Jan 11 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
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
The case is Penson Worldwide Inc, U.S. Bankruptcy Court for
the District of Delaware, No. 13-10061.