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Knight Capital Not for Sale?

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  • Description

    FBN’s Charlie Gasparino on Knight Capital CEO Tom Joyce saying he does not want to sell the firm.

  • Duration 3:49
  • Date

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This transcript is automatically generated

Capital chief executive Tom Joyce -- remember him on a company had a big big glitch when it came to their computer system.

That is almost one out of business Charlie says telling friends now he does not want to sell all or part of the company he helped saved from bankruptcy earlier this year -- -- choice Charlie I Mena and what he doesn't want to didn't heat.

Let them have certain investments that we're very profitable for them and not the company your -- right.

-- we should point out that yes that's true and some these investors are very powerful very powerful companies we -- get go you know pretty big.

Trading firm.

-- to.

Another another big trading firm of these high frequency traders and many other Stiefel Nicholas is in there PE -- sold about a dozen other investors who came in -- given capital.

They do have a major say in his future and here's what we know at least from a couple of men and and most people think it's -- Get -- is pressuring and basically to sell more part of the company.

Here's -- thing we should point out there's a story in the journal this weekend about selling just the market making aspect to gecko -- -- would want that -- bring some tremendous retail order flow.

They have because of trading volumes -- you know you and I frequency took trading -- their profits are down you know they're not doing as much business getting.

-- that market me from from my capital which is a number what one of them I think it's in them when market making.

Thicker than it does help them but the big the the issue is will he -- he doesn't wanna sell.

They're trying to force him to sell and if you sell the market making unit demise of -- -- -- really is up as a sixteen dollar stock price is really we should point out.

There's nothing left of the company FD so the market making so you buy the whole thing.

That's that's what's going on here and at least we'll know more by the -- -- weekly interest in thing is he does not want -- -- and what he has to do if he really -- -- hold onto his job.

And -- should point out he doesn't have a contract which is another indication what's the name rumored to be talking -- -- that was never yet there was a rumor and it was totally absurd because Ken Griffin post 10% of the trade for Citadel.

The music in Africa now it is like targeted just don't get -- so and as matter of fact he would out told people.

It's -- is gonna happen that was a leak I think was one board member cold up.

And -- of choice Citi an interest in that we got so he's not going there.

He's going to be here he's not working on a -- does have a contract would makes you think that this deal will happen but I can tell you this.

-- and that like I -- what the deal be if you sell the market maker you gotta sell everything.

The bottom line is this if you do a deal to -- the whole thing do you want to spend up to a billion dollars.

This -- -- have a billion dollars for this if I'm a shareholder.

I'm I'm out of luck in any way shape or form right well.

If you're an old chair of the new shareholders are doing very well you know I'm saying they bought big book member of the board convertible shares and adults fifty even if you take up the premium right now that's there's a -- built in.

Bout of selling the company.

If you take that out they still -- was a two dollar and fifty -- stock is still did they still made a lot of money so.

But now -- make a lot of irony that now look at the deal and it looks like a really sort of huge -- We should point out if they do this that company gets the company's done right it's gonna get taken over by -- Or whoever they will buy the whole thing that -- will -- the whole thing by the way the stock is coming off its highs to what's gonna say.

I'll have a three month gas but this it.

Here's a thing if you.

Why -- get go.

They help put in money in this thing.

Because -- wanted to get help from IR and here's how one way -- get out they -- and they also get to buy they also want the inside track combine that market making unit it makes a big.

It makes it makes a big difference -- but the bottom line is.

Choice is seen though can he hold on this is kind of -- things.

Charlie Gasparino heard the man who did cook is on Turkey -- I didn't -- lasagna the lasagna that's -- house to pick me.

But -- -- yeah.

Hello everybody cooks turkeys not ever get it out ethnically sensitive to these not a dollar should be more sensitive.

Charley thank you for I think powering --

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