0 Wmdlcg pbg [GK zgol{pznplam ai pbg EE nm` VP Jw{lmg{{g{
zgol{pznplam ai pbg LN Jw{lmg{{ n{ injzlknpg`3 amd| :; ai lp{ pbaw{nm`{ ai kw{paegz{ gzg
zgvazpg`- Lm kampzn{p pa pbg EE nm` VP Jw{lmg{{g{ dlyg kaevwpgz pzn`lmo {|{pge lmpgzinklmo
lpb awp{l`g igg`{ pbg LN Jw{lmg{{ bn` ma kampnkp lpb avva{lpg jzacgz{ az kawmpgzvnzplg{ nm`
w{g` amd| amg wm{avbl{plknpg` nm` nzkbnlk kaevwpgz pbnp n{ map vzaozneeg` pa grgkwpg pzn`lmo
ai nm| clm`- Pbg dgolplenpg EE nm` VP Jw{lmg{{g{ dlelpg` {kzwplm| ai pbg LN Jw{lmg{{- Lm pwzm
pbg vzakgg`{ ogmgznpg` j| pbg LN Jw{lmg{{ gmnjdg` pbg EE nm` VP Jw{lmg{{g{ pa zgenlm ylnjdg
np dgn{p izae :66? iaznz`-
LL- EGKBNMLK[ AI PBG VAMXL [KBGEG
Znpbgz pbnm gmonog lm dgolplenpg pzn`lmo nkplylp| En`aii w{g` kw{paegz iwm`{ pa {wvvazp
avgznplam{ nm` iwdildd apbgz lmyg{paz{ zg~wg{p{ iaz `l{pzljwplam{ ai vzailp{ pa vgzvgpwnpg bl{ Vamxl
{kbgeg- Pbw{ nm| vn|egmp ai vzailp pa n JDEL[ kw{paegz kneg izae nmapbgz JDEL[
kw{paegz{ lmlplnd lmyg{pegmp- Gygm li n JDEL[ kw{paegz kawd` niiaz` pbg lmlplnd incg vwzkbn{g
ai {gkwzlplg{ zgvazpg` am bl{ kw{paegz {pnpgegmp>7
lpbawp n``lplamnd kw{paegz `gva{lp{ nm| dnpgz
vwzkbn{g{ kawd` jg niiaz`g` amd| j| ylzpwg ai zgkaz`g` ilkplamnd vzailp{- Olygm pbnp lm
En`aii{ ilkplamnd azd` ma pzn`g{ gzg nkpwndd| grgkwpg` kw{paegz iwm`{ gzg mgygz grva{g`
pa pbg wmkgzpnlmplg{ ai vzlkg idwkpwnplam nm` nkkawmp {pnpgegmp{ jazg ma zgdnplam pa pbg Wmlpg`
[pnpg{ {gkwzlplg{ enzcgp np nm| pleg- N{ {wkb pbg amd| ygzlilnjdg pznm{nkplam{ gzg pbg
>0 Pbg LN Jw{lmg{{ n{ {pniig` j| eazg pbnm :7 gevda|gg{ lmkdw`lmo En`aii nm` @lVn{kndl ba `lzgkpg` lp{ `n|%pa%`n| niinlz{-
>7 Pbg Pzw{pgg mapg{ pbnp lm ea{p lm{pnmkg{ pbg kw{paegz dlcgd| `l` map lmyg{p gmawob knvlpnd pa jw| gygm pba{g{gkwzlplg{ dl{pg` am bl{ ilz{p JDEL[ kw{paegz {pnpgegmp olygm pbnp vzlkg{ {gdgkpg` iaz pbg vwzkbn{g ai {gkwzlplg{ iazkw{paegz nkkawmp{ gzg jnkc`npg` nm` azkbg{pznpg`-
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kw{paegz{ kn{b `gva{lp{ lmpa nm` kn{b lpb`znnd{ awp ai pbglz vnzplkwdnz nkkawmp{- Wdplenpgd|
kw{paegz zg~wg{p{ iaz vn|egmp{ grkgg`g` pbg lmida ai mg lmyg{pegmp{ zg{wdplmo lm pbg Vamxl
{kbgeg{ lmgylpnjdg kaddnv{g-
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En`aii {adlklpg` jlddlam{ ai `addnz{ izae lmyg{paz{ pbzawob bl{ iznw`wdgmp LN Jw{lmg{{-
Gmpz| lmpa pbg LN Jw{lmg{{ n{ kaygpg` nm` {gdgkplyg nclm pa egejgz{blv lm nm gdlpg kdwj- Pbl{
nwzn ai grkdw{lylp| kaejlmg` lpb pbg {gkzgk| nm` zgvazpg` {wkkg{{ ai En`aii{ lmyg{pegmp
{pznpgolg{ dlelpg` pbg pznm{vnzgmk| ai pbg LN Jw{lmg{{ pa vza{vgkplyg lmyg{paz{ vnzplkwdnzd| mam%
lm{plpwplamnd kdlgmp{-
Amkg n kw{paegz n{ oznmpg` gmpz| lmpa pbg LN Jw{lmg{{ {pnm`nz` nkkawmp avgmlmo
vzakg`wzg{ iaddag`- Wm`gz {pnm`nz`lxg` zlppgm nozggegmp{ kw{paegz{ zgdlm~wl{bg` ndd
lmyg{pegmp nwpbazlp| pa En`aii nozgglmo pbnp
SlUm ndd {wkb vwzkbn{g{ {ndg{ az pzn`g{ - - - SEn`aiiU l{ nwpbazlxg` pa nkp iaz pbgwm`gz{lomg` nm` lm pbg wm`gz{lomg`{ jgbndi lm pbg {neg enmmgz nm` lpb pbg{neg iazkg nm` giigkp n{ pbg wm`gz{lomg` elobp az kawd` `a lpb zg{vgkp pa {wkbvwzkbn{g{ {ndg{ az pzn`g{ n{ gdd n{ lpb zg{vgkp pa ndd apbgz pblmo{ mgkg{{nz| azlmkl`gmpnd pa pbg iwzpbgznmkg az kam`wkp ai {wkb vwzkbn{g{ {ndg{ az pzn`g{- Nddvwzkbn{g{ {ndg{ az pzn`g{ {bndd jg grgkwpg` {pzlkpd| lm nkkaz`nmkg lpb pbgg{pnjdl{bg` pzn`lmo nwpbazlxnplam `lzgkplyg-
[gg @gkd- ai Ha{gvb Daaj| lm [wvv- ai Pzw{pgg{ Eaplam "Daaj| @gkd-, np Gr- ;- Kw{paegz{
zgpnlmg` amd| pbg nwpbazlp| pa `gva{lp kn{b nm` zg~wg{p lpb`znnd{3 ndd apbgz zlobp{ n{{aklnpg`
lpb pbglz nkkawmp{ lmkdw`lmo pbg njldlp| pa encg lmyg{pegmp `gkl{lam{ gzg kg`g` pa En`aii-
_lpb ig l{adnpg` grkgvplam{>9 kw{paegz{ `l` map `lzgkp pbg vwzkbn{g az {ndg ai nm| {vgklilk
{gkwzlp|-
>9 Pbg Pzw{pgg{ lmyg{plonplam lm`lknpg{ pbnp amg kw{paegz `lzgkpg` pbg vwzkbn{g nm` {ndg ai n ig {vgklilk {gkwzlplg{-Pbl{ l{ grkdw{lyg ai pba{g bad`lmo izlgm`{ nm` ineld| nkkawmp{ {wkb n{ Hgiiz| Vlkagz nm` [pnmdg| Kbnl{ ba nd{a`lzgkpg` {gkwzlplg{ pznm{nkplam{ iaz pbglz nkkawmp{-
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J- Pbg ?6; Nkkawmp
Ndpbawob kw{paegz nkkawmp {pnpgegmp{ zgidgkpg` pzn`lmo nkplylp| iwm`{ gzg egzgd|
`gva{lpg` lmpa n jnmc nkkawmp np H-V- Eazonm Kbn{g Enmbnppnm Jnmc "Kbn{g Jnmc, Nkkawmp
Mwejgz >0662>?6; "pbg ?6; Nkkawmp, nm` mgygz lmyg{pg`- N{ En`aii n`elppg` np bl{ vdgn
bgnzlmo mamg ai pbg vwzvazpg` vwzkbn{g{ ai {gkwzlplg{ nkpwndd| akkwzzg` nm` pbg zgvazpg` onlm{
gzg gmplzgd| ilkplplaw{- Pbl{ bn{ jggm kamilzeg` j| pbg Pzw{pgg{ lmyg{plonplam blkb zgygnd{
pbnp lpb pbg grkgvplam ai l{adnpg` lm`lyl`wnd pzn`g{ pbgzg l{ ma zgkaz` ai JDEL[ bnylmo kdgnzg`
nm| vwzkbn{g az {ndg ai {gkwzlplg{ lm pbg @gva{lpaz| Pzw{p ) Kdgnzlmo Kazvaznplam "pbg @PKK,
n kw{pa`lnm iaz ea{p {pakc nm` oaygzmegmp `gjp {gkwzlplg{ l{{wg` lm pbg Wmlpg` [pnpg{-
>?
