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high99

Registered: Jun 2002
Posts: 249

04-03-12 09:49 PM

Quote from rmorse:

On the futures side yes. In customer portfolio margin accounts, there is a big difference. No other prime broker calculates margin and risk like they do now. Every other firm has gotten very restrictive. The big issue, is that other firms are changing their requirements often, so the client does not know what to expect. Penson has not done that, yet.

Bob

You do not seem to be to concerned about this situation with your clearing firm. I believe Penson clears for a large number of smaller brokers. It would seem to me that a large number of people are going to be very P.O'd if Penson goes belly up, what with all of the advanced warning bells going off. I have been with them for years, and they have been excellent. I hope they get things worked out as they seem to be a well run company from an operations standpoint.

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FrankSlaughtery

Registered: Aug 2010
Posts: 810

04-04-12 11:41 AM

Quote from high99:

You do not seem to be to concerned about this situation with your clearing firm. I believe Penson clears for a large number of smaller brokers. It would seem to me that a large number of people are going to be very P.O'd if Penson goes belly up, what with all of the advanced warning bells going off. I have been with them for years, and they have been excellent. I hope they get things worked out as they seem to be a well run company from an operations standpoint.

+1 to everything except the last sentence b/c of that director buying the racetrack nonsense but very good points.

my 0.02 USD is that someone buys them for next to nothing to acquire their relationships and has to do a capital infusion to put them on solid ground. now b/c i said that they'll prob just file ch. 11 tomorrow.

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high99

Registered: Jun 2002
Posts: 249

04-04-12 12:16 PM

As someone said before, they do not run a prop desk, so they should not be stealing customers money. Hopefully. So perhaps a straight up Chapter 11 would allow them to shed debt, restructure, and get a fresh start. Trading volumes are way down compared to the past 5 years or so, so their income stream is hurting yet their monthly bills keep coming in. Gee, I think a lot of people can relate to that. Agree that the race track deal was pure stupidity and that must have hurt. But they do seem to run a clean day to day operation, so there does exist something of value. It seems a smooth chapter 11 would be the way to go. When an airline goes 11, you don't even notice. Perhaps this could be the same.

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magicz

Registered: Nov 2005
Posts: 346

04-04-12 03:45 PM

stock is at .56 today!

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FixedGrin

Registered: Aug 2011
Posts: 418

04-04-12 04:10 PM

Penson is located in Dallas, did the tornadoes sweep them away?

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Catoosa

Registered: Sep 2001
Posts: 878

04-06-12 09:54 PM

Penson has dug themselves into a financial hole from which they will not escape intact. They lost 233M or $8 a share of common last year. This company has obviously been mismanaged from its inception. The company leaders take pay/year of 305K to 737K to create a corporate financial disaster for the company creditors and share holders. I expect this company will inevitably be dissolved and its accounts absorbed by other firms.

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