Friday, Irving H. Picard, the SIPA Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC, revealed a definitive agreement for Castor Pollux Securities, LLC to act as the stalking horse bidder for the acquisition of the assets related to the market making business of Bernard L. Madoff Investment.
Under the agreement terms, Castor Pollux would acquire the infrastructure assets and intellectual property related to the market making business of Bernard L. Madoff Investment. The sale excludes cash and securities related to the market making business. Subject to higher and better offers, Castor Pollux would pay $500 thousand to the Trustee at closing and payments of up to $15 million based on gross revenues generated and shares traded through 2012.
Retention of the skeletal Bernard L. Madoff Investment staff necessary for the market making business is not a condition to the deal. Thus, the Trustee has terminated their employment effective March 27. The agreement is subject to the completion of a court-approved overbid process expected to occur in mid-April, receipt of financing, other contingencies and bankruptcy court approval.
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