Madoff Charter Firm Declares Bankruptcy
Swindler Bernard Madoff’s charter company, BLM Air Charter, filed for voluntary bankruptcy (Chapter 11) in the U.S. Bankruptcy Court Southern District of New York on November 12. The bankruptcy filing lists two creditors as holding the largest unsecured claims: Embraer Aircraft Customer Service, with a claim of $240,728.50; and Rolls-Royce, with $181,289.76. The amounts due are for maintenance programs for an Embraer Legacy 600 owned 50 percent by BLM. Madoff was sentenced on June 29 to a prison term of 150 years for a Ponzi scheme that cost investors more than $50 billion.