former Tuco traders

Discussion in 'Prop Firms' started by ab443, Apr 7, 2008.

  1. ab443


    Has anyone heard anything new from tuco's reciever regarding distribution? Also would like to know how many of us are out there.
  2. sebbrk


  3. Daal


    havent heard anything. the receiver is too busy watching seinfeld reruns to bother giving back the money from the people hes supposed to help
  4. Daal


    just received this email from the receiver when I inquired him about his supposed 'help'

    "The Securities and Exchange Commission filed its case against Tuco
    Trading and Douglas Frederick because it believed that Tuco Trading and
    Mr. Frederick were violating securities laws and that if Tuco continued
    to operate, its members and creditors would be further damaged. The SEC
    asked the District Court that I be appointed as receiver for Tuco and
    the District Court agreed that my appointment was in the best interests
    of the company, its members and creditors. My fees and costs, and those
    of my professionals, are paid from the assets of Tuco and Mr. Frederick.
    My ultimate goal is to see that the members and creditors of Tuco
    receive as much of the amounts they are owed from Tuco as possible.
    Substantial accounting, investigation and legal work are required.
    However, my team is experienced, works efficiently and is able to
    minimize expenses. I hope this addresses your concerns.


    Thomas F. Lennon
    Receiver for Tuco Trading, LLC"

    What I want to know is if the deposits consitute tuco's 'assets'
  5. Yes, absolutely.

  6. this makes me want to vomit... seriously. i would get the state's attorney general involved in this.. this is extortion.
  7. lol the reciever is going to stick a big dildo up all the llc's members. man he's going to run those bills up to the moon. i bet he's got his "forensic" accountants matching tuco's 10k monthly statments by hand and it will take 10 years and 10 milllion bucks
  8. This is such a freakn joke, its absolutely unreal to me.

    I don't have a dog in this fight or a vested interest.

    But Mr. Lennon is basically saying fuck off traders- I am taking your money.

    Tuco never failed to pay out traders, EVER. Basically the SEC and Lennon just wanted to take a shop like Tuco down and have everyone else scrambling to stay in business.

    But hey, if you get your s7 (which I have) that means you are more responsible with leverage.

    So absurd.
  9. Mr. Lennon's writings are 3rd grader material. I'm guessing we get pennies on the dollar if his fees are coming from TUCO assets. Anyone know who is paying him? That said, can't hang the guy if he completes by end of May, my arbitrary date. Beyond that, he is milking this. End of May completion, he was efficient in screwing the prop shops and will moving on to fertile ground to beat up. No place to hide, retail account is it.
  10. ab443


    The judge that assigned the case to the reciever is Judge Dana

    Sabraw of the U.S. Southern District Ca. Her phone number is

    619 557 6262.I wonder if calling her might not put some pressure

    on reciever to expedite the situation so we get some cash out

    while there is some left.
    #10     Apr 8, 2008