Madoff / Abel update?

[skim]

check out a post from the "brownwater" blogger (www.singlebarbed.com):

http://singlebarbed.com/2009/03/18/backorder-is-out-of-the-question/



also check out the Madoff's talking about their reels and fishing...

http://www.youtube.com/watch?v=Y9C4Guf4m48

i hope Abel will come out of this ok...

[skim]

here's the Youtube video of Abel owner Mark Madoff

http://www.youtube.com/watch?v=Y9C4Guf4m48

[smcisaac]

As far as I know the sons are not implicated in the father's fraud scheme, so Abel should dodge that particular bullet. (Even if that were not the case, the best way to raise proceeds for restitution to the fraud victims would be to keep the company running and sell it to new investors.)

Same goes for T&T.

The scarier bullet is the soft economy, and how long tackle manufacturers can stay in business if sales remain slow. Other companies, including some beloved by the saltwater fly crowd, are already on the ropes.

[BMWrider]

It may be wishful thinking that the Madoff son's are not going to be implicated in dad's scheme. It defies logic that one man could have pulled off such a complex and long-term fraud as is espoused by Bernard Madoff without the help and knowledge of close associates. The more likely scenario is that since the house of cards was crumbling Bernie at 70-years of age is trying to take the fall and spare the rest of the family. It is going to take more time for the feds to follow the trial of money and unravel the business transactions.

The news reports that I have read said that 30 million was loaned to the sons in 2004 as personal loans. If any of that money was used for the Abel purchase don't count on it being outside the grasp of the feds. My understanding is that the feds are going after all of the assets of the family. The wife is supposedly using a homestead exemption to try and shield her nine million dollar home in FL to protect it in a bankruptcy.

It may end up that Abel was very unlucky to be associated with the Madoff clan.

[smcisaac]

Even so, as I said, the way for the feds to wring the most value out of Abel would be to keep it going and sell it to someone else. It's not worth nearly as much if they only liquidate the inventory and equipment. (That is, assuming it's a profitable going concern, or at least has the potential to be.) Plus, the feds are also in the business of trying to preserve jobs right now, so they would try to avoid putting Abel employees out of work.