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lmyg{paz{ iwm`{ gzg vzlmklvndd| `gva{lpg` lmpa pbg ?6; Nkkawmp blkb n{ dlppdg eazg pbnm n
{dw{b iwm`- Eamg| n{ el{nvvzavzlnpg` izae pbg ?6; Nkkawmp {adgd| pa gmzlkb En`aii nm` bl{
lmmgz klzkdg-
LN Jw{lmg{{ gevda|gg{ vzgvnzg` `nld| zgvazp{ iaz En`aii zgidgkplmo ndd ?6; Nkkawmp
`gva{lp nm` lpb`znnd nkplylp|- Np pbg kda{g ai gnkb jw{lmg{{ `n| nm| mgp kn{b jndnmkg{ izae
pbl{ nkkawmp gzg pznm{igzzg` pa niildlnpg` aygzmlobp lmyg{pegmp nkkawmp{ np Kbn{g Jnmc pa jw|
Wmlpg` [pnpg{ Pzgn{wzlg{ az apbgz {bazp pgze vnvgz wmpld mgkg{{nz| pa iwm` kw{paegz{ lpb`znnd
zg~wg{p{ JDEL[{ knvlpnd ajdlonplam{ az En`aii{ vgz{amnd l{bg{- Np ndd zgdgynmp pleg{ pbg
injzlknpg` neawmp{ zgkaz`g` am pbg eampbd| kw{paegz {pnpgegmp{ inz grkgg`g` pbg knvlpnd
`gva{lpg` lm pbg ?6; Nkkawmp-
>? Pbg kw{paegz iwm`{ gzg map {gozgonpg` lm n >7k;%; nkkawmp n{ zg~wlzg` j| [GK Zwdg >7k;%;"g, nm` >? K-I-Z-{gkplam :06->7k;%; vzaewdonpg` wm`gz pbg [gkwzlplg{ Grkbnmog Nkp ai >7k;%;n- Pbl{{vgklnd zg{gzyg jnmc nkkawmp l{ {gvnznpg izae nm| apbgz jnmc nkkawmp ai pbg jzacgz az `gndgz nm` l{ zg~wlzg` paenlmpnlm n kgzpnlm elmlewe jndnmkg- L`- JDEL[ enlmpnlmg` n $:6666 jndnmkg izae pbg gm` ai :66: wmpld pbgIldlmo @npg blkb n{ awpznogaw{d| lm{wiilklgmp olygm pbg nvvnzgmp ewdpl%jlddlam `addnz yndwg ai lp{ kw{paegznkkawmp{-
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K- Pbg [vdlp%[pzlcg Kamygz{lam [pznpgo|
Pbg yn{p enhazlp| ai JDEL[ kw{paegz nkkawmp{ gzg {wvva{g`d| lmyg{pg` lm pbg {vdlp%
{pzlcg kamygz{lam {pznpgo| "pbg [vdlp [pzlcg Kamygz{lam [pznpgo|,->2 En`aii awpnz`d|
nppzljwpg` pbg {wkkg{{ ai bl{ LN Jw{lmg{{ pa pbl{ {pznpgo| blkb nvvgnzg` pa ogmgznpg zgenzcnjd|
kam{l{pgmp nm` njayg%nygznog zgpwzm{- Wm`gz pbl{ {pznpgo| En`aii vwzvazpg`d| lmyg{pg`
kw{paegz iwm`{ lm n {wj{gp az jn{cgp ai [pnm`nz` ) Vaaz{ >66 Lm`gr "[)V >66 Lm`gr,
kaeeam {pakc{ nm` enrlelxg` yndwg j| vwzkbn{lmo jgiazg nm` {gddlmo nipgz vzlkg lmkzgn{g{-
[gygznd pleg{ vgz |gnz kw{paegz iwm`{ awd` eayg lmpa pbg enzcgp bgzgj| n jn{cgp ai
{pakc{ n{ {wvva{g`d| vwzkbn{g`- Kw{paegz iwm`{ gzg pbgm eayg` gmplzgd| awp ai pbg enzcgp
pa lmyg{p lm Wmlpg` [pnpg{ Pzgn{wz| Jldd{ eamg| enzcgp iwm`{ nm` kn{b zg{gzyg{ wmpld pbg mgrp
pzn`lmo avvazpwmlp|- Pbl{ kamplmwg` wmpld pbg gm` ai gnkb ~wnzpgz bgm ndd jn{cgp{ awd` jg {ad`
nm` lmyg{pg` lm pbg{g awp ai pbg enzcgp zgva{lpazlg{- Iakw{lmo am dnzog knv {pakc{ pbg
{pznpgo| gyn`g` lm~wlz| lmpa pbg yadweg ai {pakc{ lm blkb JDEL[ n{ ilkplplaw{d| pzn`lmo-
En`aii{ ~wnzpgz%gm` dl~wl`nplam ai pbg {vdlp%{pzlcg {gkwzlp| jn{cgp va{lplam{ gmnjdg` ble pa nyal`
`l{kda{wzg ai pbg g~wlplg{ lm pbg jn{cgp{ zg~wlzg` j| [GK Iaze >;I->< JDEL[ nd{a `gyl{g` n
bg`olmo {pznpgo| pa vwzkbn{g nm` {gdd [)V >66 Lm`gr avplam kampznkp{ kazzg{vam`lmo pa pbg
{pakc{ lm pbg jn{cgp{- Pbl{ nddag` En`aii pa nvvgnz pa enmnog pbg `am{l`g zl{c n{{aklnpg`
lpb va{{ljdg wminyaznjdg vzlkg kbnmog{ lm pbg jn{cgp{ nm` dlelp vzailp{ n{{aklnpg` lpb lmkzgn{g{
lm wm`gzd|lmo {pakc vzlkg{-
>2 Ndpbawob pbg [vdlp [pzlcg Kamygz{lam [pznpgo| n{ knzzlg` awp j| En`aii @lVn{kndl nm` pbg gevda|gg{ baazcg` iaz pbge @lVn{kndl bn` vzlenz| zg{vam{ljldlp| iaz pbg kw{paegz nkkawmp{-
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>0
En`aii mgygz grgkwpg` bl{ {vdlp%{pzlcg lmyg{pegmp nm` bg`olmo {pznpgolg{ nm` kawd` map
va{{ljd| bnyg `amg {a- Ilz{p pbg kw{paegz iwm`{ gzg mgygz nkpwndd| lmyg{pg` lm pbg enzcgp az
awp ai pbg enzcgp `g{vlpg kw{paegz {pnpgegmp{ pa pbg kampznz|- Lm zgndlp| iwm`{ gzg
enlmpnlmg` lm pbg ?6; Nkkawmp np Kbn{g Jnmc- [gkam` nkkaz`lmo pa pbg Pzw{pgg{ lmyg{plonplam
nm wmzgndl{plk mwejgz ai avplam pzn`g{ awd` bnyg jggm mgkg{{nz| pa levdgegmp pbg [vdlp [pzlcg
Kamygz{lam [pznpgo| jgknw{g pbgzg gzg lm{wiilklgmp vwp nm`!az kndd avplam kampznkp{ nynldnjdg np
pbg Kblknoa Janz` Avplam{ Grkbnmog pa vzavgzd| bg`og pbg yadweg ai {gkwzlplg{ va{lplam{
zgidgkpg` am pbg kw{paegz{ {pnpgegmp{- Lm n``lplam amg ai pbg eamg| enzcgp iwm`{ lm blkb
kw{paegz zg{awzkg{ gzg nddgog`d| lmyg{pg` pbzawob JDEL[ n{ zgidgkpg` am kw{paegz
{pnpgegmp{ n{ Il`gdlp| Jzacgznog [gzylkg{ DDK{ Il`gdlp| [vnzpnm W-[- Pzgn{wz| Eamg|
Enzcgp Iwm`- Il`gdlp| Jzacgznog [gzylkg{ DDK bagygz bn{ nkcmadg`og` pbnp lp `l` map
gygm aiigz lmyg{pegmp avvazpwmlplg{ lm nm| {wkb eamg| enzcgp iwm` izae :667 iaznz`-
\gp En`aii {wkkg{{iwdd| kzgnpg` pbg lddw{lam pbnp bl{ pzn`lmo nkplylp| n{ dgolplenpg nm`
bl{ [vdlp [pzlcg Kamygz{lam [pznpgo| n{ giigkplyg- Lm az`gz pa `a {a En`aii nm` n {gdgkp ozawv
ai gevda|gg{ n{{gejdg` bl{pazlknd vzlkg nm` yadweg `npn iaz gnkb {pakc lpblm pbg jn{cgp- W{lmo
pbl{ `npn pbg| {pznpgolkndd| {gdgkpg` {pakc{ nipgz pbg inkp np inyaznjdg vzlkg{ pa gm{wzg vzael{g`
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pbg {gdgkpg` {pakc{ |lgd`g` zgpwzm{ pbnp gzg mglpbgz njayg maz jgda pbg `g{lzg` znmog- Pbl{
vznkplkg ai jnkc`nplmo nddag` En`aii pa gmolmggz pzn`g{ am pbg vgzigkp `npg{ np pbg jg{p
nynldnjdg vzlkg{ pa ownznmpgg {wkb zg{wdp{- Kam{g~wgmpd| ndd `akwegmpnplam zgdnpg` pa pbl{
{pznpgo| lmkdw`lmo az`gz plkcgp{ pzn`g{ nm` kw{paegz {pnpgegmp{ gzg mgkg{{nzld| kamkakpg` j|
En`aii- Lm inkp pbg Pzw{pgg{ lmyg{plonplam zgygndg` enm| akkwzzgmkg{ bgzg vwzvazpg` pzn`g{
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gzg awp{l`g pbg grkbnmog{ vzlkg znmog iaz pbg pzn`g `npg-:6 Np jappae pbg JDEL[ kw{paegz
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iznw` nm` `gyal` ai nm| kammgkplam pa enzcgp vzlkg{ yadweg{ az apbgz zgndlplg{-
@- Mam%[vdlp%[pzlcg Kamygz{lam Kw{paegz Nkkawmp{
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[pznpgo| n{ ai pbg Ildlmo @npg pbgzg gzg iggz pbnm :07 nkplyg mam%{vdlp {pzlcg kamygz{lam
JDEL[ kw{paegz nkkawmp{ "pbg Mam%[vdlp [pzlcg Nkkawmp{, az zawobd| 7' ai papnd nkplyg
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[pnmdg| Kbnl{ Hgiiz| Vlkagz nm` En`aii ineld| egejgz{ nm` gevda|gg{ nm` zgvazpg`
wmw{wndd| blob znpg{ ai zgpwzm lm grkg{{ ai pbg kam{l{pgmp >6%>?' ogmgznpg` iaz [vdlp [pzlcg
Kamygz{lam [pznpgo| nkkawmp{- Iaz grnevdg pbg Pzw{pgg nddgog{ pbnp Kbnl{{ ineld| nm`
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zgpwzm{ n{ blob n{
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>9
dlelpg` mwejgz ai {gkwzlplg{ gmpzw{pg` pa JDEL[ j| kgzpnlm kw{paegz{ pzn`lmo lm pbg Mam%[vdlp
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G- Pbg N[!066 Kaevwpgz [|{pge
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> @PKK zgkaz`{ izae :66:%:662 gzg en`g nynldnjdg pa pbg Pzw{pgg-
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>?
