Madoff Exec: "The situation is obviously fluid"

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February 24, 2009
Dear clients and valued partners,
I wanted to give you a brief update on the status regarding the sale of our market making operations. We have continued to make significant progress working with Lazard Frères &Co. LLC and are happy to report that a sale appears in reach. I can not release any of the details until the trustee files an application with the bankruptcy court seeking approval of a proposed sale, but I am encouraged that we should have new ownership in place shortly. All of the employees critical to our market making operations are still on the payroll, are supporting the sale process, and are excited about the prospect of getting back to business.

I would ask for your continued patience and that you, to the extent possible, leave existing connectivity infrastructure in place for now.
While the situation is obviously fluid, the plan is for the buyer to take over the existing operation in our current location. So, existing connections and infrastructure would remain functional.
I hope to have an official announcement for you soon.
If you have any questions please contact me at [redacted].
Thanks,
Larry [Birch, long time employee of Madoff and close friend of Andy]

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