New Bidders Vie For Madoff Trading Unit

Law360 (April 23, 2009, 12:00 AM EDT) -- With the auction just days away, sudden interest in Bernard L. Madoff Investment Securities LLC’s market-making unit suggests the business will go for more than the $15.5 million proffered by the stalking horse bidder.

Three new competing bids have been placed on the market-making business, testing Boston-based broker-dealer Castor Pollux Securities LLC’s determination to acquire the securities trading division, which is not implicated in Madoff’s prodigious Ponzi scheme.

Irving H. Picard, the trustee overseeing the liquidation of Madoff’s investment firm, announced the new bids in a...
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