Members of SIPC maintain separate accounts in trust and are therefore easily transferable and frequently audited. This MADOFF Hedge Fund is a whole different creature. Unregulated and not covered by SIPC.. Activist Judges will blow wind on this and only make a stink. The funds gone and nobody but Madoff and his estate owes them a thing.
where it gets muddy, of course, is that the fund probably had accounts at Madoff...