Penson Worldwide, once a securities clearing broker that has since divested most of its operations, has filed for Chapter 11 bankruptcy, writes Reuters. Last year the company sold its futures division to Knight Capital Group and its broker-deal subsidiary to Apex Clearing.
Reuters – Penson Worldwide Inc, once a securities clearing broker that has since divested most of its operations, filed for Chapter 11 bankruptcy on Friday, according to court documents.
Last year the company sold its futures division to Knight Capital Group Inc and its broker-deal subsidiary to Apex Clearing Corp.
The company said in filings with the U.S. Bankruptcy Court in Delaware it was unable to successfully streamline is business after the asset sales. It was also dogged by questions from the Securities and Exchange Commission about its accounting and a class action lawsuit by shareholders.
The company listed both assets and liabilities of between $100 million and $500 million.
The Plano, Texas, company, which was founded in 1995, said it expects to sell its only remaining operating business, Nexa Technologies. Nexa develops and markets customizable securities trading platforms.
The case is Penson Worldwide Inc, U.S. Bankruptcy Court for the District of Delaware, No. 13-10061.