The SPIC should pay ZERO here. These are not stolen certificates, MADOFF was running a scheme, a ponzi scheme, not much different than schemes run before. In effect the judge, probably as a payoff to the politically connected lonsmen of his, is refunding money for a bad investment. Where is my Enron Money?? Where is my World Com money?? Gee, I am not connected so I can put that on my unfulfilled wish list I guess. If further annoys me that fees I am charged on my investments or trades are going to underwrite the political beliefs of those I find anathema to my being.
Merry Christmas