kw{paegz{ nddag` JDEL[ n``lplamnd pleg pa kamkakp pzn`lmo zgkaz`{ nm` `gdn| pbg `gdlygz| ai
lmiazenplam pbgzgj| inkldlpnplmo En`aii{ {kbgeg-
LLL- KDN[[LILKNPLAM AI KDNLENMP[
Wm`gz pbg Pzw{pgg{ Mgp G~wlp| kndkwdw{ pbg Ajhgkplmo Kdnlenmp{ indd lmpa pbzgg
kdn{{lilknplam{ nkkaz`lmo pa pbglz zg{vgkplyg `gva{lp nm` lpb`znnd bl{pazlg{-:; Pbg ilz{p ozawv ai
Ajhgkplmo Kdnlenmp{ lpb`zg iwm`{ izae JDEL[ lm nm neawmp pbnp grkgg`{ pbglz lmlplnd
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n iwdd zgpwzm ai bl{ vzlmklvnd n{ gdd n{ {aeg vzailp blkb kam{l{pg` lm zgndlp| ai apbgz
kw{paegz{ lmyg{pegmp{- Wm`gz pbg Mgp Lmyg{pegmp Egpba` pbg{g kw{paegz{ bnyg xgza Mgp
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N {gkam` knpgoaz| ai kw{paegz{ lpb`zg dg{{ eamg| izae JDEL[ pbnm pbg| `gva{lpg`
lpb mgp lmyg{pegmp neawmp{ aygz pbg $766666 {pnpwpaz| dlelp "Aygz pbg Dlelp{ Mgp Da{gz{,-
Nkkaz`lmo pa pbg Pzw{pgg{ Mgp Lmyg{pegmp Egpba` nm Aygz pbg Dlelp{ Mgp Da{gz bn{ va{lplyg
Mgp G~wlp| nm` pbw{ nm nddag` kdnle iaz pbg neawmp lmyg{pg` dg{{ pbg neawmp lpb`znm- Pbg
Aygz pbg Dlelp{ Mgp Da{gz{ ldd zgkglyg iwdd $766666 n`ynmkg{ izae [LVK n{ pbglz zg{vgkplyg
vza znpn {bnzg{ ai kw{paegz vzavgzp| ldd jg lm{wiilklgmp pa {npl{i| pbglz Mgp G~wlp| kdnle{-
N pblz` knpgoaz| ai kw{paegz{ {leldnzd| lpb`zg dg{{ eamg| pbnm pbg| `gva{lpg` lpb
mgp lmyg{pegmp neawmp{ wm`gz pbg $766666 {pnpwpaz| dlelp "Wm`gz pbg Dlelp{ Mgp Da{gz{,
"paogpbgz lpb Aygz pbg Dlelp{ Mgp Da{gz{ Mgp Da{gz{,- Nm Wm`gz pbg Dlelp{ Mgp Da{gz
zgkglyg{ n [LVK n`ynmkg nonlm{p bl{vza znpn {bnzg ai kw{paegz vzavgzp| lm pbg neawmp ai bl{ mgp
lmyg{pegmp- Pbl{ l{ {a gygm pbawob bl{ Maygejgz ;6pb
[pnpgegmp en| zgidgkp n jndnmkg blobgz
kam{l{pg` egzgd| ai `npn ildg{- Ma JDEL[ kw{paegz bn` zgnd%pleg nkkg{{ pa bl{ nkkawmp lmiazenplam nm` pzn`lmo`npn n{ ma {wkb lmiazenplam az `npn grl{pg` jgknw{g ma pzn`lmo nkpwndd| paac vdnkg-
:; Iaz vwzva{g{ ai pbl{ `gkl{lam pbg Kawzp ldd n`avp pbg Pzw{pgg{ maegmkdnpwzg lpb zgonz` pa bl{ kdn{{lilknplam aikdnlenmp{-
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>2
pbnm $766666- Pbg{g kw{paegz{ nzg map gmplpdg` pa n iwzpbgz `l{pzljwplam izae pbg iwm` ai
kw{paegz vzavgzp| jgknw{g pbglz Mgp G~wlp| kdnle{ ldd jg iwdd| {npl{ilg` j| pbg [LVK n`ynmkg-
Lm ogmgznd Mgp _lmmgz{ ldd jg kamkgmpznpg` neamo gnzd| lmyg{paz{ bldg n kzlplknd en{{ ai Mgp
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N- Ogmgzndd|
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jzlgi aygzylg ai pbg bl{paz| nm` vwzva{g ai pbg {pnpwpg ldd vzayl`g bgdviwd kampgrp- Kamozg{{
gmnkpg` [LVN lm >
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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ai pbg [LVK n`ynmkg pncgm paogpbgz lpb pbg {wj{g~wgmp kw{paegz vzavgzp| `l{pzljwplam grkgg`{
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kdnle{ ai kw{paegz{ pa pbg grpgmp lp bn{ {wvvdlg` n`ynmkg{ nm` knmmap {ggc zgkaygz| izae
kw{paegz vzavgzp| wmpld nipgz pbg nddaknplam pbgzgai pa kw{paegz{- [LVN ?2iii%;"n, :"k,">,-
:9 [LVN {gkplam ?2iii%;"n,">, `lyl`g{ kw{paegz kdnle{ lmpa kdnle{ iaz kn{b nm` kdnle{ iaz {gkwzlplg{ lm az`gz pa`l{plmowl{b pbg kw{pa`lnd iwmkplam{ ai n jzacgz%`gndgz lpb zg{vgkp pa {gkwzlplg{ izae pbg jzacgz%`gndgz{ `gva{lpaz|%dlcg iwmkplam{ lpb zg{vgkp pa kn{b `gva{lp{- Lm zg Mg Pleg{ [gk{- [gzy{-$ Lmk- ;?> I-;` 92 29 ":` Klz- :660,-_bgm gdloljdg kdnle{ iaz kn{b nzg gmplpdg` pa n $>66666 n`ynmkg izae [LVK bldg kdnle{ iaz {gkwzlplg{ nzg gmplpdg`pa n $766666 n`ynmkg izae [LVK- [gg [LVN ?2iii%;"n,">,-
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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J- [LVK Vn|egmp{ Nzg Lmgrpzlknjd| Kammgkpg` pa Vn|egmp{ izae Kw{paegz
Vzavgzp|-
Kampznz| pa pbg kampgmplam ai enm| Ajhgkplmo Kdnlenmp{:? vgzelpplmo n kw{paegz pa
zgkaygz [LVK vn|egmp{ jn{g` am ilmnd nkkawmp {pnpgegmp{ awd` lm inkp niigkp pbg dlelpg` neawmp
nynldnjdg iaz `l{pzljwplam izae pbg kw{paegz vzavgzp| iwm`- Pbg{g Ajhgkplmo Kdnlenmp{ zgd| wvam
pbg ind{g vzgel{g pbnp En`aii kw{paegz{ nzg {pnpwpazld| gmplpdg` pa nm n``lplamnd {awzkg ai
zgkaygz| lm pbg iaze ai [LVK lm{wznmkg {gvnznpg nm` nvnzp izae kw{paegz vzavgzp| `l{pzljwplam{-
Pbl{ nzowegmp ilm`{ ma {wvvazp lm pbg pgrp ai pbg {pnpwpg blkb kbnznkpgzlxg{ [LVK vn|egmp{ n{
n`ynmkg{ lmgrpzlknjd| plg` pa l{pzljwplam{ ai kw{paegz vzavgzp|- [LVN vzayl`g{ pbnp8
Lm az`gz pa vzayl`g iaz vzaevp vn|egmp nm` {npl{inkplam aimgp g~wlp| kdnle{ ai kw{paegz{ aipbg `gjpaz [LVK {bndd n`ynmkg pa pbg pzw{pgg {wkb eamg|{ map pa grkgg` $766666 iaz gnkbkw{paegz n{ en| jg zg~wlzg` pa vn| az apbgzl{g {npl{i| kdnle{ iaz pbg neawmp j| blkb pbgmgp g~wlp| ai gnkb kw{paegz grkgg`{ bl{ znpnjdg {bnzg ai kw{paegz vzavgzp| - - - -
[LVN ?2iii%;"n,">, "gevbn{l{ n``g`,- [LVK vn|egmp{ pbgzgiazg {gzyg amd| pa zgvdnkg el{{lmo
kw{paegz vzavgzp| nm` knmmap jg n{kgzpnlmg` lm`gvgm`gmpd| ai pbg `gpgzelmnplam ai n kw{paegz{
vza znpn {bnzg ai kw{paegz vzavgzp|- Nkkaz`lmod| pbg [LVN {pnpwpg ag{ map ndda jliwzknplam ai
pbg kdnle{ vzakg{{ lpb kw{paegz{ zgkaygzlmo [LVK vn|egmp{ jn{g` am pbg Dn{p [pnpgegmp
