KCG down due to rumor of algo gone wild

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Quote from atticus:

I traded out of their office in ~1996. Very tight on risk, smart ppl at the top. Not cheap, however.
More...

You must have been trading in a different type of account I assume. I got a retail piker account.
 
"Knight Close to Deal to Raise $400 Million From Investors"

http://www.cnbc.com/id/48516238

The anticipated capital infusion would come in the form of a sale of convertible securities, or bonds that turn in to stock in Knight at a certain, fixed, price, this person said. The exact terms of the convertible sale could not immediately be determined, but the conversion price would likely be at a discount to Knight’s closing price on Friday of $4.05 per share, this person said.
 
Quote from m22au:

"Knight Close to Deal to Raise $400 Million From Investors"

http://www.cnbc.com/id/48516238

The anticipated capital infusion would come in the form of a sale of convertible securities, or bonds that turn in to stock in Knight at a certain, fixed, price, this person said. The exact terms of the convertible sale could not immediately be determined, but the conversion price would likely be at a discount to Knight’s closing price on Friday of $4.05 per share, this person said.
More...

CITADEL, KRR SAID NO LONGER TO BE LOOKING AT KNIGHT
KNIGHT CAPITAL CLOSE TO FUNDING DEAL, CNBC'S KATE KELLY SAYS
KNIGHT MAY GENERATE ABOUT $400 MLN FROM INVESTORS, KELLY SAYS
GETCO, TD AMERITRADE LIKELY PART OF INVESTMENT GROUP: KELLY

TD! rofl I knew those scumbags couldn't live without their dark lord.
 
Quote from Cdntrader:

CITADEL, KRR SAID NO LONGER TO BE LOOKING AT KNIGHT
KNIGHT CAPITAL CLOSE TO FUNDING DEAL, CNBC'S KATE KELLY SAYS
KNIGHT MAY GENERATE ABOUT $400 MLN FROM INVESTORS, KELLY SAYS
GETCO, TD AMERITRADE LIKELY PART OF INVESTMENT GROUP: KELLY

TD! rofl I knew those scumbags couldn't live without their dark lord.
More...

This Reuters article describes the relationship between KCG and AMTD in more detail

www.reuters.com/article/2012/08/05/us-knightcapital-deal-financing-idUSBRE8740JE20120805
 
https://twitter.com/DavidFaberCNBC/status/232230957996982272

DAVID FABER ‏@DavidFaberCNBC

Knight Capital gets $400M from four firms through conv pref offering. Conversion price is $1.50 a share, but firm will be saved.

*****

266.67 million * $1.50 = $400 million

266.67 million new shares (upon conversion)

Current share count from 31 March 2012 10-Q
98,210,924 shares

New diluted share count 364.88 million shares

Existing shareholders get 27% of diluted equity under this scenario.

Indicative market cap of 364.88 million * $1.50 = $547 million
 
Quote from m22au:

https://twitter.com/DavidFaberCNBC/status/232230957996982272

DAVID FABER ‏@DavidFaberCNBC

Knight Capital gets $400M from four firms through conv pref offering. Conversion price is $1.50 a share, but firm will be saved.

*****

266.67 million * $1.50 = $400 million

266.67 million new shares (upon conversion)

Current share count from 31 March 2012 10-Q
98,210,924 shares

New diluted share count 364.88 million shares

Existing shareholders get 27% of diluted equity under this scenario.

Indicative market cap of 364.88 million * $1.50 = $547 million
More...

266/364 = 73% of co @ 1.50 not bad

I guess they can sell it down to 1.50 for 22% and still have a majority stake :D

Now bring on the lawsuits...
 
Quote from m22au:

https://twitter.com/DavidFaberCNBC/status/232230957996982272

DAVID FABER ‏@DavidFaberCNBC

Knight Capital gets $400M from four firms through conv pref offering. Conversion price is $1.50 a share, but firm will be saved.

*****

266.67 million * $1.50 = $400 million

266.67 million new shares (upon conversion)

Current share count from 31 March 2012 10-Q
98,210,924 shares

New diluted share count 364.88 million shares

Existing shareholders get 27% of diluted equity under this scenario.

Indicative market cap of 364.88 million * $1.50 = $547 million
More...

Is there any other source talking about a $1.5 price?Could be a typo
 
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