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Baker Attorneys Complete Sale of Bernard L. Madoff Investment Securities LLC's Market-Making Business to Castor Pollux Securities LLC

Steven H. Goldberg and Marc E. Hirschfield led a team of Baker lawyers representing Irving Picard, the Trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC appointed by the Honorable Louis B. Stanton, United States District Judge, in a sale of the market-making business to Castor Pollux Securities LLC for up to $25.5 million. The sale was effected under Section 363 of the United States Bankruptcy Code.

Four bids were received and an auction occurred in Baker's New York offices under the auspices of the bankruptcy court, at which Castor Pollux found was the winning bidder. Picard, Hirschfield, transactions practice co-chair Goldberg, commercial litigation partner David Sheehan and associates Douglas Nevin and Amy Vanderwal, among many others, advised on the auction of Bernard L. Madoff Investment Securities LLC's market-making business to Castor Pollux. (To date, Picard and his Baker legal team have recovered more than $1 billion in assets from Madoff’s businesses and properties.)