Reuters: Bankruptcy News: Direct Markets Holdings files to liquidate

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Direct Markets Holdings files to liquidate Jan 14th 2013, 15:42 Mon Jan 14, 2013 10:42am EST Jan 14 (Reuters) - Direct Markets Holdings Corp, parent of broker-dealer Rodman and Renshaw LLC, filed for bankruptcy on Friday and said it would liquidate, according to court documents. Direct Markets, along with its affiliates Rodman and Renshaw LLC and Direct Markets Inc, filed a Chapter 7 petition in a U.S. bankruptcy court in the Southern District of New York. The company listed total assets of $1 million and liabilities of $10.6 million as of Jan. 9. In September, Rodman and Renshaw informed the Financial Industry Regulatory Authority that it was no longer in compliance with regulatory capital rules and would cease conducting its securities business. Direct Markets was previously Rodman and Renshaw Capital Group Inc, a small investment bank. It changed its name in May to focus on developing financial technology applications and operating the DirectMarkets platform. Former broker Penson Worldwide Inc, once a securities clearing broker that has since divested most of its operations, also filed for Chapter 11 bankruptcy on Friday. Penson said it was unable to successfully streamline is business after asset sales and was also dogged by questions from the Securities and Exchange Commission about its accounting and a class action lawsuit by shareholders. The case is In re: Direct Markets Holdings Corp, U.S. Bankruptcy Court, District of Southern District of New York, No:13-10089. Link this Share this Digg this Email Reprints

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