Egpba` nm` zgkaygzlmo kw{paegz vzavgzp| {bnzg{ jn{g` am pbg Mgp Lmyg{pegmp Egpba`-
LL- VDNLM DNMOWNOG NM@ DGOL[DNPLYG BL[PAZ\ [WVVAZP PBG MGP
LMYG[PEGMP EGPBA@
Olygm pbnp JDEL[ nkkawmp {pnpgegmp{ vwzvazp {gkwzlplg{ va{lplam{ papndlmo nm
wmvnznddgdg` $90-2 jlddlam pbg `l{vwpg kamkgzmlmo pbg `gilmlplam ai Mgp G~wlp| l{ vlyapnd japb pa
kw{paegz{ nm` [LVK- Zg{adwplam ai pbl{ l{{wg jgolm{ bgzg ndd {wkb lm~wlzlg{ ew{p jgolm8 lpb
pbg dnmownog ai pbg {pnpwpg lp{gdi- W-[- y- Zam Vnlz Gmpgz-$ Lmk- 02< W-[- :;7 :0> ">
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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nd{a Kamm- Mnp- Jnmc y- Ogzenlm 76; W-[- :0>, "gevbn{l{ n``g`,-
Pbg enlm {awzkg ai kampgmplam jgpggm pbg Pzw{pgg nm` pbg Ajhgkplmo Kdnlenmp{ dlg{ lm
ba gnkb awd` `gpgzelmg n kw{paegz{ {gkwzlplg{ va{lplam{ n{ pbnp pgze l{ w{g` lm pbg
`gilmlplam ai Mgp G~wlp|- Pbg Ajhgkplmo Kdnlenmp{ {pnpg pbnp pbg jg{p gyl`gmkg ai n kw{paegz{
{gkwzlplg{ va{lplam{ l{ pbg kw{paegz{ nkkawmp {pnpgegmp n{ ai pbg Ildlmo @npg az lm pbl{ kn{g bl{
Maygejgz ;6pb [pnpgegmp- Pbg| n{{gzp pbnp [LVN{ dgol{dnplyg bl{paz| lm`lknplmo pbg lmpgmp pa
vzapgkp lmyg{paz{ dgolplenpg kw{paegz grvgkpnplam{ nm` encg kw{paegz nkkawmp{ badg
{wvvazp{ pbl{ va{lplam- B-Z- Zgv- Ma- ">
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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::
Bagygz pbg Kawzp nozgg{ lpb pbg Pzw{pgg halmg` j| pbg [GK nm` [LVK pbnp pbg
Ajhgkplmo Kdnlenmp{ {gkwzlplg{ va{lplam{ knm jg n{kgzpnlmg` amd| j| zgigzgmkg pa pbg jaac{
nm` zgkaz`{ ai JDEL[- Pbg nkkawmp {pnpgegmp{ nzg gmplzgd| ilkplplaw{ `a map zgidgkp nkpwnd
{gkwzlplg{ va{lplam{ pbnp kawd` jg dl~wl`npg` nm` pbgzgiazg knmmap jg zgdlg` wvam pa `gpgzelmg Mgp
G~wlp|- N{ n zg{wdp pbg `gilmlplam ai Mgp G~wlp| wm`gz [LVN {gkplam ?2ddd">>, ew{p jg zgn` lm
pnm`ge lpb [LVN {gkplam ?2iii%:"j, blkb zg~wlzg{ pbg Pzw{pgg pa `l{kbnzog Mgp G~wlp| kdnle{
amd| lm{ainz n{ {wkb ajdlonplam{ nzg S>U n{kgzpnlmnjdg izae pbg jaac{ nm` zgkaz`{ ai pbg `gjpaz
az S:U nzg apbgzl{g g{pnjdl{bg` pa pbg {npl{inkplam ai pbg pzw{pgg- [LVN ?2iii%:"j,- Pbg
JDEL[ jaac{ nm` zgkaz`{ grva{g n Vamxl {kbgeg bgzg ma {gkwzlplg{ gzg gygz az`gzg` vnl`
iaz az nk~wlzg`- Jgknw{g {gkwzlplg{ va{lplam{ nzg lm inkp mamgrl{pgmp pbg Pzw{pgg knmmap
`l{kbnzog kdnle{ wvam pbg ind{g vzgel{g pbnp kw{paegz{ {gkwzlplg{ va{lplam{ nzg bnp pbg nkkawmp
{pnpgegmp{ vwzvazp pbge pa jg- Znpbgz pbg amd| ygzlilnjdg neawmp{ pbnp nzg enmlig{p izae pbg
jaac{ nm` zgkaz`{ nzg pbg kn{b `gva{lp{ nm` lpb`znnd{- Eazgaygz li kw{paegz{ dgolplenpg
grvgkpnplam{ nzg zgdgynmp pa nm| `gpgzelmnplam apbgz pbnm bgpbgz kw{paegz{ bad` kdnle{ iaz
{gkwzlplg{ az kdnle{ iaz kn{b pbg| `a map nvvd| bgzg pbg| awd` olyg zl{g pa nm nj{wz` zg{wdp-
[ggMg Pleg{ [gk{- [gzy{- ;?> I-;` 92 2?22 ":` Klz- :660, "Mg Pleg{ L, "zghgkplmo pbg
@l{pzlkp Kawzp{ Mgp G~wlp| kndkwdnplam blkb n{ jn{g` am kw{paegz{ dgolplenpg
grvgkpnplam{,3 Mg Pleg{ [gk{- [gzy{- 09; I-;` >:7 >;6 ":` Klz- :669, " Mg Pleg{ LL,
"Pbg S Mg Pleg{ LU kawzp `gkdlmg` pa jn{g pbg zgkaygz| am pbg za{| nkkawmp
{pnpgegmp{ - - - jgknw{g pzgnplmo pbg ilkplplaw{ vnvgz vzailp{ n{ lpblm pbg nejlp ai pbg kw{paegz{
dgolplenpg grvgkpnplam{ awd` dgn` pa SU nj{wz`lp| - - - -,- Pbg Pzw{pgg bn{ vzavgzd| {npl{ilg`
grvgkpnplam{ j| vzayl`lmo ndd kw{paegz{ lpb kdnle{ iaz {gkwzlplg{-:2 Nkkaz`lmod| pbg vdnlm
:2 LmMg Pleg{ L pbg [GK {pnpg` pbnp pbg [LVN pzw{pgg {awobp pa pzgnp kdnle{ n{ kdnle{ iaz kn{b lpb n $>66666dlelp am [LVK n`ynmkg{- Mg Pleg{ L ;?> I-;` np ?0- Bgzg maplpb{pnm`lmo n kn{b kaevamgmp zgidgkpg` am
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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dnmownog ai pbg [LVN {pnpwpg {wvvazp{ n`avplam ai pbg Mgp Lmyg{pegmp Egpba` lm `l{pzljwplmo
kw{paegz vzavgzp| pa En`aii lmyg{paz{-
LLL- PBG PZW[PGG[ NYAL@NMKG VA_GZ[ NM@ LZ[ PNR PZGNPEGMP AI
EN@AII KDNLENMP[
N- Pbg Pzw{pgg{ Kndkwdw{ ai Mgp G~wlp| l{ Kam{l{pgmp lpb bl{ [LVN nm`
Jnmczwvpk| Nyal`nmkg Vagz{-
Pbg Pzw{pgg lm zgdlnmkg am bl{ nyal`nmkg vagz{ nm` n {wj{pnmplnd ja`| ai kn{g dn
vzavawm`{ bl{ pbgaz| ai Mgp G~wlp| n{ jglmo mgp ai iznw`wdgmp pznm{igz{- Pbg Kawzp nozgg{ nm`
ilm`{ pbnp amd| pbg Mgp Lmyg{pegmp Egpba` l{ kam{l{pgmp lpb pbg Pzw{pgg{ {pnpwpaz| nyal`nmkg
vagz{- Lm pbg kampgrp ai pbl{ b|jzl` vzakgg`lmo "W-[-K- Plpdg{ >> nm` >7, pbg `gilmlplam ai Mgp
G~wlp| knmmap jg kam{pzwg` lm l{adnplam izae kazaddnz| vzayl{lam{ ai [LVN nm` pbg Ka`g- [gg
Nwjwzm Baw{- Nwpb- y- Enzplmgx :?? I-;` >;2 >00 ":` Klz- :66:, "pbg vzgigzzg` egnmlmo ai n
{pnpwpaz| vzayl{lam l{ amg pbnp l{ kam{amnmp lpb pbg zg{p ai pbg {pnpwpg-,3 {gg nd{a [LVN
?2iii"j, "SNU dl~wl`nplam vzakgg`lmo {bndd jg kam`wkpg` lm nkkaz`nmkg lpb - - - Plpdg >>-,-
[LVN nm` pbg Ka`g lmpgz{gkp pa lmpgz ndln oznmp n [LVN pzw{pgg pbg vagz pa nyal` iznw`wdgmp
pznm{igz{ iaz pbg jgmgilp ai kw{paegz{- [gg [LVN ?2iii%:"k,";, "SPUbg pzw{pgg en| zgkaygz nm|
vzavgzp| pznm{igzzg` j| pbg `gjpaz - - - pa pbg grpgmp pbnp {wkb pznm{igz l{ yal`njdg az yal` wm`gz
pbg vzayl{lam{ ai Plpdg >>-,- Pbg Pzw{pgg zgdlg{ am mwegzaw{ kn{g{ ndd bad`lmo pbnp pznm{igz{
en`g lm iwzpbgznmkg ai n Vamxl {kbgeg nm` {vgklilkndd| pznm{igz{ ai ilkplplaw{ vzailp{ nzg
