Form 8-K FXCM Inc. For: Jan 19
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FXCM (FXCM) 'Equity Value Essentially Wiped Out' - Citi
January 20, 2015 9:12 AM UTCCiti analyst William Katz reiterated a Neutral rating while lowering his price target on FXCM Inc (NYSE: FXCM) to $0.75 (from $4.25) following the details of the Leucadia financing. The analyst calls it the " Ultimate Margin Call."
Katz is saying the equity value is essentially wiped out. "Based on the disclosure (see Figure 1), we estimate pro forma market... More
FXCM, Inc. (FXCM) Issues Additional Detail on Leucadia (LUK) Deal
January 20, 2015 6:23 AM UTCFXCM, Inc. (NYSE: FXCM) announced further details on the agreement reached with Leucadia National Corporation ("Leucadia")(NYSE: LUK) that permitted FXCM to meet its regulatory capital requirements and continue normal operations after significant losses were incurred due to unprecedented actions by the Swiss National Bank.
As a result of customer debit balances following the historic movement of the Swiss Franc on January 15, 2015, regulators required FXCM Inc.'s regulated entities to supplement their respective net capital on an expedited basis. FXCM Inc. ("FXCM") thereafter explored multiple debt and equity financing... More
