Trading Firm SPX To Drop Bankruptcy Case

Richard Drew/Associated Press

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.

To read the full article please click here.

Advertisements
This entry was posted in Articles, Business, Finance, U.S. Economy, World Exchanges and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s