As with any great financial upheaval, the collapse of Bernard L. Madoff Investment Securities brought opportunities for fees and profit. And as with Madoff’s fraud, some suffered plain old bad luck.
Some of that bad luck fell on KRyS Global, the professional services firm tasked with unwinding the Madoff feeder fund Fairfield Sentry Ltd. In 2010, KRyS Global sold claims against the BLMIS liquidation trust to the hedge fund Farnum Place, a distressed debt investor. Three days after the sale, however, the claims doubled in value because of an unrelated $7 billion recovery by BLMIS trustee Irving Picard.
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