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August 4th, 2012 03:40 PM #6971Just because of a software glitch? Can they sue their software provider?
Originally Posted by uls
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August 6th, 2012 09:30 AM #6973Knight Capital survives
Knight Capital Reaches $400 Million Deal to Save Firm - US Business News - CNBC
Knight Capital Group has been saved with an infusion of $400 million in the form of a convertible preferred security that gives the buyers the right to buy Knight shares at $1.50, according to sources close to the deal.
The private-equity firm of General Atlantic (which owns the Getco market maker) along with Blackstone [BX 13.90 0.20 (+1.46%) ] private equity, Omaha brokerage firm TD Ameritrade [AMTD 16.07 0.70 (+4.55%) ], and Stifel Nicolas will buy the $400 million preferred, which has a conversion price of $1.50 and will massively dilute the trading firm, but allow it to replenish its coffers and open for business on Monday.
The four buyers of the preferred will together own about 70 percent of the firm, which upon conversion of the preferred, will see its share count rise from a hundred million shares to roughly 350 million shares. The coupon on the preferred is 2 percent, but all the firms are expected to convert after 10 business days.
Jefferies led the offering and has been engaged with Knight since it suffered a $440 million trading loss on Wednesday.
A Knight spokeswoman declined to comment.
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August 17th, 2012 07:22 PM #6974the ship is sinking
according to CNBC -- Accel Partners (one of the first investors in Facebook) dumped 50 million shares last night
BREAKING NEWS FROM CNBC
WHEN: TODAY, THURSDAY, AUGUST 16TH
WHERE: CNBC’S “CLOSING BELL”
Following is the unofficial transcript of breaking news from CNBC’s Kayla Tausche. All references must be sourced to CNBC.
Following is a link to the video on CNBC.com: CNBC's Tausche: Accel Offloading FB Shares to Limited Partners - CNBC.
KAYLA TAUSCHE: ACCEL PARTNERS IS OFFLOADING A BIG CHUNK OF 50 MILLION OF ITS FACEBOOK SHARES TO ITS OWN INVESTORS ACCORDING TO MY SOURCES. NOW THESE ARE SHARES THAT WERE PREVIOUSLY LOCKED UP BUT NOW WILL CHANGE HANDS TO ALLOW ACCEL’S OWN LIMITED PARTNERS THEIR DECISION OF WHETHER TO SELL OR HOLD THE STOCK. NOW APART FROM ACCEL PRESIDENT AND FACEBOOK BOARD MEMBER JIM BREYER ACCEL AS A FIRM HELD MORE THAN 144 MILLION FACEBOOK SHARES AT THE TIME OF ITS IPO. SHARES IT AMASSED AS ONE OF THE EARLIEST INVESTORS IN THE COMPANY. NOW OF COURSE ONLY A FRACTION OF THOSE 144 MILLION SHARES ARE UNLOCKED AS OF THIS WEEK’S EXPIRATION BUT I AM TOLD THAT THE 50 MILLION SHARE TRANSFER IS THE BULK OF THAT AMOUNT THAT IS UNLOCKED THIS WEEK AND OF COURSE WHILE NOT ALL INVESTORS GETTING SHARES WILL BE SELLERS THIS BLOCK IS WORTH ROUGHLY A BILLION DOLLARS AT TODAY’S STOCK PRICE AND IT COULD REPRESENT TODAY’S OUTSIZE VOLUME 135 MILLION SHARES TRADING AND IF IN FACT 50 MILLION OF THOSE DID GET SOLD THAT IS ROUGHLY A THIRD OF WHAT WE HAVE OUT THERE.
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August 20th, 2012 08:32 PM #69761 yr stock market performance of the 2 biggest economies in the world
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Originally Posted by uls
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