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Fairfield Sigma Letter January 5, 2009

by on Jan 08, 2009

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14 of 4 previous next Post a comment

  • guest42133a guest42133a Who in their right mind would give all of their money to some company in Bermuda? The only people that lost money were dumbasses. 4 years ago
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  • guest42133a guest42133a I have a copy too.

    FAIRFIELD SENTRY LIMITED
    Romasco Place, Wickhams Cay 1
    Road Town, Tortola
    British Virgin Islands, VG 1110

    January 5, 2009


    Dear Shareholder,
    We are writing to apprise you of further developments concerning Fairfield Sentry
    Limited (the “Company”) and the matter of Bernard Madoff and Bernard L. Madoff
    Investment Securities LLC (“BMIS”).

    As a preliminary matter, we can assure shareholders that no money has been paid out by
    the Company since December 11, 2008 and the directors are taking steps to ensure that
    no money is paid out without their consent.

    In this regard and as previously advised, the
    manager to the Company, Fairfield Greenwich (Bermuda) Limited (the “Manager”), has
    suspended the payment of its management fee and performance fee until further notice.
    In addition, the directors and the Manager are taking steps to realise to the greatest extent
    possible any assets of the Company. On December 15, 2008, the Honorable Louis L.
    Stanton, a Federal Judge in the United States District Court for the Southern District of
    New York, appointed Irving Picard, Esq. as Securities Investor Protection Corporation
    (“SIPC”) Trustee for the liquidation of BMIS. Mr. Picard, the SIPC Trustee, has engaged
    Lazard Frères & Co LLC to assist in the sale of the trading operations of BMIS. Also,
    Lee S. Richards, Esq., has been appointed Receiver for Madoff Securities International
    Ltd.


    The Manager is liaising with the SIPC Trustee on behalf of the Company to ensure the
    interests of the Company are represented with SIPC and to seek to retrieve any available
    assets of the Company as promptly as possible. As we previously wrote to you, the
    Company has retained counsel in the British Virgin Islands (Conyers Dill & Pearman)
    where the Company is incorporated, as well as counsel in the U.S. (Seward & Kissel
    LLP). The Company, with the advice of counsel, will analyze the Company’s rights and
    remedies and consider potential claims.


    In addition, the U.S. Securities and Exchange Commission (“SEC”) is reviewing the vast
    amount of records and information involving Madoff and BMIS. The SEC has issued a
    statement that “those records are increasingly exposing the complicated steps that Mr.
    Madoff took to deceive investors, the public and regulators” and that “progress to date
    indicates that Mr. Madoff kept several sets of books and false documents, and provided
    false information involving his advisory activities to investors and regulators.”
    We know that shareholders are anxious to learn whatever they can about the status of
    their investments and the assets of the Madoff companies. Please be assured that all of
    those involved are working diligently to investigate this matter and to locate and preserve
    assets that can be used for restitution to investors.


    We will continue to endeavor to keep you advised of developments with respect to the
    Company.


    Yours faithfully,
    The Board of Directors
    4 years ago
    Are you sure you want to
    Your message goes here
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  • guest42133a guest42133a I'll be copying and sending the letter to a friends as a joke. :O 4 years ago
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    Your message goes here
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  • guest42133a guest42133a I don't know why this letter is posted in shitty flash. For those that wish to copy, please see below:

    FAIRFIELD SENTRY LIMITED
    Romasco Place, Wickhams Cay 1
    Road Town, Tortola
    British Virgin Islands, VG 1110
    January 5, 2009
    Dear Shareholder,
    We are writing to apprise you of further developments concerning Fairfield Sentry
    Limited (the “Company”) and the matter of Bernard Madoff and Bernard L. Madoff
    Investment Securities LLC (“BMIS”).
    As a preliminary matter, we can assure shareholders that no money has been paid out by
    the Company since December 11, 2008 and the directors are taking steps to ensure that
    no money is paid out without their consent. In this regard and as previously advised, the
    manager to the Company, Fairfield Greenwich (Bermuda) Limited (the “Manager”), has
    suspended the payment of its management fee and performance fee until further notice.
    In addition, the directors and the Manager are taking steps to realise to the greatest extent
    possible any assets of the Company. On December 15, 2008, the Honorable Louis L.
    Stanton, a Federal Judge in the United States District Court for the Southern District of
    New York, appointed Irving Picard, Esq. as Securities Investor Protection Corporation
    (“SIPC”) Trustee for the liquidation of BMIS. Mr. Picard, the SIPC Trustee, has engaged
    Lazard Frères & Co LLC to assist in the sale of the trading operations of BMIS. Also,
    Lee S. Richards, Esq., has been appointed Receiver for Madoff Securities International
    Ltd.
    The Manager is liaising with the SIPC Trustee on behalf of the Company to ensure the
    interests of the Company are represented with SIPC and to seek to retrieve any available
    assets of the Company as promptly as possible. As we previously wrote to you, the
    Company has retained counsel in the British Virgin Islands (Conyers Dill & Pearman)
    where the Company is incorporated, as well as counsel in the U.S. (Seward & Kissel
    LLP). The Company, with the advice of counsel, will analyze the Company’s rights and
    remedies and consider potential claims.
    In addition, the U.S. Securities and Exchange Commission (“SEC”) is reviewing the vast
    amount of records and information involving Madoff and BMIS. The SEC has issued a
    statement that “those records are increasingly exposing the complicated steps that Mr.
    Madoff took to deceive investors, the public and regulators” and that “progress to date
    indicates that Mr. Madoff kept several sets of books and false documents, and provided
    false information involving his advisory activities to investors and regulators.”
    We know that shareholders are anxious to learn whatever they can about the status of
    their investments and the assets of the Madoff companies. Please be assured that all of
    those involved are working diligently to investigate this matter and to locate and preserve
    assets that can be used for restitution to investors.
    We will continue to endeavor to keep you advised of developments with respect to the
    Company.
    Yours faithfully,
    The Board of Directors
    4 years ago
    Are you sure you want to
    Your message goes here
    Processing…
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Fairfield Sigma Letter   January 5, 2009 Fairfield Sigma Letter January 5, 2009 Document Transcript