Creditors who wish to assert claims against two hedge funds formerly run by financier J. Ezra Merkin have until next month to submit claims to the funds’ court-appointed receiver, a Manhattan judge has ruled. The decision sets the stage for Bart M. Schwartz, the receiver for Ariel Fund, Ltd., and Gabriel Fund, L.P., to make a proposed $200 million interim distribution to some 278 investors who lost more than $1 billion after Mr. Merkin funneled one-forth of the funds’ assets to convicted Ponzi-scheme artist Bernard L. Madoff (NYLJ, May 26).
Supreme Court Justice Richard B. Lowe’s order in People v. J. Ezra Merkin, 450879/09, sets Sept. 20 as the claims-bar date and the deadline for any objections to the proposed distribution.
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