nyal`njdg-:< Pbg Mgp Lmyg{pegmp Egpba` bnzeamlxg{ pbg `gilmlplam ai Mgp G~wlp| lpb pbg{g
eampbd| {pnpgegmp{ pbg En`aii Pzw{pgg bn{ zgonz`g` ndd kdnle{ n{ kdnle{ iaz {gkwzlplg{ gdloljdg iaz n`ynmkg{ ai wvpa $766666 gnkb-
:
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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nyal`nmkg vzayl{lam{ j| {leldnzd| `l{kzg`lplmo pznm{igz{ ai vwzgd| ilkplplaw{ neawmp{ nm`
wmlm`lmo znpbgz pbnm dgolplelxlmo pbg iznw`wdgmp {kbgeg- Pbg Dn{p [pnpgegmp Egpba` j|
kampzn{p awd` kzgnpg pgm{lam lpblm pbg {pnpwpg j| kgmpgzlmo `l{pzljwplam pa kw{paegz{ am pbg
ygz| ilkplplaw{ pznm{igz{ pbg Pzw{pgg bn{ pbg vagz pa nyal`-
_bgpbgz pbg Ajhgkplmo Kdnlenmp{ bnyg `gigm{g{ pa nyal`nmkg nkplam{ lm pbl{ {vgklilk kn{g
`ag{ map kbnmog pbg lmbgzgmp lmkam{l{pgmk| jgpggm pbg Dn{p [pnpgegmp Egpba` nm` pbg Pzw{pgg{
nyal`nmkg vagz{- Pbg Ajhgkplmo Kdnlenmp{ `gyapg ewkb `l{kw{{lam pa `gigm{g{ pbnp kawd` jg
n{{gzpg` nonlm{p b|vapbgplknd nyal`nmkg nkplam{ lmkdw`lmo {pnpwpg{ ai dlelpnplam{ pbg {gkplam
702"k, oaa` inlpb `gigm{g nm` pbg {gkplam 709"g, {nig bnzjaz iaz {gkwzlplg{ kampznkp{-
;6
Pbg inkp
pbnp pbg Pzw{pgg en| jg wmnjdg pa nyal` n pznm{igz lm vnzplkwdnz klzkwe{pnmkg{ bagygz l{
lzzgdgynmp pa pbg Kawzp{ ilm`lmo pbnp pbg vagz lp{gdi l{ lmkam{l{pgmp lpb n `l{pzljwplam {kbgeg
pbnp kzg`lp{ pbg zgvazpg` vza`wkp{ ai n iznw`- Pbg Mgp Lmyg{pegmp Egpba` ndda{ pbg `gilmlplam ai
Mgp G~wlp| nm` pbg Pzw{pgg{ vagz{ pa nyal` nm` zgkaygz vzavgzp| kampnlmg` lm pbg {neg
{pnpwpaz| iznegazc pa jg lmpgzvzgpg` lpb vzgigzzg` kam{amnmkg- [gg Nwjwzm Baw{- Nwpb- :??
I-;` np >00-
lmyg{paz{- Lm`gg` lp l{ leva{{ljdg pa lenolmg nm| eaplyg iaz {wkb kam`wkp apbgz pbnm nkpwnd lmpgmp - - - -,3@zgml{ y-
Bndlolnmml{ 07: I- [wvv- :` 0>2 0:< "[-@-M-\- :669, "*Vdnlmplii{ kaevdnlmp n`g~wnpgd| vdgn`{ iznw`wdgmp lmpgmp
am pbg vnzp ai pbg pznm{igzaz%mnegd| pbg `giznw`lmo `gigm`nmp{%ba nzg nddgog` gd{gbgzg lm pbg kaevdnlmp pa jg
vgzvgpznpaz{ ai n Vamxl {kbgeg- Lm {wkb kn{g{ kawzp{ bnyg iawm` pbnp pbg `gjpaz/{ lmpgmp pa blm`gz `gdn| az `giznw`
l{ vzg{weg` pa jg g{pnjdl{bg`-,3@amgdd y- Cagdd 7;; I-;` ?9: ??: " >67 "Jnmcz- [-@-M-\- >> W-[-K- 709"g,-
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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J- Pbg Mgp Lmyg{pegmp Egpba` @ag{ Map Kampzn`lkp pbg LZ[{ Pzgnpegmp ai
En`aii Kdnlenmp{-
[aeg Ajhgkplmo Kdnlenmp{ dlcgm pbg LZ[{ pzgnpegmp ai En`aii kdnlenmp{ pa zgkaomlxlmo
ilkplplaw{ vzailp{ n{ zgnd lmkaeg- Pbg kbnznkpgzlxnplam ai pbg LZ[{ pzgnpegmp ai En`aii kdnlenmp{
l{ lzzgdgynmp bagygz n{ pbg LZ[ nm` [LVK nzg oaygzmg` j| `l{vnznpg {pnpwpaz| {kbgeg{ lpb
`liigzgmp vwzva{g{- [gg$ g-o- [LVK y- Eazonm$ Cgmmg`| ) Ka-$ Lmk- 7;; I-:` >;>0 >;>2>< ":`
Klz- >
-
8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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il`g ewpwnd iwm`{-;> Mg Pleg{ L ;?> I-;` np ?>- Znpbgz pbnm lmyg{pg` pbg kw{paegz iwm`{
n`ynmkg` gzg el{nvvzavzlnpg` j| pbg @gjpaz{ nm` w{g` pa vn| ilkplplaw{ vzailp{ am vzlaz
lmyg{pegmp{- L`- np ?>?: ?: m-:- Pa inkldlpnpg pbg iznw` pbg @gjpaz{ ogmgznpg` jaow{
kamilzenplam{ nm` incg eampbd| nkkawmp {pnpgegmp{ pbnp zgidgkpg` ilkplplaw{ vzailp{ nm`
mamgrl{pgmp {gkwzlplg{ va{lplam{- L`- np ?> ?0-
Lm pbg kawz{g ai pbg dl~wl`nplam pbg [LVN pzw{pgg `gpgzelmg` pbnp kw{paegz{ ba gzg
iznw`wdgmpd| lm`wkg` pa lmyg{p lm jaow{ eamg| enzcgp iwm`{ "pbg Incg [gkwzlplg{ Kdnlenmp{,
gzg gmplpdg` pa kdnle{ iaz kn{b nm` pbw{ gdloljdg iaz n [LVK n`ynmkg ai wv pa amd| $>66666- L`-
np ?> ?0- Eazgaygz pbg [LVN pzw{pgg kamkdw`g` pbnp pbg yndwg ai pbglz kdnle{ n{ pbg neawmp
vzlmklvndd| lmyg{pg` dg{{ nm| lpb`znnd{ az zg`gevplam{- L`- Pbw{ ilkplplaw{ vzailp{ {bam am
pbglz nkkawmp {pnpgegmp{ n{ lmpgzg{p az `lyl`gm`{ am pbg vbnmpae {gkwzlplg{ gzg map lmkdw`g` lm
kndkwdnplmo pbglz mgp g~wlp| kdnle{- L`- np ?0-
J| kampzn{p kw{paegz{ ba gzg lm`wkg` pa lmyg{p lm ewpwnd iwm`{ pbnp lm zgndlp| grl{pg`
"pbg Zgnd [gkwzlplg{ Kdnlenmp{, gzg gmplpdg` pa kdnle{ iaz {gkwzlplg{ gdloljdg pa zgkglyg wv pa
$766666 lm [LVK n`ynmkg{- L`- Lm n``lplam pbglz mgp g~wlp| kdnle{ gzg jn{g` wvam pbg
vzailp{ zgidgkpg` am pbglz kw{paegz nkkawmp {pnpgegmp{- Pbg{g kdnlenmp{ zgkglyg` inyaznjdg
pzgnpegmp izae pbg [LVN pzw{pgg jgknw{g lmpgz ndln$ pbg pzw{pgg kawd` vwzkbn{g zgnd {gkwzlplg{ pa
{npl{i| pbglz kdnle{ nm` pbg lmiazenplam {bam am pbg nkkawmp {pnpgegmp{ zgidgkpg` bnp awd`
bnyg bnvvgmg` bn` pbg pznm{nkplam{ jggm grgkwpg`- L`-
Pbg Incg [gkwzlplg{ Kdnlenmp{ ildg` zlppgm ajhgkplam{ pa japb ">, pbg [LVN pzw{pgg{
`gpgzelmnplam ai pbglz kdnle{ n{ kdnle{ iaz kn{b nm` ":, bl{ zgiw{nd pa yndwg kdnle{ jn{g` am pbg
ilkplplaw{ neawmp{ {bam n{ `lyl`gm`{ nm` lmpgzg{p am pbglz dn{p nkkawmp {pnpgegmp{- L`- np ?0- Lm
;> Kgzpnlm lmyg{paz{ gzg nd{a lm`wkg` pa lmyg{p lm iznw`wdgmp vzael{{az| mapg{- L`- np ?>- Bagygz pbg pzgnpegmp aipba{g lmyg{paz{ l{ lzzgdgynmp iaz vwzva{g{ ai pbl{ `gkl{lam-
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8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims
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:?
