Tuesday, January 31, 2017

The Madoff Auctions

Bernard Madoff’s victims got back a portion of their losses as the trustee unwinding his fraud began sending out a total of $1.2 billion in recovered funds, with checks averaging $1.1 million each.

It came three years after the anniversary of Madoff’s Dec. 11, 2008 arrest, when thousands of retirees, charities, investment funds and other clients discovered they’d lost over $17.5 billion in principal to his decades-long Ponzi scheme. The distribution boosted victim's recoveries to $9.16 billion, or about 57 percent of the total losses, trustee Irving Picard said in a statement.
In late 2010, two years after he was first arrested for an $ 18 billion Ponzi scheme, Madoff possessions hit the auction market.

Thousands of belongings from his New York City penthouse, including his used shoes, went on the auction block.
An anonymous bidder paid $550,000 for a 10.5-carat diamond engagement ring that belonged to Madoff's wife, Ruth.

Ruth Madoff's French diamond earrings fetched the next highest price. They went for $135,000.
The man who became a symbol of greed and deceit on Wall Street had a lavish collection of watches. One of his vintage steel Rolex "Moon Phase" watches sold for $67,500. The watch was part of Madoff's 40-plus watch collection that also included 16 other Rolexes.

U.S. marshals seized everything in the Madoffs' Manhattan apartment and Long Island beach house: worn socks, new monogrammed boxer shorts, even the used Italian velveteen slippers bearing the initials "BLM" in gold embroidery.
Madoff's mini fleet of boats were auction stars. A restored 55-foot Rybovich yacht named Bull fetched $700,000. Madoff's former 38-foot Shelter Island sport runabout, named Sitting Bull, went for $320,000. And the 24-foot Maverick center console he dubbed Little Bull got a winning bid of $21,000.

A black 1999 Mercedes-Benz CLK 320 convertible that belonged to Madoff's wife, Ruth, went for $30,000.
Madoff's 4,000-square-foot duplex Manhattan penthouse sold for $8m, and a 8,750-square-foot home in Palm Beach $7.4m. Madoff's Montauk beach home sold for $9.4m
Morrell Wine Auctions auctioned off 262 bottles of wine and liquor that had been seized by federal authorities from Madoff's mansion in Palm Beach.

The collection sold for over $41,500.
While Bernard Madoff serves a 150-year prison term in South Carolina, five former employees were found guilty of conspiracy in March 2014. A jury ruled they had for years helped conceal his massive Ponzi scheme.

The verdicts were the first jury convictions since Madoff’s scam was exposed, and came after a trial that lasted nearly six months. One defendant, Annette Bongiorno, worked for Madoff for 40 years as his secretary and at one point had as much as $50m in her accounts. Bongiorno, 65, had multi-million dollar homes in Long Island and Florida and drives a Mercedes worth $100,000.

Monday, January 30, 2017

New Gold Inc - NGD.t

New Gold Inc - NGD.t has a portfolio of four producing assets and two significant development projects. The New Afton Mine in Canada, the Mesquite Mine in the United States, the Peak Mines in Australia and the Cerro San Pedro Mine in Mexico.

The company owns 100% of the Rainy River and Blackwater projects, both in Canada, as well as a 4% gold stream on the El Morro project in Chile.

On January 30, 2017 the company released News

Full-year gold production of 381,663 ounces

New Gold Inc. has released its 2016 fourth quarter and full-year operating results, an update on its Rainy River project, and 2017 guidance.




Saturday, January 28, 2017

2017 Ferrari 488 Spider

The 2017 Ferrari 488 Spider carries over much of its styling characteristics from the GTB. At the back of the 2017 Ferrari 488 Spider is the 3.9-liter, turbocharged V-8 engine of 660 horsepower and 560 pound-feet of torque. The 488 Spider achieves 0-60 mph in 3 seconds, or 0-124 mph in 8.3 seconds on to a top speed of 203 mph.
The 2017 Ferrari 488 Spider hit the pavement in late 2016. Base price is something around $265,000.