Summary: The founder of Parplus Partners, James Carney, had a prop group (called Wolo Capital) that was backed by Ronin from 2009 to 2017. He launched his own hedge fund, Parplus Partners, which Ronin took a $13M minority stake in (beginning of 2017). As of March of last year (2019) Parplus had close to $120M in assets under management (AUM). Looks like the same trade/strategy that worked for him while he was with Ronin (from 2009-2017) ended up blowing up both Parplus and Ronin in the process. But if Ronin still exists, then maybe Ronin just lost their initial $13M investment and whatever gains they had accumulated with Parplus. So it's likely the real loser is Parplus and this James guy which the media mistakenly labeled as Ronin Capital, who maybe only took a $20M-$30M loss. So my guess is Ronin survived, but barely.
But, CME specifically said they carried Ronin out, by name https://www.cmegroup.com/media-room/press-releases/2020/3/20/cme_group_statementonroninllc.html
That kind of loss wouldn't cause Ronin to have their assets auctioned off by the CME Exchange. It's probable that after Ronin's positions were auctioned, they still had equity remaining meaning that ABN didn't lose anything on Ronin. However, if ABN was in fact allowing Parplus to operate without guarantees from Ronin/Staffords, then their hit was from Parplus. It doesn't mean that Ronin didn't get tagged as well as evidenced by them being liquidated by the Exchange.
My understanding is Ronin had prop positions in Vix options that blew up and was also a backer of the fund. ABN Amro cleared their trades at the Options Clearing Corporation (OCC).
It's also possible that Ronin took on a bigger stake than their initial $13M in Parplus. ABN AMRO Clearing took a $200M hit. So maybe the total losses were like $320M - $350M of which ABN AMRO had to cover $200M. Ronin could have easily had a much bigger stake in Parplus, which only had 3 clients and $118M AUM as of late March 2019. A $50M hit could have easily wiped Ronin out.
Any specifics on his strat? It seems like he was long vol as a hedge to long stocks so why the blow up? It's unreal how these supposed industry veterans and experienced vol traders keep blowing up on each vix spike. Pure incompetence and recklessness.