my understanding is that many day trading firms are losing big money every month which is eroding capital and worldco which is likely to file bankruptcy has more capital than firms like hold brothers and assent which are still in business. does anyone know how much capital schoenfeld has?
Assent is part of Sungard (NYSE: SDS). It is highly unlikely that chop shop worldco has more cap than Assent.
If you're a member of a serious Firm, they will give you their balance sheets, explain them to you, and actually be glad that you are taking a real interest in your career with them. Would you remain in business with anyone who doesn't share the financials with their members? Even the "employee" type trader should know who their employers are, and how they stack up financially. As far as "sub-llc's" and the concerns with them. Rather than re-hash them to death, anyone that is interested can simply do a search on them. I think they're pretty self explanatory. (The above may sound "self serving" - and perhaps in a way it is, but take a step back and think about it. And, of course, I'm much to classy of a guy to say that "I tried to warn you." ).... Seriously, just "look before you leap." Don
Exactly. ... And its pretty simple to construct a contract that requires you have access to financials, and that states the conditions of that access, and states the actions that occur if that access is not granted - like full and prompt transfer of funds at your discretion. If the parent firm and LLC wont agree to terms that allow you this access then your repsonse should be to walk away from the deal. You also need to know who you are dealing with before you even get to the final contract negotiation - i.e. full background checks.