Broker Penson Lands $10.5M Stalking Horse In Ch. 11

Law360, Wilmington (February 22, 2013, 6:15 PM EST) -- Bankrupt brokerage Penson Worldwide Inc. on Thursday announced a $10.5 million stalking horse bid from a financial services cooperative for Nexa Technologies Inc., its sole operating entity, in a flurry of filings that also includes a bid to tap directors and officers insurance policies for employees' defense of civil suits.

Penson Worldwide — the shell of a securities clearing broker that had already divested most of its assets — sought bankruptcy protection in Delaware on Jan. 11 after being unable to wind up its liquidation out...
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