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Knight Capital Plummets on Refinancing
Knight Capital (KCG) shares fell approximately 25% in early trading Monday after the company announced rescue financing that will shore up its books at a steep price. This announcement followed $440 million of errant trading losses last week. Investing firms in the market maker will receive 2% convertible preferred stock that will convert into common stock at $1.50 a share. That translates into about a 70% stake in the company according to an SEC filing. These investing firms included Jefferies Group (JEF) Blackstone Group (BX) Getco LLC Stephens Stifel Financial Corp. (SF) and TD Ameritrade Holding Corp. (AMTD). "We are grateful ...
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