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Madoff Investors’ Gabriel, Ariel Funds Valued at $1.2 Billion

Ezra Merkin’s bankrupt funds Gabriel and Ariel, so-called feeder funds for con man Bernard Madoff, have a combined net asset value of about $1.2 billion, said a liquidator.

Bart M. Schwartz, the liquidator, has raised about $420 million in cash for the funds, and plans distributions to investors “when conditions permit,” he said in a report filed in New York state court.

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