zg{vam{g pbg [LVN pzw{pgg halmg` j| [LVK ildg` n eaplam iaz nm az`gz wvbad`lmo bl{
`gpgzelmnplam ai kdnle{- L`- np ?0?7- Pbg @l{pzlkp Kawzp {w{pnlmg` pbg Incg [gkwzlplg{
Kdnlenmp{ ajhgkplam nm` bgd` pbnp pbg kdnlenmp{ bn` kdnle{ iaz {gkwzlplg{- L`- np ?7- Eazgaygz
pbg kawzp iawm` pbnp pbg yndwg ai pba{g kdnle{ kawd` jg n{kgzpnlmg` j| zgigzgmkg pa pbg ilkplplaw{
lmpgzg{p nm` `lyl`gm` zglmyg{pegmp{ zgidgkpg` am kdnlenmp{ dn{p nkkawmp {pnpgegmp{- L`- Pbg
[LVN pzw{pgg nm` [LVK vzaevpd| nvvgndg` pbg @l{pzlkp Kawzp{ `gkl{lam pa pbg Kawzp ai Nvvgnd{
iaz pbg [gkam` Klzkwlp- L`-
Pbg [gkam` Klzkwlp wvbgd` pbg @l{pzlkp Kawzp{ `gpgzelmnplam pbnp pbg Incg [gkwzlplg{
Kdnlenmp{ bn` kdnle{ iaz {gkwzlplg{ map kdnle{ iaz kn{b- Klplmo [LVK{ [gzlg{ 766 Zwdg{
;:
nm`
pbg dgol{dnplyg bl{paz| ai [LVN {gkplam ?2iii%;"n,">, pbg kawzp iawm` pbnp kdnlenmp{ gzg gmplpdg`
pa kdnle{ iaz {gkwzlplg{ jgknw{g pbg| zgdlg` wvam pbg kamilzenplam{ nm` nkkawmp {pnpgegmp{ pbg|
zgkglyg` izae pbg @gjpaz{- L`- np 202? "SPUbg vzgel{g wm`gzd|lmo pbg [gzlg{ 766 Zwdg{%pbnp n
kw{paegz{ dgolplenpg grvgkpnplam{ jn{g` am zlppgm kamilzenplam{ ai pznm{nkplam{ awobp pa jg
vzapgkpg`%{wvvazp{ pbg [GK{ lmpgzvzgpnplam ai {gkplam S?2iii%;"n,">,U-,- Eazgaygz pbg kawzp
bgd` pbnp lp{ zwdlmo vzaeapg` [LVN{ oand ai vzayl`lmo lmyg{paz vzapgkplam- L`- np 2;20-
Bagygz n{ pa pbg Mgp G~wlp| l{{wg pbg [gkam` Klzkwlp zgygz{g` pbg @l{pzlkp Kawzp{
bad`lmo- Lm{pgn` pbg kawzp wvbgd` pbg halmp va{lplam ai pbg [LVN pzw{pgg [GK nm` [LVK pbnp
kw{paegz kdnle{ {bawd` jg jn{g` wvam pbg mgp kn{b lmyg{pg` lm pbg {kbgeg map pbg ilkplplaw{
lmpgzg{p az `lyl`gm` zglmyg{pegmp{ zgidgkpg` am pbg kdnlenmp{ nkkawmp {pnpgegmp{- L`- np 2?22-
Pbg kawzp nozgg` pbnp pbg neawmp{ am pbg nkkawmp {pnpgegmp{ gzg nzjlpznz| nm` jn{lmo Mgp
;: Pbg{g zwdg{ nvvd| pa `gpgzelmg bgpbgz n {gkwzlplg{ pznm{nkplam olyg{ zl{g pa n kdnle iaz kn{b az n kdnle iaz{gkwzlplg{ am pbg ildlmo `npg ai n [LVN dl~wl`nplam vzakgg`lmo- [gg >? K-I-Z- ;66-766%;66-76;-
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G~wlp| kdnle{ am pbge awd` jg lzznplamnd nm` wmazcnjdg-;;L`- np 22- Nkkaz`lmod| pbg
[gkam` Klzkwlp iawm` pbnp pbg yndwg ai pbg kdnlenmp{ Mgp G~wlp| kdnle{ n{ pbg mgp kn{b lmyg{pg`
lm pbg {kbgeg-
Lm n {wj{g~wgmp `gkl{lam l{{wg` lm pbg Mg Pleg{ [LVN dl~wl`nplam Mg Pleg{ LL n
`liigzgmp [gkam` Klzkwlp vnmgd grvdnlmg` pbg kawzp{ bad`lmo lm Mg Pleg{ Llpb zg{vgkp pa pbg
Mgp G~wlp| kndkwdnplam l{{wg- Pbg Mg Pleg{ LLkawzp blobdlobpg` pbg nj{wz`lp| nm` lmbgzgmp
wminlzmg{{ pbnp awd` zg{wdp izae zgd|lmo am pbg ilkplplaw{ nkkawmp {pnpgegmp{ bgm ma {wkb
{gkwzlplg{ grl{pg` nm` grvdnlmg` pbnp zglejwz{lmo kw{paegz{ lpb nkpwnd {gkwzlplg{ az pbglz enzcgp
yndwg am pbg ildlmo `npg n{ leva{{ljdg- Mg Pleg{ LL 09; I-;` np >::, lpb zgonz` pa bgpbgzkdnlenmp{ bn` kdnle{ iaz kn{b az iaz {gkwzlplg{ pbg kawzp iawm` lm n dgmopb| `l{kawz{g pbnp pbg [GKn{ gmplpdg` pa n`gozgg ai `gigzgmkg n `gdljgznplyg inkpaz map da{p am pbg Kawzp- [gg Mg Pleg{ L ;?> I-;` np 2:%2;-
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: I-;` np 22 "~waplmo Jz- iaz Nelkw{ Kwznlg [GK np >9,- Lm n``lplam pbg kawzp
zgkaomlxg` pbg vapgmplnd nj{wz`lplg{ kzgnpg` j| zgdlnmkg am pbg gmplzgd| nzplilklnd mwejgz{- Mg
Pleg{ L ;?> I-;` np 22- Pa n`avp pbg Dn{p [pnpgegmp Egpba` lm pbl{ kn{g awd` jg pa dlcgl{g
jn{g zgkaygz| am za{| nkkawmp {pnpgegmp{ dgn`lmo pa pbg nj{wz`lp| ai `wvg` lmyg{paz{
zgnvlmo lm`indd{ n{ n zg{wdp ai iznw`wdgmp vzael{g{- Mg Pleg{ LL 09; I-;` np >;6-
Nmndaoaw{ pa pbg nkkawmp {pnpgegmp{ ai pbg Incg [gkwzlplg{ Kdnlenmp{ pbg JDEL[
nkkawmp {pnpgegmp{ bnyg ma zgdnplam pa zgndlp|- Mg Pleg{ L ;?> I-;` np 22- Ndpbawob pbg
{gkwzlplg{ pbnp En`aii nddgog`d| vwzkbn{g` gzg l`gmplilnjdg lm mneg pbg {gkwzlplg{ va{lplam{
zgidgkpg` am kw{paegz nkkawmp {pnpgegmp{ gzg nzplilklndd| kam{pzwkpg`- J| jnkc`nplmo pzn`g{ pa
vza`wkg vzg`gpgzelmg` inyaznjdg zgpwzm{ En`aii dlcg pbg iznw`{pgz lm Mg Pleg{ g{{gmplndd|
vwddg` pbg ilkplplaw{ neawmp{ izae pblm nlz- Pbg zg{wdplmo {gkwzlplg{ va{lplam{ am kw{paegz{
Maygejgz ;6pb [pnpgegmp{ gzg pbgzgiazg gmplzgd| `lyazkg` izae pbg wmkgzpnlmp| nm` zl{c ai
nkpwnd enzcgp pzn`lmo- Lm inkp np kgzpnlm pleg{ En`aii kw{paegz{ dlcg pbg Incg [gkwzlplg{
Kdnlenmp{ bgd` np dgn{p amg lenolmnz| {gkwzlp|-;0
;0 N{ `l{kw{{g` {wvzn np Inkpwnd Bl{paz| {gkplam LL vnzp K Il`gdlp| [vnzpnm W-[- Pzgn{wz| Eamg| Enzcgp Iwm`n{ zgidgkpg` am kw{paegz nkkawmp {pnpgegmp{ np pleg{ bgm Il`gdlp| Jzacgznog [gzylkg{ DDK n{ map aiigzlmovnzplklvnplam lm nm| {wkb iwm` iaz lmyg{pegmp-
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;6
Pbg Ajhgkplmo Kdnlenmp{ nzg nd{a kdgnzd| `l{plmowl{bnjdg izae pbg Zgnd [gkwzlplg{
