Worldco R.I.P. 1993-2003 ?

ghostrider · Mar 9, 2003

Quote from nitro:

There are alot of "only child" people on this board that think somebody owes them something.

nitro

This is a retarded comment from the "big cheese" of elitetrader

Nitrless dont be so stupid,ONLY KIDS have it tougher being alone.... but you probably wouldnt know because you are to selfish to have kids.

hardrock375 · Mar 9, 2003

Quote from ghostrider:

Nitrless dont be so stupid,ONLY KIDS have it tougher being alone.... but you probably wouldnt know because you are to selfish to have kids.

Actually, I think he and his wife do have a child...

nitro · Mar 9, 2003

Quote from hardrock375:

Actually, I think he and his wife do have a child...

Yeah, Casey is an only child - that is why I have PROOF of where the expression comes from (unless you count my dog Shreddy, who THINKS he is a sibling.)

nitro

hardrock375 · Mar 9, 2003

Quote from nitro:

Yeah, Casey is an only child - that is why I have PROOF of where the expression comes from (unless you count my dog Shreddy, who THINKS he is a sibling.)

nitro

That is the dog (Shreddy) that was hit by a car, right? How is he/she doing?

hardrock375 · Mar 10, 2003

Quote from nitro:

(unless you count my dog Shreddy, who THINKS he is a sibling.)
QUOTE]

I should have been more observant (reference the he/she directly above).

MondoTrader · Mar 10, 2003

What gets a person to team leader status at worldco ? A larger cash deposit ? Management likes you ?

I Missed Boat · Mar 10, 2003

Quote from fl_trader001:

Nice thread.. Looks like the only ones making any $$ at Worldco are the guys getting a cut of the commissions, which appears to start at the team leaders and go up to the firm's owners from there.

Sounds familiar - like a classic pyramid scheme. They are cutting traders left and right and then are going to tell you what great "training" they have. The losers are complaining that it's a tough market! Well, here's the good news - it will not get any better! Stop whining there's plenty of money out there for anyone that can avg .01/share profit. If you can't hit that target, get out of the business.

What this industry needs is a new prop firm with guys that can really make money, instead of guys that make their money off sucker newbies paying .012/share!

Actually, many team leaders never made any or much money off their groups (some even lost money).

NYNY · Mar 10, 2003

anyone can be a team leader. If you think about it Worldco get you to do some administrative work without paying you shit.

Everyone I know that is a team leader wished they didn't do it. Its not worth the few bucks you get.

Even some guys who run their own office have issues.

I was asked if I wanted my own team two years ago when I was negative.

I would never attempt to act like I know what I am doing and "train" someone. I think a team should only be lead by very good successful traders who will train their team.

my .02

Don Bright · Mar 10, 2003

Quote from trius718:

Question:
If a prop firm LLC goes bankcruptcy, what happen to the traders' money in the firm? Perhaps Don could answer it? Thank you

Since you asked.....if an LLC goes into bankruptcy, then that means that they are "net negative" ...overall assets to liabilities, and then it goes something like this:

The net assets of the LLC, including the traders capital are used to pay off the liabilities. (a plug for BT coming). We keep a minimum of $10 Million of Class A capital to protect all the traders capitall form such an event. This is disclosed in our balance sheets, which we freely share with our members and prospective members.

Traders are not liable for anything in excess of their accounts in the event that there is such a bankruptcy.

Everyone: Read your agreements, ask the hard questions, be comfortable with your working environment.

I can go into more detail, but I would like to have my compliance officer review my statements......If we really want to go into more detail, perhaps we can do it on the "chat" that is going on Thursday....

Don

Newatthis · Mar 13, 2003

Now that you brought it back up, you never answered my question. My estimates were that you had lease obligations that amounted to about $10 million. Under your scenerio that would put the trader's money at risk for the liquidating value. Add in all the yet to be depreciated assets and other obligations and the 10 million isn't what it used to be...