Welcome on Herald (Lux) SICAV liquidation website

This website aims at informing the public with respect to the liquidation process and at communicating general information. Even if the liquidators pay careful attention to the quality of published information, they can neither guarantee expressly, nor implicitly that available information is accurate, current and complete.

On 17th March 2010, the Court appointed liquidators of Herald (Lux) Sicav have filed a lawsuit at the Luxembourg District Court against the different parties that have intervened during the life-time of Herald (Lux) Sicav. The purpose of the lawsuit is to recover the assets of the Sicav, in the interest of the shareholders and the investors in the fund.

On 8th July 2011, the Luxembourg District Court rendered a first judgement in the Herald (Lux) case. A copy of the judgement is here.

On 2nd March 2012, the Luxembourg District Court, second Chamber rendered its verdict on ongoing proceedings which is published hereunder.

On 15th June 2012, the liquidators have agreed with the US Trustee to the extension of the Voluntary Discovery for Herald (Lux) SICAV.

On 18th November 2013, the liquidators drew the attention of the shareholders and investors in HERALD (Lux) on the Madoff Victims fund, announced by the US Department of Justice Asset Forfeiture Distribution Programme. http://www.madoffvictimfund.com/

On 12th December 2014, the liquidators announce that they have reached a settlement agreement with Irving H. Picard, Trustee for the Estate of Bernard L. Madoff Investment Securities LLC (BLMIS) in New York, which results in the recognition of the Herald (Lux) customer claim in the BLMIS estate. (Statement 12-12-2014)

As a result of the approved US settlement, HERALD (Lux) received so far $131,270,025.60 from the BLMIS Trustee, up to and inclusive of the 6th interim distribution that the Trustee announced on 15th April 2015, but in addition to a $500,000.- payment from SIPC. (Notice of Adjournment of the Hearing for the 6th interim distribution from the Trustee). In addition to those monies from the BLMIS estate, HERALD (Lux) recovered monies in March 2015 from the JP Morgan class action settlement in the amount of $3,169,440.

On 15th June 2016, HERALD (LUX) received the 7th interim distribution payment from the Trustee in the amount $3,002,025.60 or 1.305% of the allowed claim. This brings the total percentage of the service to the allowed claim to 58.369%. (Notice of Adjournment of the Hearing (part 1 and part 2) for the 7th interim distribution from the Trustee).

By judgment of 4th February 2016, the Tribunal d'Arrondissement de et Luxembourg [District Court of and at Luxembourg], 6th Chamber, hearing commercial matters, changed the method of liquidation of the variable capital investment company HERALD (LUX). The judgement and the publications made by the liquidators on 15th February 2016 in the European Financial press can be found here.

On 2nd June 2017, the liquidators of Herald (Lux) would like to announce the following: Publication 02-06-17.

On 04 April 2018, the liquidators of Herald (Lux) would like to communicate the following: Publication 04-04-18.

On 31 May 2018, following the agreement received from the supervisory judge of the Herald(Lux) liquidation, the liquidators filed an application with the Court to obtain authorisation for a first "distribution payment in principle" to be made to the shareholders of Herald (Lux). The liquidators have applied for a distribution of 67.8 % of the total net loss, i.e. USD 255,600,000, which in view of the Herald (Lux) register amounts to a 70% recovery per share based on the aforementioned amount. The Court hearing took place on 14 June 2018. The judgment will be given on 28 June 2018. The liquidators would like to remind that Herald (Lux) still holds an allowed claim in the BLMIS estate for the remaining amount of USD 83.035.238,40.

On 5th July 2018, the liquidators of Herald (Lux) would like to communicate the following: Publication 05-07-18.

Following the letter which the liquidators addressed to the shareholders on 15th October 2018 regarding the potential sale of the allowed claim of USD 230.040.000 held by Herald (Lux) in the BLMIS bankruptcy (hereinafter "the claim"), and based on the positive feed-back received from a substantial majority of the shareholders in Herald (Lux), the liquidators have decided to initiate the claim sale process by requesting firm offers from potential buyers.

The liquidators aim at concluding the sale process during the second quarter of 2019. The sale of the claim by the liquidators is subject to Luxembourg Court approval

The liquidators also would like to inform the shareholders of the 10th interim distribution payment announcement made by the US Trustee of the BLMIS estate which, if approved by the US Courts, will add approximately 2.467 % of the total amount of the claim to the Herald (Lux) estate.