AB Watley going out of business?

Discussion in 'Prop Firms' started by Casey30, Apr 26, 2003.

  1. Casey30


    I was looking at the quarterly report on AB Watley, they operate a prop trading group of about 50+ traders in NYC. The following statement from their quarterly report made me wonder whether they would be around much longer:

    "Liquidity and Capital Resources

    As indicated by the accompanying unaudited consolidated financial statements, the Company has significant deficits in both working capital and stockholders` equity. These factors raise substantial doubt about the Company`s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty."

    the link is:

    So what do you guys think? Does anybody have any info as to how long they have left?

  2. Speculator1929

    Speculator1929 Guest

    I have a friend who used to work at On-Site Trading. They were bought by Watley. Anyway, he is still there and says that they are going down. He took out all his money so far, although month to month he has his profits up.

    Jay Amore, the CEO/head Prop guy is supposed to be a wild man in the sense that he doesn't care about regulation, about net capital and just churns traders. There was a point a few weeks agao where he was supposedly fired, but he is still there. I understand it to be a terrible situation. A guy named Gary Mednick from On-Site is there and promising things that are not being delivered on.

    Apparently it is a fluid situation and depending on who you talk to you get different opinions on what the situation is. I think that anytime you are at a stage of not being sure about what the truth is, then you should bail now before it gets too late. If you were at On-Site before this you know what I mean. I was not at On-aSIte, but my best friend was.

    By the way, my friend at Watley says the software is good when it works, but they are having reliability problems. The stock is trading under ticker symbol ABWGE and is trading at less than 50 cents. Looks like bankrupcy!
  3. Speculator,

    You are absolutley right. I was there for a few months and Jay Amore is running a pure scam over there. If anyone think we're bs'ing, if you're in nyc, take a trip to 40 wall, walk in and ask where the prop traders sit. Everything you said about Amore is correct, you only forgot that his staus as the CEO was illegal until his contract ran out with his previous firm. As for the software, UTII stunk and UTIII shown at the expo wasn't much better. That fat bastard Leon won't let that pos java dinosaur go.

    If you're buddy is still at 40 wall, the only good thing about UTII is the bullets they use are illegal and you can short 10k of stock with 1k of bullet.

    The only thing you got wrong was the symbol.. it's not abwge anymore, that was when it was over a buck, it's ABWG.PK now.

    Hope they eat crap and die, I hate those guys. SEC should be there soon enough to shut it down.