Sure looks like it. Hitman on his msn thread confirms that bad things are going down. All capital accounts frozen, can't withdraw money.
Hitman Elite Member Registered: Jun 2001 Posts: 855 Please post this on ET It is all over. One year ago, I was on target for a 100K year. Worldco had 800 traders. I was at some gone-out-of-business firm recruiting traders like a vulture looking for a fresh corpse. One year later, I put up an amazing P&L of 30400. Worldco has less than 300 traders. Recruiters from other firms already hitting us from all channels. Retribution? On Friday there was rumor leak on what would happen coming Monday. Entire floor was in panic, everyone talking about the end, management did not do anything to address the issue. For days, people got run arounds when it comes to capital withdraws. Several key figures in key positions were laid off. On Monday morning, all current traders have their capital account frozen. The company threats to shut down all operations if traders quit. And the only way to get your money back would be to trade on, keep the company running for two more weeks. All profits will be paid to traders after each 3 day period. If you incur a signficant loss you are terminated immediately. Put it this way, what kind of idiot would stay after they get their capital when the firm put this kind of threat on the table? The firm obviously know this too, and they are simply buying time to sell-off assets, transfer firm capital into company accounts, carve off as much flesh off the dead horse as possible. Being a LLC, there will obviously be lawsuits, but it will be next to impossible for them to lose any personal assets, and I predict by the end of this week the firm will have most of its assets transferred to personal accounts, although the news did got leaked out early. Having said that, I have been withdrawing my money since the beginning of this year. 3 weeks ago a 11K hit wiped out the 8K I had left in firm account. Of course, a friend who after a 2.5 years stretch just turned profitable, up 30K this year, has 18K in his account. MVP has 8K. The number one trader last year, I don't want to imagine how much he has in his account. It is Wall Street, everything goes. I can't say a bad thing about the company that gave me a chance when I had nothing. A company that gave me a 100K year at age 22. A company that gave half a modest 2 bedroom coop in Brooklyn and 50K in cash after just 3 years, with my previous longest job being 9 months. Life goes on, this is a company I will always remember, I wish it didn't end like this, but happy endings only happen in story books. __________________ Love is the greatest strength. 10-13-03 11:47 AM
i was at the meeting this morning, at 9:00 am. world co. is freezing all assets to protect themselves the owners from losing their money but as for the traders that have capital in their accounts it will be frozen and used to pay debts. so world co. traders dont expect to get your money back. i was a world co. trader but left for a firm called ECHO TRADE before this happened and i must tell you that echo offers an advanced trading platform and great rates. they have a huge payout and they are a very stable firm . i feel great with my desicion to leave especially since i was at the meeting today with some of my freinds that just lost their jobs at world co.
I agree with you. He can write good. The book about worldco will make a great screen play. He has everything there, love for princess, greed, money. He just needs to add some twist to it like murder, theft, leader of the ring Walter and some sex.
if any worldco traders would like to know more about echotrade...contact me...ckim@echotradeonline.com