Huffpost Business

Trustee: 3 New Bids Have Been Made For Madoff's Business

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NEW YORK — A trustee says three new bids have been made for the securities-trading operation once run by fallen financier Bernard Madoff (MAY'-dawf).

Trustee Irving Picard announced Wednesday the bids for the legitimate market-making business had been made to compete with one from Castor Pollux Securities. He didn't release the names of the bidders or the amounts of the bids.

Boston-based Castor Pollux had agreed to pay $500,000 at closing and then up to $15 million in revenues from trades through 2012.

Picard says he's pleased additional bidders came forward. He says he'll select the "highest and best" bid at an auction April 27.

He plans to use sale proceeds to pay victims of Madoff's scam.

Madoff has pleaded guilty to ripping off thousands of investors for billions of dollars. He's awaiting a June sentencing.