PDVSA pension Ponzi: Receiver has recovered 1% of cash

Associated Press says a receiver is having a hard time recovering PDVSA pension money that got mixed up in a Ponzi scheme and other financial shenanigans:

Carney on Monday asked for a three-month deadline extension to Sept. 30, saying the task has been complicated by gaps in the paper trail and other challenges.

“The magnitude and fraudulent nature of the transactions, the lack of meaningful documentation, the involvement of foreign entities, and the sheer quantity of data all necessitate additional time,” Carney, of the New York law firm Baker & Hostetler, wrote in the court filing.

The article also says what kind of success the receiver has had so far. He has recovered $5.1 million. Out of about $500 million. I have no idea how that compares to other cases, as it may be that the money is all there and it’s just a matter of time. We shall see.