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Rating:Knight to Add Three to Board as Part of $400MM Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 07, 2012

Knight to Add Three to Board as Part of $400MM Deal

News summary by MFWire's editors

Knight was considering filing for bankruptcy after the $400 million loss it incurred after an electronic mishap, until a group of investors came to the rescue.

The New York Times reports that under the terms of the deal, the board of the firm should be expanded by adding three new members. The members should come from the group of investors comprised of Jefferies, TD Ameritrade, BlackStone, and Stifel, Nicoalaus & Company.

Jefferies, which invested $125 million, will take one out of the three seats.

Blackstone and Getco invested $87.5 million while TD Ameritrade invested $40 million.

Thomas Joyce said:

“The array of participants in this capital infusion underscores Knight’s critical role in the capital markets."

Joyce saw also around $9 million drop for his 1.2 million shares in the company. Possible legal violations for Knight is also being looked into by the regulators.  

Edited by: HFD

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