Judge to approve winning bid to buy Madoff unit
NEW YORK - A bankruptcy court judge says he expects to approve the sale of Bernard Madoff's legitimate trading operation.
Boston-based Castor Pollux Securities has agreed to pay $1 million down and about $24.5 million from future earnings. The money will help cover claims of victims of Madoff's fraud. (To read a Globe story about Castor Pollux, please click here.)
A lawyer for a trustee overseeing the liquidation of Madoff's business assets said Thursday that some minor details must be resolved. US Bankruptcy Judge Burton Lifland said he'll sign off on the deal when that happens.
The trading operation was managed by Madoff's brother and two sons. It was separate from the investment advisory business central to the scam.
Madoff has pleaded guilty to swindling thousands of investors of billions of dollars. He awaits a June sentencing. (AP)