In our last posting, we mentioned that we were awaiting Baker & Hostetler's response concerning the process whereby the firm chose Eugene F. Collins Solicitors in Dublin, and Lovells LLP in London, to assist in Madoff-related activity in Ireland, the United Kingdom and on the European continent.
Having not yet received a response from Baker & Hostetler, we decided to send e-mails and/or to telephone the retained firms directly.
To that end, on Wednesday we called and left a message for David Cantrell, the managing partner of Eugene Collins, following up yesterday with an e-mail.
We also called Lovells, where we spoke briefly to Joe Bannister, a London-based partner with expertise, according to his biography, in "financial services insolvencies."
Responding to our query as to how Lovells had been selected by Baker & Hostetler, Bannister replied, "I'm not in a position to comment on Lovells' position in relation to that. Could I ask you to speak to Cary Kochberg please?"
Of course he could ask.
We then put in a call to Kochberg at Lovells' London office and were informed by his P.A. that he was in a meeting. Leaving our telephone number, we followed up with an e-mail. Calling again today, we were informed by Kochberg's P.A. that he was again in a meeting.
Was this the continuation of yesterday's meeting?
It is increasingly clear that neither Baker & Hostetler nor the firms it has retained have any interest in answering questions regarding the process by which these firms were selected.
While this may be standard procedure in the world of high-profile law firms dealing with high stakes cases, neither the victims' nor the the publics' need to know exactly how Irving Picard and his counsel, Baker & Hostetler, operate, is being satisfied.
What is known is that Picard, Baker, Eugene Collins, Lovells, Lazard Freres and any other entity to be retained in the future will share--likely substantially--in the nearly $1 billion already recovered by Picard.
To date, neither Picard nor Baker & Hostetler--the firm he joined as a partner one week after the court awarded them their plums--has shown serious interest in transparency.
That does not bode well for Bernard Madoff's victims.