Kdnlenmp{ lm pbgMg Pleg{ dl~wl`nplam- Pbg Zgnd [gkwzlplg{ Kdnlenmp{ lmlplnd lmyg{pegmp{ gzg
{wiilklgmp pa nk~wlzg pbglz {gkwzlplg{ va{lplam{ nm` pbg kazzg{vam`lmo vnvgz gnzmlmo{ elzzazg`
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L ;?> I-;` np ?0 "~waplmo Jz- iaz Nvvgddnmp{ Hneg{ _- Ol``gm{ nm` [LVK np ? m-9,- Lm kampzn{p
pbg En`aii kw{paegz{ lmlplnd lmyg{pegmp{ gzg lm{wiilklgmp pa nk~wlzg pbglz vwzvazpg` {gkwzlplg{
va{lplam{ blkb gzg en`g va{{ljdg amd| j| ylzpwg ai ilkplplaw{ vzailp{- Znpbgz pbnm elzzazlmo
pbg enzcgp pbg nkkawmp nkplylp| n{ enmlvwdnpg` lpb pbg jgmgilp ai `gdljgznpgd| kndljznpg`
blm`{lobp nm` enm| vwzvazpg` pzn`g{ gzg {gppdg` awp{l`g pbg grkbnmog{ vzlkg znmog iaz pbg
pzn`g `npg{ ai pba{g {gkwzlplg{- N{ {wkb pbg Ajhgkplmo Kdnlenmp{ {bawd` map jg pzgnpg` dlcg pbg
Zgnd [gkwzlplg{ Kdnlenmp{ jwp znpbgz dlcg pbg Incg [gkwzlplg{ Kdnlenmp{-
Nkkaz`lmod| n knzgiwd zgylg ai Mg Pleg{ Lnm` LL kamylmkg{ pbg Kawzp pbnp pbg
Pzw{pgg{ Mgp Lmyg{pegmp Egpba` l{ kazzgkp- ;7 Lp awd` jg {levd| nj{wz` pa kzg`lp pbg iznw` nm`
dgolplelxg pbg vbnmpae azd` kzgnpg` j| En`aii bgm `gpgzelmlmo Mgp G~wlp|- [gg Mg Pleg{
L ;?> I-;` np 22- Pbg Mgp Lmyg{pegmp Egpba` l{ nvvzavzlnpg jgknw{g lp zgdlg{ {adgd| am
;7 Pbg Kawzp l{ nd{a vgz{wn`g` j| pbg zgn{amlmo lm Iakbp y- Npbgm{ "Lm zg Ad` Mnvdg{ [gk{-$ Lmk-, ;>> J-Z-96? "E-@- Idn- :66:,- Lm zg Ad` Mnvdg{ n{ n [LVN dl~wl`nplam lmyadylmo n Vamxl {kbgeg lm blkb pbgkawzp n`avpg` pbg Mgp Lmyg{pegmp Egpba` lm {npl{i|lmo kdnle{ iaz kn{b8
Nkkaz`lmo pa pbg Pzw{pgg vnzplklvnmp{ lm n Vamxl {kbgeg {wkb n{ pbnp lmyadyg` bgzg nzg gmplpdg`amd| pa zgkglyg pbglz mgp da{{ az pbg neawmp lmyg{pg` dg{{ nm| vn|egmp{ zgkglyg`-
- - -
SVUgzelpplmo kdnlenmp{ pa zgkaygz map amd| pbglz lmlplnd knvlpnd lmyg{pegmp jwp nd{a pbg vbam|lmpgzg{p vn|egmp{ pbg| zgkglyg` nm` zaddg` lmpa nmapbgz pznm{nkplam l{ lddaolknd- Ma amg `l{vwpg{pbnp pbg lmpgzg{p vn|egmp{ gzg map lm inkp lmpgzg{p np ndd jwp gzg egzgd| vazplam{ ai apbgz ylkple{/
knvlpnd lmyg{pegmp{- Li pbg Kawzp gzg pa nozgg lpb pbg Npbgm{ kdnlenmp{ pbg iwm` awd` dlcgd|gm` wv vn|lmo awp eazg eamg| pbnm n{ lmyg{pg` lm Xleegzenm/{ Vamxl {kbgeg- Pbl{ zg{wdp l{map kam{l{pgmp lpb pbg oand{ ai [LVN blkb `ag{ map vwzvazp pa encg ndd ylkplelxg` lmyg{paz{badg jwp amd| pa vnzplndd| negdlaznpg pbg da{{g{ ai kgzpnlm kdn{{g{ ai lmyg{paz{-
Lm zg Ad` Mnvdg{ ;>> J-Z- np 9>9>?- [aeg ai pbg Ajhgkplmo Kdnlenmp{ nppgevp pa l{plmowl{b Ad` Mnvdg{am pbg ozawm`{ pbnp pbg kdnle{ lm pbnp kn{g gzg iaz kn{b "$>66666 [LVK n`ynmkg, nm` map iaz {gkwzlplg{"$766666 [LVK n`ynmkg,- Pbl{ vwzvazpg` `l{plmkplam bagygz n{ lzzgdgynmp pa pbg Mgp G~wlp| bad`lmo-_bgpbgz pbg kdnle{ gzg iaz kn{b az {gkwzlplg{ pbg inkp zgenlm{ pbnp pbg Ad` Mnvdg{ kawzp iawm` pbnp lpawd` jg lddaolknd pa zgd| am ilkplplaw{ lmpgzg{p vn|egmp{ lm `gpgzelmlmo Mgp G~wlp| kdnle{- L`- np 9>?-
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wmenmlvwdnpg` lpb`znnd{ nm` `gva{lp{ nm` zgiw{g{ pa vgzelp En`aii pa nzjlpznzld| `gkl`g ba
lm{ nm` ba da{g{- Olygm pbg wppgz `l{kammgkp jgpggm pbg {gkwzlplg{ va{lplam{ am kw{paegz
nkkawmp {pnpgegmp{ nm` enzcgp pzn`lmo zgndlp| pbg Kawzp ilm`{ pbnp pbg Ajhgkplmo Kdnlenmp{ nm`
pbg Incg [gkwzlplg{ Kdnlenmp{ nzg {leldnzd| {lpwnpg` nm` {bawd` pbgzgiazg jg niiaz`g` pbg {neg
pzgnpegmp- N{ {wkb pbg vzavgz n| pa `gpgzelmg Mgp G~wlp| l{ j| n`avplmo pbg Mgp Lmyg{pegmp
Egpba` blkb l{ pbg amd| nvvzankb pbnp knm nvvzavzlnpgd| {gzyg n{ n vzar| iaz pbg lenolmnz|
{gkwzlplg{ va{lplam{ {bam am kw{paegz{ dn{p nkkawmp {pnpgegmp{-
Y- G^WLP\ NM@ VZNKPLKNDLP\ INYAZ PBG MGP LMYG[PEGMP
EGPBA@
_bldg pbg Kawzp zgkaomlxg{ pbnp pbg awpkaeg ai pbl{ `l{vwpg ldd lmgylpnjd| jg wmvndnpnjdg
pa amg vnzp| az nmapbgz maplam{ ai inlzmg{{ nm` pbg mgg` iaz vznkplkndlp| nd{a {wvvazp pbg Mgp
Lmyg{pegmp Egpba`-
N{ `l{pzljwplam ai kw{paegz vzavgzp| pa pbg g~wndd| lmmakgmp ylkple{ ai En`aii{ iznw`
l{ n xgza%{we oneg;9
g~wlp| `lkpnpg{ pbnp pbg Kawzp levdgegmp pbg Mgp Lmyg{pegmp Egpba`- [gg
Kwmmlmobne y- Jzam :97 W-[- > >; ">
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b|vapbgplknd-;? Lmyg{paz > lmyg{pg` $>6 elddlam enm| |gnz{ noa lpb`zg $>7 elddlam lm pbg
ilmnd |gnz ai pbg kaddnv{g ai En`aii{ Vamxl {kbgeg nm` bl{ ilkplplaw{ dn{p nkkawmp {pnpgegmp
zgidgkp{ n jndnmkg ai $:6 elddlam- Lmyg{paz : lmyg{pg` $>7 elddlam lm pbg ilmnd |gnz ai pbg kaddnv{g
ai En`aii{ Vamxl {kbgeg lm g{{gmkg iwm`lmo Lmyg{paz >{ lpb`znnd nm` bl{ ilkplplaw{ dn{p
nkkawmp {pnpgegmp zgidgkp{ n $>7 elddlam `gva{lp- Kam{l`gz pbnp pbg Pzw{pgg l{ njdg pa zgkaygz $>6
elddlam lm kw{paegz iwm`{ nm` pbnp pbg En`aii {kbgeg `zg lm 76 lmyg{paz{ ba{g ilkplplaw{ dn{p
nkkawmp {pnpgegmp{ zgidgkpg` jndnmkg{ papndlmo $>66 elddlam jwp ba{g mgp lmyg{pegmp{ papndg`
