A court-appointed trustee overseeing the liquidation of Bernard Madoff's assets announced Friday he has reached a potential $15 million deal to sell a trading operation within the disgraced financier's firm.
The agreement with Boston-based Castor Pollux Securities 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.
Picard called the deal "a successful outcome of the broadly marketed sales process." Castor Pollux had no immediate comment.
The trustee has been selling off Madoff's business assets—including works of art in his midtown Manhattan office—to cover thousands of claims brought by victims of the former Nasdaq chairman's multibillion-dollar Ponzi scheme.
The market-making division managed by Madoff's brother and two sons was separate from the secretive investment advisory business central to the scam. At a forum last month for victims, Pickard said investigators had concluded the trading operation was legitimate and should be sold to the highest bidder.