The Milwaukee Journal Sentinal By Rick Romell – June 5, 2012
High-frequency trading firm SXP Analytics LLC has agreed to drop its bankruptcy case – a decision that appears to signal a retreat in a larger battle the Milwaukee company is fighting with another high-speed trading firm in Texas.
SXP, owned by local entrepreneur and lawyer Emmanuel Mamalakis, agreed on Monday to dismiss the Chapter 11 case it filed on April 17.
The move came in an agreement with Mamalakis’ estranged co-owner and co-founder, research scientist Vitaliy Godlevsky. Godlevsky had challenged Mamalakis’ authority to file for bankruptcy without his consent, saying that SXP’s operating agreement gave the two men equal say in company decisions.
Godlevsky alleged Mamalakis had shut him out of SXP after the PhD-holding physicist had created the mathematical algorithms that have generated millions in profits.
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