Broker Penson Gets Nod For Ch. 11 Liquidation Plan

Law360, Wilmington (July 31, 2013, 6:40 PM ET) -- A Delaware bankruptcy judge on Wednesday confirmed defunct broker-dealer Penson Worldwide Inc.'s Chapter 11 liquidation plan, allowing the company and its affiliates to distribute the proceeds realized during its two-year wind-down.

Having divested most of its assets since 2011, the Texas-based securities clearing broker entered bankruptcy in January to complete its liquidation under a plan developed in conjunction with its primary creditors.

The original Chapter 11 plan was developed during months of prepetition negotiations with a pair of unofficial committees representing noteholders owed a combined $300...
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