This may be it. Via Fox News [5]: [6]
- VIRTU OUT OF BIDDING FOR KNIGHT CAPITAL
- KNIGHT’S JOYCE CONSIDERING BANKRUPTCY REORGANIZATION
- KNIGHT LOOKING AT ‘363’ REORGANIZATION TO SELL ASSETS
- KNIGHT LOOKING TO EMERGE AS VIABLE COMPANY
363 Asset sale? This is what we said earlier [7]when we reported on the rumors of a sale to Virtu: "Will it happen? Maybe. Although we doubt it - why pay for equity value when one can pick up the functioning assets in a Chapter 363 asset sale which also sticks the creditors with all the crappy assets?" Sure enough. Sadly, what this means for the company 1,500 employees is that about 80% them will be out of a job due to an algo gone wild. And to then we have been warning about the impact of HFT for the past 3 years [8].
Perhaps now that people's livelihoods are about to destroyed even the porn-addicts at the SEC will finally take this matter seriously.