I heard they were changing to a hedge fund model but had to scrap it, wasn't enough interest in raising investor capital. Prop model is dead so who knows what their new model is.
They still run almost the exact same model at Schonfeld. Same strategy. The software/filter they have is basically the same they had back in the early 90's. If you are talking payout/backing model. That too is almost identical to what they had in the 90's. FNYS, I agree ...seems to be "in a different place" these days. But "going under"...not sure that's the case.