Trustee Announces Winning Bid of Up to $25.5 Million for Madoff Market Maker Business
NEW YORK, N.Y. – April 27, 2009 – Irving H. Picard, the SIPA Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”), announced that following the completion of the Bankruptcy Court approved auction conducted today at the offices of Baker Hostetler where he and his counsel are based, Castor Pollux Securities LLC (“Castor Pollux”) is the winning bidder for the acquisition of the assets related to the market making business of BLMIS. Castor Pollux will pay $1,000,000 at closing and up to $24.5 million in deferred compensation through December 2013… (more)
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SIPC to Reinstitute Assessments of Member Firms’ Operating Revenues
WASHINGTON, D.C. – March 2, 2009 – The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, announced today that SIPC members assessments will be based, as of April 1, 2009, on one-quarter of 1 percent of the net operating revenues of member firms… (more)
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SIPC, Egypt Investor Protection Fund to Cooperate
WASHINGTON, D.C. – February 27, 2009 – The Securities Investor Protection Corporation (SIPC), which is chartered by the U.S. Congress to maintain a special reserve fund to protect the customers of insolvent brokerage firms, and its Egyptian counterpart, the Egypt Investor Protection Fund (EIPF), today signed a memorandum of understanding (MOU) in order to work together more closely in the event of the insolvency of a brokerage firm doing business in both the United States and Egypt… (more)
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