The $100 Trillion Offer
An Atlanta man has offered to buy Bernie Madoff's investment firm. And he's willing to pay a pretty penny for it, too. Ade Ogunjobi, who runs a company called Toks Inc.—and just so happens to have been born in Nigeria—has proposed to acquire the defunct firm in an "all stock tax free transaction involving $100 trillion in stock or 400 million shares" of his company.
Unlike a Nigerian scam email, which you can simply delete, Irving Picard, the trustee overseeing the Madoff case, actually has to respond to the matter. So he's now requesting a Manhattan bankruptcy judge reject Ogunjobi's offer and "dispense with a hearing... which would unnecessarily cause the expenditure of additional time and resources on this matter."
For his part, Ogunjobi says he plans to appeal. Here's hoping he has better luck than last time he pulled a stunt like this. In 2001, he filed papers with the SEC indicating his intention to acquire GE, GM, Hughes Electronics, AT&T, Time Warner, and Marriott for a modest $2 trillion.
