Trustee agrees to sell part of Madoff's business to reimburse victims

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March 28, 2009 09:54

 
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A deal has been reached to sell the part of Bernard Madoff's company that investigators are fairly certain was honestly run, and the company buying the operation said it is confident it isn't acquiring a den of thieves. A court-appointed trustee overseeing the liquidation of Madoff's assets announced Friday he has reached a potential US$15 million deal to sell his market-making business to the Boston firm Castor Pollux Securities. The agreement leaves open the possibility that the operation could go to a higher bidder before the sale is finalized, trustee Irving Picard said in a statement. The sale price is just a fraction of the US$700 million that Madoff himself recently estimated the business was worth - a figure that had been laughed off as irrational by some experts. Revenue generated by the sale will be used to reimburse Madoff's victims.

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