Madoff Trustee Receives Approval to Take Bids on Market-Making Unit

The trustee liquidating Bernard L. Madoff Investment Securities LLC won permission today (Tuesday) to auction the firm’s market-making business.

Also today, U.S. Bankruptcy Judge Burton Lifland in Manhattan approved the plan of trustee Irving Picard (a lawyer with Baker & Hostetler LLP in New York who has recovered about $1 billion for investors in Madoff’s money- management business) to take bids on the unit.

If someone emerges with a better offer than the lead bidder, Boston-based Castor Pollux Securities LLC, an auction will be held April 27. Other potential bidders that have come forward include some hedge and private-equity funds and market-makers.

Castor Pollux, a broker dealer, offered $500,000 on March 28, with additional payments of as much as $15 million, based on revenue and shares traded through the firm until 2012. [via Bloomberg]

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