Sentinel Files for Bankruptcy:

Discussion in 'Trading' started by capmac, Aug 18, 2007.

  1. capmac


    UPDATE 2-Sentinel files for Chapter 11 bankruptcy

    Sat Aug 18, 2007 2:11AM EDT

    By Martin Howell

    NEW YORK, Aug 17 (Reuters) - Sentinel Management Group Inc., a cash management firm serving the U.S. futures industry whose decision to freeze client accounts on Tuesday helped roil global financial markets, filed for Chapter 11 bankruptcy protection late on Friday.

    The firm, which managed about $1.6 billion of assets, said in the filing that its board decided it was in "the best interests of the corporation, its creditors and other interested parties that a voluntary petition be filed ... in an effort to restructure the indebtedness of the corporation," according to a filing in the bankruptcy court for the Northern District of Illinois.
  2. This one will have a HUGE fallout in the futures industry.
  3. Xenia


    Yes. There is a pretty long creditor list.
  4. vectors101

    vectors101 Guest

    these creditors would be like shareholders of a company

    get nothing if the assets are worth nothing

  5. It seems odd to me that Sentinel is filing for bankruptcy. I expect a money manager to return funds to investors when a breakpoint is reached. The breakpoint might be a 50 % loss. I wonder if Sentinel has a breakpoint policy.