Creditors seek Madoff's Cayman registered yacht

Bernard Madoff Disgraced US businessman

By Kevin Shereves

The liquidators of financial swindler Bernard Madoff’s securities company are seeking title of a Cayman-registered yacht claimed as a company asset.

The luxury vessel – with the registered name of ‘Bull’ - is currently located in the South of France and is the subject of a lawsuit filed by the liquidators of Madoff Securities International against Yacht Bull Corporation.

The suit is currently before the Grand Court of the Cayman Islands.

Nigel Meeson QC is Head of Litigation & Restructuring in the Cayman Islands office of Conyers Dill & Pearman and is acting in the matter on behalf of the liquidator.

Mr Meeson said, “I act for Grant Thornton, the liquidator of Madoff Securities International Limited. It is my understanding that the yacht named ‘Bull’ is registered here in the Cayman Islands but is docked in France.”

He added, “There is some litigation in France as to the ownership of the yacht and what should be done with it.”

Mr Meeson continued, “We are acting on behalf of the liquidators who are based in the UK and we have brought an action here in the Cayman Islands for the title of the vessel in question to be brought into our name, to be brought into the name of the liquidators, and I believe the action was filed in the Cayman Islands sometime in May.”

He added, “We are simply trying to recover assets, namely the vessel in question so that the yacht can then be sold and creditors of Madoff Securities International Limited can then be paid.”

Mr Meeson said the liquidators’ primary goal in the litigation was to compensate creditors.

“I was retained to act on behalf of the liquidators three months ago and my understanding is that various matters are also being considered. There are various negotiations going on and there are other people involved,” Mr Meeson said. “However, this is the only matter that I have been involved with.”

He added, “This matter is currently before the courts and the matter has been adjourned and I am not aware that a date has yet been set.”

Mr Meeson described the yacht as a Leopard 27 built in 2006 that is 89 feet (23 metres) long.

Although he could not confirm the exact value of the yacht, Mr Meeson estimated a value of approximately $7 million dollars.

He said, “It is a very expensive luxury yacht, we are talking millions of dollars.”