Worldco's attorney's filed a cease and decist order against the New York Post reporter who printed the first story. So his hands are cuffed. I don't even know if they are legally allowed to do that but they did.
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Worldco Going Out of Business
- Thread starter Thug_Life
- Start date
Worldco's attorney's filed a cease and decist order against the New York Post reporter who printed the first story. So his hands are cuffed. I don't even know if they are legally allowed to do that but they did.
Quote from I Missed Boat:
Walter is not yet in Thailand.
The deal at schonfeld was their standard deal (except that worldco traders going to Brooklyn could keep their existing deal for a few months). However, Schonfeld not only has some good things to offer, but it will give back to traders a piece of the profits of all former Worldco traders at Schonfeld to help resore the capital balances looted by the scummy, lying, fraudulent Bruin family.
OK, someone please explain this to me because I heard this same thing somewhere else. Now I know schonfeld is not giving away money here so why would they feel obligated to pay back a debt that isn't theirs? Can someone please answer this for me. I mean what in God's name can they possibly benefit? I mean we must be talking about millions of dollars here. Nobody gives out charity, especially in this business. So what am I missing here? Does schonfeld think Worldco will pay them back later for these debts. And even if they are offering this payback to high commission generators, I don't see how they are going to make money on this deal.
You can't just stop a reporter or newspaper from saying things you don't like whenever you want. There is no prior censorship of the press except in EXTREME cases. I would like to hear what's really going on. You can't force the press to "cease and desist" from reporting truth, or even from speculating.
There's a lot I've heard about the whole Worldco story that doesn't make good sense....partial payouts...rumors of bankruptcy....etc, etc.
Anytime a prop shop goes down it gives the whole industry a black eye.
I once actually checked into getting insurance coverage (the firm retaining the coverage) for trader balances but nothing could be worked out since they were not customers.
There's a lot I've heard about the whole Worldco story that doesn't make good sense....partial payouts...rumors of bankruptcy....etc, etc.
Anytime a prop shop goes down it gives the whole industry a black eye.
I once actually checked into getting insurance coverage (the firm retaining the coverage) for trader balances but nothing could be worked out since they were not customers.
Quote from thetraderprofit:
You can't just stop a reporter or newspaper from saying things you don't like whenever you want. There is no prior censorship of the press except in EXTREME cases. I would like to hear what's really going on. You can't force the press to "cease and desist" from reporting truth, or even from speculating.
I know, I don't understand this either but never the less that is what happened. Personally, I think we have one whopper of a story here. I mean this could be 60 Minutes material here.
Quote from thetraderprofit:
You can't just stop a reporter or newspaper from saying things you don't like whenever you want. There is no prior censorship of the press except in EXTREME cases. I would like to hear what's really going on. You can't force the press to "cease and desist" from reporting truth, or even from speculating.
There's a lot I've heard about the whole Worldco story that doesn't make good sense....partial payouts...rumors of bankruptcy....etc, etc.
Anytime a prop shop goes down it gives the whole industry a black eye.
I once actually checked into getting insurance coverage (the firm retaining the coverage) for trader balances but nothing could be worked out since they were not customers.
there was no partial payment on capital accounts, only payment for what was owed this pay period. But yes, prior restraint has not normally succeeded in the history of the freedom of press, so I don't know what is going on as far as that.
Quote from Maverick74:
OK, someone please explain this to me because I heard this same thing somewhere else. Now I know schonfeld is not giving away money here so why would they feel obligated to pay back a debt that isn't theirs? Can someone please answer this for me. I mean what in God's name can they possibly benefit? I mean we must be talking about millions of dollars here. Nobody gives out charity, especially in this business. So what am I missing here? Does schonfeld think Worldco will pay them back later for these debts. And even if they are offering this payback to high commission generators, I don't see how they are going to make money on this deal.
Schonfeld is simply offering a small piece of the profits from the former Worldco traders to help restore Worldco traders lost capital. They made this deal with Worldco in return for Worldco encouraging traders to go to Schonfeld and as an incentive for good Worldco traders to go to Schonfeld.
Quote from I Missed Boat:
Schonfeld is simply offering a small piece of the profits from the former Worldco traders to help restore Worldco traders lost capital. They made this deal with Worldco in return for Worldco encouraging traders to go to Schonfeld and as an incentive for good Worldco traders to go to Schonfeld.
Define small piece of the profits? This seems awfully suspicious to me. The fact that Wordco was steering guys over to Schonfeld is worth about one subway token in my pocket. Schonfeld has to worry about their own bottom line and from what I have been hearing they are not in the best of financial condition either. The next question I would have is if I was a trader at Schonfeld, are they putting my existing job at risk by overextending themselves financially. And is that fair for them to do that. I'm sorry, I'm just not buying the nice guy routine here. I know the industry too well.
It makes no sense for Shoney to pay Worldco guys part of their lost capital. What would stop one of these guys from going to Shoney, trading for a few weeks, getting back his capital, and then leaving for another firm?
I mean, let's be realistic...Shoney isn't exactly the industry leader in technology. You can't even see Level II quotes on their software. This makes no sense.
Volume
I mean, let's be realistic...Shoney isn't exactly the industry leader in technology. You can't even see Level II quotes on their software. This makes no sense.
Volume
No talk of Andover here? I guess for once they are trying to keep a low profile.
Quote from Maverick74:
Define small piece of the profits? This seems awfully suspicious to me. The fact that Wordco was steering guys over to Schonfeld is worth about one subway token in my pocket. Schonfeld has to worry about their own bottom line and from what I have been hearing they are not in the best of financial condition either. The next question I would have is if I was a trader at Schonfeld, are they putting my existing job at risk by overextending themselves financially. And is that fair for them to do that. I'm sorry, I'm just not buying the nice guy routine here. I know the industry too well.
Schonfeld has one of the best technologies. As far as what stops a wldco trader from trading "a few weeks" and leaving is that wldco traders will not see a return on their capital account at anything like a rate that quickly. For the small piece wldco traders are getting, it will probably take a very long time for traders to get anything significant returned to them, and in the meantime, wldco itself is still responsible for the lost capital (ie Schonfeld simply offers a way for wldco traders to try to hedge some risk of not getting much of their capital returned from the criminal worldco ownership).