http://www.fow.com/3572841/Futex-administrator-finds-47m-shortfall.html 4.7m shortfall in marex account.
Futex administrator finds £4.7m shortfall The administrators of defunct prop trading firm Futex reported on Friday a £4.7 million shortfall between the money held in the firm's clearing account and the cash owed to creditors including former Futex traders. The report, from Futex administrators Cork Gully, named nearly 60 claimants in the case, which arose following an injunction by one of the firm's trader which led to the collapse of the company. The administrators report said: "We note that as at the date of the injunction, the total owed to traders (approximately £5.5m) exceeded the total held in the company’s Marex Accounts (approximately £800k) by circa £4.7m."
Establishing legal ownership of the £800,000 held in the Futex account at clearer Marex Spectron and redistributing it to the trading firm's creditors is the top priority for the administrators of Futex's parent comapny, according to sources close to the process. A source close to the administrator said a decision over the ownership of the funds held in the Marex account will be "the priority for the administrators". The source added: "The cash is available so dealing with this first means that these funds can be distributed sooner. As reported by FOW on Friday, Cork Gully, administrators to Futex's holding company Independent Derivative Traders (IDT) said: "We note that as at the date of the injunction, the total owed to traders (approximately £5.5m) exceeded the total held in the company’s Marex Accounts (approximately £800k) by circa £4.7m." http://www.fow.com/3573375/Futex-funds-at-Marex-the-priority-for-administrator.html
I mean I don't understand what Paolo Rossi was thinking.............that the traders will keep their funds indefinitely with Futex. From what I understand it only took one big trader to ask for a withdrawal and the whole company collapsed. What is your opinion just21?