Will Pension Financial have somewhat less cash if some of it goes upstream to the holding company? Is the stock down 90% to pennies because all is so good? Did they invest in a freakin' race track in what was investigated as a potentially self dealing transaction by a director? If my facts are wrong ... tell me. But, if they are correct, confirm them. Take them one by one. Don't cherry pick. Talk about the reality of this clown show not in sound bites but in simple declarative sentences that deals with the regulatory oversight, the bottom falling out its equity price, a rogue director and the insane investment in a freakin' racetrack. Speak clearly into the microphone. If you have a case to be made beside that they have SOME CAPITAL LEFT after the absurd way this firm has been managed. No one is suggesting they have no money left in the brokerage subsidiary but many are saying this firm is poorly run and has a parent company that is having trouble meeting its obligations ... never a good sign.
http://finance.yahoo.com/q/mh?s=PNSN+Major+Holders I never looked at this before. I had no idea Peak 6 owned more than half Penson. Bob
Yes ... and what was worth more than $11,000,000 seven weeks ago is now worth less than $5,000,000. Peak6 Investments, L.P. 16,500,000 shares --58.89% -- $11,220,000 Mar 30, 2012 So ... is this the good news. Speak up. WE CAN"T HEAR YOU!!!
Rumors are pouring into The Options Insider that PEAK 6, the parent company of brokerage firm Options House, may have purchased Penson Worldwide at the close of business on Thursday. Peak 6 is currently the largest individual shareholder of Penson Worldwide with approximately 16.5 million shares. If this rumor is accurate, then Peak 6 has acquired the remaining shares of the troubled clearing firm.
LOL. You get your information from Yahoo Finance? Peak6 does not own "more than half Penson". Look at the SEC Schedule 13G filings for PNSN. Peak6 has never even filed as a 5% PNSN holder. The largest holder of PNSN stock is T. Rowe Price Associates with 2,817,865 shares.
Peak6 is not "currently the largest individual shareholder of Penson Worldwide with approximately 16.5 million shares." Look at the SEC Schedule 13G filings for PNSN. Peak6 has never even filed as a 5% PNSN holder. The largest holder of PNSN stock is T. Rowe Price Associates with 2,817,865 shares.
although a lot of traders initially thought that the tda buyout of tos was all bad, one VERY good side effect was moving the clearing from pnsn to tda. i'd rather have an occasional software prob than wake up one day to find my account frozen and have no idea when i can trade it and/or get my money back.
Are you sure? Various Web sites seem to agree with Yahoo, based on the March 31, 2012 peak6 13F-HR: http://rocketfinancial.com/OwnHist.aspx?sID=3581&fID=4081 http://rocketfinancial.com/FetchDoc.aspx?fid=3811442
Yes, I am sure. Yahoo and those other websites are all wrong. First, as I already stated: "Look at the SEC Schedule 13G filings for PNSN. Peak6 has never even filed as a 5% PNSN holder." Second, look at the Peak6 13F-HR filings. The Penson holding is clearly marked as principal (PRN) and not shares (SH). The holding is $16.5 million par value of Penson junk bonds. Yahoo and those other websites are not properly processing the information in the Peak6 13F-HR filings. You have to look directly at the SEC filings to have correct information.
Thanks for pointing out that the peak6 investment is debt, not equity. Could the discrepency be due to the nature of the debt? I.e., distressed debt is often convertible to equity, particularly when the note holder has a strategic interest at stake. Peak6 owns OptionsHouse, which clears through Penson. clearly, they would want to step in and assure smooth operations. Do the SEC filings show these types of covenants?