| Log In | Register Now
The market making business unit of Bernard Madoff’s securities firm has been sold to a Boston-based brokerdealer which will pay $500,000 at closing and payments of up to $15 million in revenues from trades through 2012.
“This agreement is a successful outcome of the broadly-marketed sales process we started in December, said Irving Picard, the court appointed trustee for the liquidation of Madoff’s business.
Other bidders may still offer a higher price, the trustee noted.
The trustee said the small number of employees for the unit were terminated on Friday.
Castor Pollux President Darin Oliver said in a statement that the unit had been extensively scrutinized by numerous Federal Agencies, according to the Associated Press.
The sale excludes cash and securities related to the market making business.
Who Is Paul McCartney Trends on Twitter; Users Wonder Why
Dad Shoots Laptop Video Goes Viral on YouTube After Daughter’s Facebook Rant [VIDEO]
Free Edition
TAKE A TOURWe value your privacy. Your email address will not be shared.
