Worldco Going Out of Business

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no return of capital to traders promises promises

 

From the NY Post:

http://www.nypost.com/seven/10162003/business/8222.htm

 

9 out of 10 people on the Street don't even know prop shops exist.

 

My buddy at Worldco got a check for 5k out of the 25k they owe him.

The firm said see ya!!!

That's all folks, nothing he can do but move on.

 

So they are paying back 20 cents on the dollar? Is that to everyone or just him. I know somebody that has 750k in the firm.
Are any of the guys talking about getting together to form a class action lawsuit?

 

Please tell me why someone would leave $750,000 in an LLC?

 

is this as bad a situation as at Harbor , where traders
had problems getting anything out of the firm?
sorry to ask as this prob was mentioned somewhere
in the thread , but what caused the demise of the firm?

Also ... does this again point to the risk of having money
in an LLC prop trading firm?

 

Well he had his own office and about 50 traders under him who losses he was responsible for.

 

are you talking about the boca office?

 

Nope