While Bear Stearns coming on board as financial adviser pickedup the stock rate to $8.75 before the Nasdaq closed for the day,this is down $13.90 since prior to the legal difficulties faced byMadden were announced this spring. It was in June that theManhattan US Attorney's office charged Madden with securities fraudand money laundering for allegedly helping two brokerage firms rigstock prices. Madden allegedly helped to manipulate the prices of31 initial public offerings, one of them for his own company.Shareholders also filed a suit in Brooklyn against Madden and theSecurities and Exchange Commission also filed a suit.

With the first trial not scheduled until April of next year,there is plenty of speculation already brewing about the extensivecollection of retail properties leased by the defendant's companyshould they sell. Madden has reportedly lost $33 million as his 21%of the stock in the company suffers the downturn in value. Thecompany's revenue last year was $163.04 million and now could fetchabout $96 million.

Including its flagship store at 540 Broadway, known as the SOHOshop, there are four Manhattan shops, three others in the outerboroughs, two on Long Island and one in Westchester. There are 39retail stores across the country outside of New York State. In atight market, particularly in Manhattan, any available retail spaceis good news for tenants. Whether or not a sale would mean thesespaces would be vacated remains to be seen. No one from Madden'scompany returned calls by press time, but there are rumors that anumber of companies might be interested, including Tommy Hilfigerand several young-adult targeted clothing retailers. None of thiscould be confirmed.