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Knight Capital Secures Financing Deal

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  • Description

    FBN’s Diane Macedo on the deal to keep Knight Capital in business.

  • Duration 1:27
  • Date

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Morning everyone -- -- Knight capital have been halted in the premarket after the trading firm announced a deal that we'll keep fit in business.

Knight says investors have agreed to purchase 400 million dollars worth of 2% convertible preferred stock.

Giving -- ownership of just over 70% of the company but our Charlie Gasparino who was the first to report that night was considering a convertible deal.

Has reported the plan will massively dilute -- existing shares Knight capital was brought to its knees last week by a software glitch that caused erroneous trades.

In dozens of stocks and led to a 440 million dollar loss.

The rescue plan follows days of negotiations involving bankers and night officials including its chief executive Tom Joyce.

Gasparino reports -- job may still be in jeopardy.

Because the -- may have been preventable and the rescue plan could pressure nights already battered stock.

Southwest Airlines has started to pay refunds to customers.

Who were accidentally build multiple times for a single flight.

Do a computer glitch customers who booked flights on Friday were supposed to get 50% discount on certain fares due to a promotion.

Celebrating southwest reaching the three million market FaceBook fans.

But instead hundreds of people were repeatedly charge some.

That more than twenty times.

For that single ticket that they purchased southwest says it will also pay customers for any overdraft fees caused by that problem.

Let's take a look at features now we've -- green arrows across the board all the warning out by huge amounts it's still up Dow futures -- -- by eight the S&P is up by doing the NASDAQ up by ten.

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