Madoff's Securities Business To Be Auctioned Today

The market making business of Bernard L. Madoff Investment Securities will be auctioned off today, according to a person familiar with the matter. We understand that there are bidders backed by investors who believe that the market making business remains valuable, despite the damage done to its founder’s reputation.

A buyer would likely change the name of the business. But the technical expertise in trading and the actual equipment of the trading business would be maintained, according to people familiar with the matter.

It is still unclear that a sale will close on the business. If bids do not come in at a level that satisfies the court-appointed trustee, the sale may be delayed. Many market watchers have expressed scepticism that the firm could be sold at a substantial price.

The identities of bidders are not known. The trustee announced late last year that the market making business would be sold off.

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