Van der Moolen files for bankruptcy

Discussion in 'Wall St. News' started by ASusilovic, Sep 9, 2009.

  1. AMSTERDAM, Sept 10 – Dutch brokerage Van der Moolen Holding filed for bankruptcy on Wednesday in Amsterdam, ending the 117-year old firm’s history after it decided it could no longer meet expenses, and failed to find a buyer.

    The broker, once one of the prime marketmakers on Wall Street, said it could no longer pay ongoing expenses, including salaries, for September.

    “Furthermore, it became apparent during the last weeks that there are no possibilities to sell VDM or to continue as a smaller company,” the company said in a statement issued late on Wednesday after it filed for bankruptcy in the Court of Amsterdam.

    In August, Van der Moolen sought and won creditor protection from a Dutch court saying it had a “very weak” liquidity position and was considering asset sales and significant writedowns.

    Even with a sale, or liquidation, receivers determined that shareholders in Van der Moolen could not be paid out. “The consequence of the bankruptcy will be that VDM will be liquidated,” it said.
  2. Too bad, so sad. Can't rip people off anymore and can't make an honest living. Good riddance to bad rubbish.