By Sakthi Prasad
Nov 6 (Reuters) - Equity research and stock trading firm
ThinkEquity LLC filed for Chapter 7 liquidation in a U.S.
bankruptcy court, and said it does not believe customers have
any claims arising from the company's insolvency, according to a
San Francisco, California-based ThinkEquity has listed
liabilities and assets in the range of $1 million to $10
million, the court filing showed.
ThinkEquity said it has been in communication with the
Securities Investor Protection Corporation (SIPC) and Securities
and Exchange Commission (SEC) regarding the transfer of customer
The company also said in a court filing that all "customer
property" is held by clearinghouses that executed trades at the
A Chapter 7 petition under the U.S. bankruptcy code usually
entails the sale of a company's assets and the distribution of
the proceeds to creditors.
In October, Chief Executive Greg Wright told Bloomberg News
that ThinkEquity had closed its stock trading business amid a
market slump and was preparing to transfer its remaining
investment banking unit to another firm.
The case is ThinkEquity LLC, Case No. 12-13034, U.S.
Bankruptcy Court, District of Delaware.
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