“Den Drijver and Kroon walk”
A surprising turn of events last friday. According to Paul Schaink, one of the joint liquidators of the firm, there’s a deal with the insurance company AIG. It will cover most of the estimated EUR 126 million claim against former board members. Details of the settlement will follow in a few weeks.
Judge decided in 2013 it was indeed a case of maladministration bringing down the firm, by especially Richard den Drijver and Hans Kroon. Board members are liable, but the Van der Moolen insurance policy covered most of the damage for both gentlemen.
Land of confusion
Confusion in the press. One newspaper (DFT) brought the news Den Drijver and Kroon could walk without any financial pain. The other one mentioned the board members had to bleed as well (FD). And third, Quotenet had a phonecall with a grumpy Hans Kroon.
Van der Moolen shares not worthless?
It’s still unknown for which amount the claim has been settled with AIG. At least it appears a lot of people will receive substantial amounts. Frank Vogel (GSFS) will top the list. Apart from the usual suspects, it may be possible some cash is left for shareholders.
Yes, a long shot. But with 42 million shares outstanding, there’s not much fantasy required for a few cents compensation per share.
first,
good to have insurers pay out for a change, thankfully there is still some rule of law
Trader Jack talking out of his arse here. AIG coverage is up to 25 million MAXIMUM, so no way they are covering “most of 126 million”. And Frankie V has nothing to do with this. He was a normal creditor of Curvalue and he’s been paid already. Unless he was so stupid to have bought shares of VDM, there is no extra compensation for him. the real ‘winners’ are the preferred shareholders (who were claimants at the enterprise chamber). Ordinarily their 40 million would have to be repaid in full before there could be any sort of compensation for normal shareholders. But under the terms of the settlement, normal shareholders will get some scraps. At least those who signed up with the VEB. We’ll find out more soon enough.
Klopt. Alleen aandeelhouders aangesloten bij de VEB kunnen op compensatie rekenen.
http://veb.net/content/HoofdMenu/Acties/VanderMoolen/actieartikelenVDM/vdm23012015.aspx
Omdat maar een fractie van alle aandeelhouders zich op tijd had aangemeld bij de VEB hoeft hun compensatie niet zo slecht te zijn.
Source Capital 2004 – 2015
Another major Dutch prop trading firm closed doors. Speculations on this bankruptcy appeared already last year on amsterdamtrader and concrete rumors the day after the SNB decision. But amsterdamtrader has not always been fair towards this company. It is finally time to pay tribute to Source Capital and his founder, Dr. Pieter Van Hasselt, a pioneer in the field of automated trading in Europe. Perhaps not known to many, it is thanks to Pieter that IMC embarked into automated trading and ultimately became one of the major players in the field. It was Source Capital which gave shelter to the newly build IMC team in Zug, proving office space, infrastructure, technology, market data, and most importantly, inspired a generation of young traders to make money using computer programs. It is ironic that SC did not grow and develop like IMC. But success in trading is not always fair, as most of the loyal readers of this blog should know in the meantime. We can only wish Pieter every success in his future endeavors.
Are you the frustrated Source Capital spammer who keeps returning? You must be a disgruntled former employee?
really, source got killed by chf move?
RIP Source Cap! It was a company with good talents (Pieter is first who comes in mind, obviously), but the management was not good, business model was weird and they were unable to attract any real talent in the past 3 years. By the way ist I.G. looking? I heard lots of companies would kill for his trading and IT skills ….
that’s just Headhunter bs, nobody is going to kill anybody for his gigantic trading and IT size
why the fuck do portal designers keep updating their bloody format, now the god damm bloomberg site is completely unrecognizable
@9:23pm : what IT and trading skills ?! Wtf r u smokin man ???
he was a brilliant vba programmer and expert in developing quantitative trading signals
“brilliant vba programmer” is an oxymoron.
how did you reach that conclusion?
empirically
so you haven’t seen proficient vba developers being street smart?
I am happy to see that shop fold.
Awful management.
Btw, I.G. Is not street smart, neither is he a trader.
He the only thing he trades are lies.
has he posted his resume on linkedin?
How much money could they have lost to close shop ? Any ideas? Or maybe there were some other factors involved ?
10 bid at 30
^^ I don’t quite get it: lost 10 M with an exposure of 30 M ?
we are now truly in world of electronic trading, when youngsters don’t get the short form for ‘bid at 10, offer at 30’
How much did the dutchy hfts lose on the swissie move ?
Only winning!
Optiver cleaned up with their long downside policy and infinite war chest to keep swiss stocks books open
dutchy hfts dont keep any significant inventories, so whenever something moves this much, they can come in and make money off the volumes and volatility, it’s a very pure business model, a true market maker
Pieter van Hasselt’s birthday is today.
Managing Director at Source Capital.
Say happy birthday
is the cheap bastard buying the cake or would it be just broodje & cheese