While Bear Stearns coming on board as financial adviser picked up 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 by Madden were announced this spring. It was in June that the Manhattan US Attorney's office charged Madden with securities fraud and money laundering for allegedly helping two brokerage firms rig stock prices. Madden allegedly helped to manipulate the prices of 31 initial public offerings, one of them for his own company. Shareholders also filed a suit in Brooklyn against Madden and the Securities 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 extensive collection of retail properties leased by the defendant's company should they sell. Madden has reportedly lost $33 million as his 21% of the stock in the company suffers the downturn in value. The company's revenue last year was $163.04 million and now could fetch about $96 million.

Including its flagship store at 540 Broadway, known as the SOHO shop, there are four Manhattan shops, three others in the outer boroughs, two on Long Island and one in Westchester. There are 39 retail stores across the country outside of New York State. In a tight market, particularly in Manhattan, any available retail space is good news for tenants. Whether or not a sale would mean these spaces would be vacated remains to be seen. No one from Madden's company returned calls by press time, but there are rumors that a number of companies might be interested, including Tommy Hilfiger and several young-adult targeted clothing retailers. None of this could be confirmed.