Pg 1 of 9 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK -------------------------------------------------------------x In re: BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Debtor. ------------------------------------------------------------x IRVING H. PICARD, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, Plaintiff, SIPA LIQUIDATION Adv. Pro. No. 08-01789 (BRL) Adv. Pro. No. 09-01305 (BRL) COHMAD SECURITIES CORPORATION, et al., v. Defendants. -------------------------------------------------------------x STIPULATION AND ORDER It is stipulated and agreed, by and between plaintiff Irving H. Picard, Trustee for the substantively consolidated liquidation of the business of Bernard L. Madoff Investment Securities LLC under the Securities Investor Protection Act, 15 U.S.C. 78aa et seq. ( SIPA ) and the estate of Bernard L. Madoff ( Plaintiff ), on the one hand, and defendants (i) Richard Spring, The Spring Family Trust, and The Jeanne T. Spring Trust (collectively, the Spring Defendants ), (ii) Rosalie Buccellato (the Buccellato Defendant ), (iii) Janet Jaffin, individually and in her capacity as trustee of the Janet Jaffin Dispositive Trust, and Milton Cooper in his capacity as Trustee of the Janet Jaffin Dispositive Trust (collectively, the Jaffin Defendants ), (iv) Cyril Jalon and the Estate of Elena Jalon (collectively, the Jalon Defendants ), (v) The Joint Tenancy of Phyllis Guenzburger, Fabian Guenzburger, the Joint Tenancy of Robert Pinchou, and Fabian Guenzburger (collectively, the Guenzburger Defendants ), (vi) Stanley Mervin Berman,
Pg 2 of 9 Joyce Berman, and S & J Partnership (collectively, the Berman Defendants ), (vii) Jonathan Greenberg (the Greenberg Defendant ), (viii) Linda Schoenheimer (the Schoenheimer Defendant ), (ix) Morton Kurzrok (the Kurzrok Defendant ), (x) Cohmad Securities Corporation, Maurice J. Cohn, and Marcia B. Cohn (collectively, the Cohmad Defendants ), (xi), Milton S. Cohn and Marilyn Cohn (collectively, the Cohn Defendants ), (xii) Alvin J. Delaire and Carole Delaire (the Delaire Defendants ), (viii) Jane Delaire, and (ix) Elizabeth Moody ((i) (ix) together, the Defendants ) on the other hand, by their respective attorneys, as follows: WHEREAS, on or about June 22, 2009, the Trustee filed a complaint (the Complaint ) against the Defendants; WHEREAS, on or about August 17, 2009, the Cohmad Defendants filed with the Bankruptcy Court a motion seeking to withdraw the reference to the Bankruptcy Court (the Motion to Withdraw the Reference ); WHEREAS, on or about August 24, 2009, the Cohmad Defendants, the Jalon Defendants, and the Cohn Defendants filed with the Bankruptcy Court a motion to dismiss the Complaint; WHEREAS, on or about August 26, 2009, the Guenzburger Defendants filed with the Bankruptcy Court a motion to dismiss the Complaint; WHEREAS, on or about September 3, 2009, the Delaire Defendants filed with the Bankruptcy Court a motion to dismiss the Complaint; WHEREAS, on or about September 17, 2009, the Trustee filed with the Bankruptcy Court his Opposition to the Guenzburger Defendants motion to dismiss the Complaint; 2
Pg 3 of 9 WHEREAS, on or about September 22, 2009, the Berman Defendants filed with the Bankruptcy Court a motion to dismiss the Complaint; WHEREAS, on or about October 8, 2009, the Trustee filed with the Bankruptcy Court an amended complaint (the First Amended Complaint ); WHEREAS, on or about September 24, 2009, a Case Management Plan was entered into between Plaintiff and Defendants and filed with the Bankruptcy Court; WHEREAS, on or about December 1, 2009, each of the Berman Defendants, the Delaire Defendants, the Kurzok Defendant, the Jalon Defendants and the Spring Defendants filed with the Bankruptcy Court a motion to dismiss the First Amended Complaint; WHEREAS, on or about December 4, 2009, each of the Cohmad Defendants and the Cohn Defendants filed with the Bankruptcy Court a motion to dismiss the First Amended Complaint; WHEREAS, pursuant to an Opinion and Order dated December 9, 2009 (Stanton, J.), the Motion to Withdraw the Reference was denied as premature, without prejudice to the Cohmad Defendants re-filing their motion after all pretrial proceedings have been concluded (the December 9 Decision ); WHEREAS, on or about December 17, 2009, each of the Guenzberger Defendants filed with the Bankruptcy Court a motion to dismiss the First Amended Complaint; WHEREAS, on or about March 1, 2010, the Trustee filed his Unified Opposition to Defendants Motions to Dismiss the Amended Complaint (the Opposition ); WHEREAS, on or about March 22, 2010, the Guenzburger Defendants filed with the Bankruptcy Court a reply to the Trustee s Opposition; 3
