NEW YORK – A Manhattan bankruptcy judge has signed off on a tentative deal to sell a trading division of Bernard Madoff's company to a Boston firm.
The order allows for a potential auction later this month.
A court-appointed trustee overseeing the liquidation of Madoff's assets previously said he had reached a potential $15 million deal to sell the market-making business to Castor Pollux Securities.
Madoff has put the value of the operation at $700 million.
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The deadline for other offers is April 22.
If offers are received, the auction would be held April 27. Otherwise, Castor Pollux would take over the business.
Madoff pleaded guilty to 11 charges including fraud, perjury and money laundering. He could be sentenced to up to 150 years in prison.
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