Broker Penson Worldwide To Finish Liquidation In Ch. 11

Law360, Wilmington (January 11, 2013, 10:07 PM EST) -- Penson Worldwide Inc.— the shell of a securities clearing broker that has divested most of its assets since 2011 — filed for bankruptcy in Delaware on Friday to complete its liquidation after failing to do so out of court.

The Plano, Texas-based company listed both assets and debt between $100 million and $500 million in its Chapter 11 bankruptcy petition. 

Beginning in 2009, the sputtering global economy and associated decrease in trading volume hurt Penson’s commission and interest revenues, according to a declaration filed by Penson...
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