Pg 4 of 9 WHEREAS on or about March 24, 2010, the Jalon Defendants filed with the Bankruptcy Court a reply to the Trustee s Opposition; WHEREAS on or about March 31, 2010, each of the Berman Defendants and the Spring Defendants filed with the Bankruptcy Court a reply to the Trustee s Opposition; WHEREAS on or about April 9, 2010, each of the Cohmad Defendants and the Cohn defendants filed with the Bankruptcy Court a reply to the Trustee s Opposition; WHEREAS, pursuant to an Opinion and Order dated August 1, 2011 (Lifland, J.) the Court denied Defendants Motions to Dismiss the First Amended Complaint (the August 1 Decision); WHEREAS, on or about August 15, 2011, each of the Cohmad Defendants, the Guenzburger Defendants and the Jalon Defendants filed with the Bankruptcy Court a motion seeking leave to appeal the August 1 Decision; WHEREAS, on or about August 16, 2011, the Berman Defendants filed with the Bankruptcy Court a motion seeking leave to appeal the August 1 Decision; WHEREAS, on or about August 24, 2011, the Spring Defendants filed with the Bankruptcy Court a motion seeking leave to appeal the August 1 Decision; WHEREAS, on or about September 8, 2011, the Spring Defendants filed with the Bankruptcy Court notice of withdrawal of their motion seeking leave to appeal the August 1 Decision; WHEREAS, each of the Spring Defendants, the Buccellato Defendant, the Jaffin Defendants, the Jalon Defendants, the Guenzburger Defendants, the Berman Defendants, the Greenberg Defendant, the Schoenheimer Defendant, the Kurzrok Defendant, the Cohn 4
Pg 5 of 9 Defendants, the Delaire Defendants, and the Cohmad Defendants have filed answers to the Trustee s First Amended Complaint, dated October 8, 2009, asserting a demand for a jury trial; WHEREAS, 28 U.S.C. 157(d) provides, among other things, that the District Court may withdraw the reference, in whole or in part, on its own motion or on a timely motion of any party, for cause shown; WHEREAS, in light of Judge Stanton s December 9 Decision, Plaintiff and Defendants are desirous of avoiding undue motion practice while preserving each of the Defendants right to seek to withdraw the reference (and preserving to the fullest extent possible their rights to a jury trial) and Plaintiff s right to oppose such relief on grounds other than timeliness. IT IS HEREBY STIPULATED AND AGREED BY AND BETWEEN THE PARTIES THAT: 1. No party to this Stipulation shall object to any motion to withdraw the reference by any Defendant on timeliness grounds, provided that such motion(s) is made no earlier than the Discovery Cut-off date (including as that date may be amended), as defined in the Case Management Plan. 2. In the event that a motion(s) to withdraw the reference is made by any Defendant (including the Cohmad Defendants) after the Discovery Cut-Off date, such motion to withdraw the reference shall be deemed timely. 3. Each of the parties to this Stipulation otherwise preserve all rights to seek to withdraw the reference and oppose such motion on grounds other than timeliness, and preserve all other rights (including the rights to a jury trial) available to them. 5