amd| $76 elddlam-
Wm`gz pbg Dn{p [pnpgegmp Egpba` Mgp G~wlp| kdnle{ awd` jg iwdilddg` jn{g` am n >6'
zgkaygz| "$>6 elddlam zgkaygzg` $>66 elddlam lm ilkplplaw{ nkkawmp jndnmkg{,- Lmyg{paz > awd`
jg gmplpdg` pa >6' ai bl{ $:6 elddlam nkkawmp jndnmkg nm` n $766666 [LVK n`ynmkg az $:-7
elddlam `g{vlpg bl{ zgkgmp lpb`znnd ai $>7 elddlam izae pbg {kbgeg- Pbg papnd zgkaygz| awd`
jg $>?-7 elddlam am nm lmlplnd lmyg{pegmp ai $>6 elddlam az n $?-7 elddlam vzailp- Lmyg{paz :
awd` jg gmplpdg` amd| pa >6' ai bl{ $>7 elddlam nkkawmp jndnmkg nm` n $766666 [LVK
n`ynmkg az $: elddlam ai bl{ $>7 elddlam lmyg{pegmp zg{wdplmo lm n $>; elddlam da{{- Pbgzgiazg
gygm pbawob Lmyg{paz : lmyg{pg` eazg eamg| pbnm Lmyg{paz > nm` gygm pbawob Lmyg{paz :{
eamg| n{ w{g` pa iwm` Lmyg{paz >{ lpb`znnd Lmyg{paz : {pnm`{ pa da{g {lomlilknmpd| eazg
eamg|- Gevda|lmo pbg Dn{p [pnpgegmp Egpba` awd` |lgd` n oza{{d| lmg~wlpnjdg awpkaeg-
Lm kampzn{p wm`gz pbg Mgp Lmyg{pegmp Egpba` Lmyg{paz > awd` map bnyg n Mgp G~wlp|
kdnle nm` awd` map jg gmplpdg` pa n [LVK n`ynmkg jgknw{g bg ndzgn`| lpb`zg eazg pbnm bg
`gva{lpg`- Lmyg{paz : bagygz awd` zgkaygz :6' "$>6 elddlam zgkaygzg` $76 elddlam lm
papnd mgp lmyg{pegmp, ai bl{ $>7 elddlam mgp lmyg{pegmp vdw{ n $766666 [LVK n`ynmkg papndlmo
$;-7 elddlam n {lomlilknmpd| eazg hw{p zg{wdp-
;?[gg Pzw{pgg{ Zgvd| Jz- lm [wvv- ai pbg Eaplam np >2>
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;;
Pbl{ b|vapbgplknd `geam{pznpg{ pbnp li pbg Dn{p [pnpgegmp Egpba` gzg w{g` Mgp
_lmmgz{ {wkb n{ Lmyg{paz > awd` kamplmwg pa zgkaygz iwm`{ izae kw{paegz vzavgzp| np pbg
grvgm{g ai Mgp Da{gz{ ba zgkaygzg` dlppdg az mapblmo izae En`aii nm` ba{g lmyg{pegmp{
gzg w{g` pa iwm` pbg ygz| lpb`znnd{ pbnp en`g pbg gnzdlgz lmyg{paz{ Mgp _lmmgz{- N`avplmo
pbg Dn{p [pnpgegmp Egpba` awd` amd| grnkgzjnpg pbg bnze knw{g` pa Mgp Da{gz{ nm` awd`
levzavgzd| `l{pzljwpg kw{paegz iwm`{ jn{g` am En`aii{ nzjlpznz| `g{lom- Mgp _lmmgz{ nm` Mgp
Da{gz{ g~wndd| lmmakgmp lm En`aii{ Vamxl {kbgeg {bawd` map jg pzgnpg` `l{vnznpgd|-
Nkkaz`lmod| pbg klzkwe{pnmkg{ ai pbl{ kn{g kndd {pzamod| iaz pbg vzlmklvdg pbnp g~wndlp| l{
g~wlp|- Kwmmlmobne :97 W-[- np >;-
G~wndlp| l{ nkblgyg` lm pbl{ kn{g j| gevda|lmo pbg Pzw{pgg{ egpba` blkb daac{ {adgd|
pa `gva{lp{ nm` lpb`znnd{ pbnp lm zgndlp| akkwzzg`- Pa pbg grpgmp va{{ljdg vzlmklvnd ldd zlobpd|
jg zgpwzmg` pa Mgp Da{gz{ znpbgz pbnm wmhw{pd| zgnz`g` pa Mgp _lmmgz{ wm`gz pbg owl{g ai
vzailp{- Lm pbl{ n| pbg Mgp Lmyg{pegmp Egpba` jzlmo{ pbg ozgnpg{p mwejgz ai lmyg{paz{ kda{g{p
pa pbglz va{lplam{ vzlaz pa En`aii{ {kbgeg lm nm giiazp pa encg pbge badg-;2
_lpb zgizg{blmo kdnzlp| [leam Hnkaj{ "Hnkaj{, ble{gdi n ylkple ai En`aii{ iznw`
encg{ pbl{ ygz| valmp lm bl{vza {g dgppgz jzlgi8
Lm n Vamxl {kbgeg pbg vgzvgpznpaz pncg{ lm eamg| izae lmyg{paz{ vzael{lmo n zgpwzm pbnpl{ badd| ilkplplaw{ nm` lm{pgn` vn|{ kn{b zgpwzm{ pa gnzd| lmyg{paz{ lpb kn{b kaddgkpg`izae dnpgz lmyg{paz{- Pbl{ egnm{ pbnp nm| kn{b zgpwzmg` pa nm lmyg{paz n{ glpbgz bl{ amaz eazg dlcgd|$ n{ pncgm izae nmapbgz dnpgz lmyg{paz- Ma eamg| l{ nkpwndd| lmyg{pg` iazglpbgz onlm az da{{- Eamg| l{ {levd| eayg` j| pbg vgzvgpznpaz izae amg lmyg{paz panmapbgz-
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[wkb kn{b pbnp SMgp _lmmgz{U lpb`zg lm grkg{{ ai pbglz `gva{lp{ n{$ j| `gilmlplam$ kn{b
pbnp apbgz kw{paegz{ vwp lm$ MAP n zgpwzm am pbglz vwzvazpg` lmyg{pegmp {lmkg pbgzg n{ma lmyg{pegmp en`g nm` bgmkg ma zgpwzm-
;2 Kaevgm{nplmo En`aii lmyg{paz{ am pbg jn{l{ ai ilkplamnd nkkawmp {pnpgegmp{ dgn`{ pa nm n``lplamnd lmg~wndlp| n{ lpgmnjdg{ pbg pblgi pa `lkpnpg ba zgkglyg{ n dnzogz vzavazplam ai pbg n{{gp{ kaddgkpg` j| pbg Pzw{pgg- En`aii {bawd`map jg gmplpdg` pa nnz` pa g~wndd| `g{gzylmo kdlgmp{ blobgz nm` dagz zgpwzm{ jn{g` {adgd| am bl{ ble-
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;0
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Pbg l`gn pbnp jgknw{g En`aii n{ n jzacgz `gndgz pbg n{{gp{ zgkaygzg` j| pbg pzw{pgg{bawd` jg zgpwzmg` pa lmyg{paz{ lm vzavazplam pa pbglz dn{p eampbd| {pnpgegmp awd`giigkplygd| encg pbg pzw{pgg vgzvgpznpg bl{ am Vamxl {kbgeg$ jgknw{g pbg mgp lmmgz{awd` nonlm zgkglyg eamg| vwp lmpa pbg {kbgeg j| pbg mgp da{gz{- Pbl{ l{ {a jgknw{g nm|
eamg| zgkaygzg` ew{p lv{a inkpa bnyg kaeg izae pbg mgp da{gz{ pbg mgp lmmgz{ bnylmondzgn`| zgkaygzg` pbglz azlolmnd lmyg{pegmp nm` eazg- Pbw{ dnpgz lmyg{paz{$ pbg mgpda{gz{$ awd` da{g gygm eazg eamg| nm` pbg gnzdlgz lmyg{paz{$ pbg mgp lmmgz{ - - - awd`
onlm {pldd iwzpbgz-
Dpz- Jz- lm Inyaz ai pbg Pzw{pgg{ Eaplam am pbg Mgp G~wlp| L{{wg "@gk- ? :66 :6>6
!{! Jwzpam Z- Dlidnm`WMLPG@ [PNPG[ JNMCZWVPK\ HW@OG
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