Sale Set For Madoff's Market-Making Unit

Law360, New York (April 7, 2009, 12:00 AM EDT) -- The trustee in charge of liquidating Bernard L. Madoff's collapsed investment firm is set to auction off its market-making business for as much as $15 million, now that the bankruptcy court has approved the sale procedures.

On Tuesday, Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York gave the liquidating trustee the go-ahead for the sale of Bernard L. Madoff Investment Securities LLC’s market-making unit, establishing Boston-based broker-dealer Castor Pollux Securities LLC as the stalking horse bidder.

Castor has...
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