Pg 6 of 9 Dated: January 20, 2012 KATSKY KORINS LLP Attorneys for Defendants Richard Spring, The Spring Family Trust, and The Jeanne T. Spring Trust BAKER & HOSTETLER LLP Attorneys for Plaintiff Irving H. Picard, Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC By: /s/ Robert A. Abrams 605 Third Avenue New York, New York 10158-0038 Telephone: (212) 953-6000 Facsimile: (212) 953-6899 David L. Katsky, Esq. Email: dkatsky@katskykorins.com Robert A. Abrams, Esq. Email: rabrams@katskykorins.com By: /s/ Oren J. Warshavsky 45 Rockefeller Plaza New York, New York 10111 Telephone: 212.589.4200 Facsimile: 212.589.4201 David J. Sheehan Email: dsheehan@bakerlaw.com Oren J. Warshavsky Email: owarshavsky@bakerlaw.com VINSON & ELKINS L.L.P. Attorneys for Defendant Rosalie Buccellato By: /s/ Steven Paradise 666 Fifth Avenue 26 th Floor New York, New York 10103 Telephone: (212) 237-0000 Facsimile: (212) 237-0100 Steven Paradise, Esq. Email: sparadise@velaw.com JASPAN SCHLESINGER HOFFMAN, LLP Attorneys for Janet Jaffin, individually and in her capacity as trustee of the Janet Jaffin Dispositive Trust, and Milton Cooper in his capacity as Trustee of the Janet Jaffin Dispositive Trust By: /s/ Steven R. Schlesinger 300 Garden City Plaza Garden City, New York 11530 Telephone: (516) 746-8000 Facsimile: (516) 393-8282 Steven R. Schlesinger, Esq. Email: sschlesinger@jaspanllp.com Shannon A. Scott, Esq. Email: sscott@jaspanllp.com 6
Pg 7 of 9 HOFFINGER STERN & ROSS LLP Attorneys for Defendants Cyril Jalon and the Estate of Elena Jalon By: /s/ Fran Hoffinger 150 East 58 th Street 19 th Floor New York, New York 10155 Telephone: (212) 421-4000 Facsimile: (212) 223-3857 Jack S. Hoffinger, Esq. Email: jhoffinger@hsrlaw.com Fran Hoffinger, Esq. Email: fhoffinger@hsrlaw.com HOFFINGER STERN & ROSS LLP Attorneys for Defendants The Joint Tenancy of Phyllis Guenzburger and Fabian Guenzburger and the Joint Tenancy of Robert Pinchou and Fabian Guenzburger By: /s/ Fran Hoffinger 150 East 58 th Street 19 th Floor New York, New York 10155 Telephone: (212) 421-4000 Facsimile: (212) 223-3857 Jack S. Hoffinger, Esq. Email: jhoffinger@hsrlaw.com Fran Hoffinger, Esq. Email: fhoffinger@hsrlaw.com DROHAN LEE LLP Attorneys for Defendants Stanley Mervin Berman, Joyce Berman, and S & J Partnership VINSON & ELKINS L.L.P. Attorneys for Defendants Milton S. Cohn and Marilyn Cohn By: /s/ Vivian Drohan 489 Fifth Avenue 14 th Floor New York, New York 10017 Telephone: (212) 710-0004 Facsimile: (212) 710-0003 Vivian R. Drohan, Esq. Email: vdrohan@dlkny.com By: /s/ Steven Paradise 666 Fifth Avenue 26 th Floor New York, New York 10103 Telephone: (212) 237-0000 Facsimile: (212) 237-0100 Steven Paradise, Esq. Email: sparadise@velaw.com 7
Pg 8 of 9 FOX ROTHSCHILD LLP. Attorneys for Defendant Jonathan Greenberg VINSON & ELKINS L.L.P. Attorneys for Defendants Cohmad Securities Corporation, Maurice J. Cohn, and Marcia B. Cohn By: /s/ Ernest Badway 100 Park Avenue Suite 1500 New York, New York 10017 Telephone: (212) 878-7900 Facsimile: (212) 692-0940 Ernest Edward Badway, Esq. Email: ebadway@foxrothschild.com By: /s/ Steven Paradise 666 Fifth Avenue 26th Floor New York, New York 10103 Telephone: (212) 237-0000 Facsimile: (212) 237-0100 Steven Paradise, Esq. Email: sparadise@velaw.com McLAUGHLIN & STERN, LLP Attorneys for Defendant Linda Schoenheimer McCurdy WESTERMAN BALL EDERER MILLER & SHARFSTEIN, LLP Attorneys for Defendant Morton Kurzrok By: /s/ Bruce Langer 260 Madison Avenue 18 th Floor New York, New York 10016 Telephone: (212) 448-1100 Facsimile: (212) 448-0066 Bruce A. Langer, Esq. Email: blanger@mclaughlinstern.com David Sass, Esq. Email: dsass@mclaughlinstern.com By: /s/ Jeffrey A. Miller 1201 RXR Plaza Uniondale, New York 11556 Telephone: (516) 622-9200 Facsimile: (516) 622-9212 Jeffrey A. Miller, Esq. Email: jmiller@westermanllp.com 8
Pg 9 of 9 TESSER & COHEN Attorneys for Defendants Alvin and Carole Delaire /s/jane M. Delaire Jane M. Delaire Defendant Pro Se 79 Reade St. Apt. 4C New York, NY 10007 j.delaire@yahoo.com By: /s/ Mark Blount 184 Main Street Chester, New Jersey 07930 Telephone: (908) 879-8225 Facsimile: (908) 879-8235 Mark A. Blount, Esq. Email: mblount@tessercohen.com McCANLISS & EARLY, LLP Attorneys for Defendant Elizabeth M. Moody By: /s/ Joseph Kennan 88 Pine Street 21st Floor New York, New York 10005 Telephone: (212) 943-0280 ext. 206 Facsimile: (212) 943-0283 Joseph Keenan, Esq. Email: jkeenan@mccanliss.com IT IS SO ORDERED DATED: New York, New York January 26, 2012 /s/burton R. Lifland UNITED STATES BANKRUPTCY JUDGE 9