Work/ed at Broadway for years.. not as a trader, in their back office. I know all their secrets, I signed a confidentiality agreement that I wouldn't slander... I'll try not to.. But maybe I will if anyone is interested in listening. They did file chapter 11. Any e-mail sent from Broadway is signed "debtor in posession" at the end, I'd say that's a big clue! Not surprsing considering the way they treat both their employees and their traders. One thing I can tell you for sure.. Any positive comments about Bway at this site are definitely posted by their tech staff and are all phony.
Jeff was a silent partner. He used to run Tiger options and got into a big legal mess, I believe he was banned from being involved in the securities industry.. If you go to Sec.gov you can find the filings on Tiger Options and decipher them yourself. Jeff was truly the "brains" of bway. When he passed Marc F pretty much lost it. He tried to bring in others to sell the firm, but unsucessfully I assume. When the Instinet thing fell through, 2 of the managing directors bailed. None of this matters when you don't have a good business model to begin with.
how come they are still in business and still doing decent volume as posted on their website. also what are their traders now going to do and where are they going to trade? hans
I heard that when Jeff was in a coma that some of the managers and/or traders were looting the firms capital. Now I don't know who any of the players were. I have no idea who Marc F is (who you alluded to). I just know some of Jeffs family. I also have been led to believe he had some backing that was "questionable". I do know Steven Schonfeld. I do know he wouldn't touch anything that wasn't 100% up and up. No way! So if there is something there between Schonfeld and Broadway, it would probably only happen with a major change of "business model" as you put it. The whole thing just doesn't sound right. But who knows? Nothing would take me by total surprise. But this would come close if Schonfeld took over Broadway. I don't know much about Broadway other than what I just said. I wasn't even sure if it was Jeff Wilson's firm, which is why I asked. And I don't know very much about schonfelds firm either. I just know him from another life when we were both young and poor. Now we are older, and only I am poor. M.
have you seen their UN-UPDATED stats??? They have no traders left. NO ONE is profitable, and we're going back months here with those stats.
Okay.. Here's the story.. Marc F is Marc Friedfertig, the owner of the company.. JGM, that stands for Jeff, George and Marc. After Jeff passed away, Marc F and George West were left, they ran the business...Jeff was never around when he was alive, as I said before, a silent partner. Did anyone read the SEC filings, it's all there, all of this is public information. I am not sure about any "looting" you'd have to be more specific about the "looting." I know lots of the head traders there had lots of their money invested in that company. If you'd like to know which traders they are take a look at Bway's instuctional video tapes, you'll see who the head traders are. After Jeff had his accident and was in a coma, Bway brought in 2 guys from some other big shot wall street firm. The two guys were supposed to work on selling the company, for a big price. The guys brought in Instinet. Instinet was VERY close to buying BWAY, but that fell through.. The 2 guys were booted, probably taking lots of Bways money when Marc had to fulfill their outrageous contracts and there was no sale. Is this the "looting" you are referring to? I am not sure what the deal was at Schoenfeld. They were supposed to buy BWAY, but I don't know how bankruptcy works and if Schoenfeld did buy them, why would BWAY have filed? As I said, 100% POSITIVE they have filed. Getting back to Jeff.. This is completely speculation, but wouldn't you assume that Bway would have to liquidate Jeff's part of the company when he passed? Considering the company has been in dire straits for a while, how would they be able to "cash out" for Jeff's family?
Ohh, one more thing, if anyone wants to know if Schoenfeld did acquire BWAY, wouldn't schoenfeld have to file with the SEC for an acquisition.. That would be listed there too...