You are correct, I should have specified I was only referring to trading firms - broker/dealers. I know hedge funds have some way around that but am not versed on what they do. But have also heard like TM that they soon will be under scrutiny.
ok.. that has been my thesis since i have been in trading. but lets apply this to the real world. Tuco had not harmed any of it's traders. the harm came from the government. why do the SEC and the receiver use cryptic language to defend their dirty work?
He was suppose to update by the 15th. Looks like he hasn't milked this enough yet. Where are you Mr. Lennon?
someone commented that the receiver's team charged Tuco $2100 an hour for their services. I wonder if they are still making that rate?
Here is the latest that I know. Doug has gotten his own ATTNY. I don't know if it is probono, or paying. They met last Wed. The new attny is going to go in front of the judge and tell the real story of what is going on here. The reciever is scuabaling over $30K in the error account. He won't let Tuco out of its obligation to the lease. There has been 3 different proposals put infront of Mr Lemon, and he just wants to charge the LLC the total lease. The new attnys think Doug has an excellent chance of getting recievership for himself. Since the SEC has said in court he was not imbeseling, that was the only reason they gave recievership to Lemon in the first place. If that happens in the next week or so. Doug will make distributions almost immediately. If you know Doug, give him a call, and post what you know as well. good trading Bandit
thanks for the update. Doug sounds like a stand up guy.... i hope this goes well and Mr Lemon and his team gets pulled off their "ill gotten gain" gravy train.