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Blogs > t_co
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t_co
Profile Blog Joined July 2007
United States702 Posts
Last Edited: 2008-12-07 11:39:18
December 07 2008 05:03 GMT
#1
Ok. Before I start, just a brief background about myself. I'm a trader at a small prop shop. We've got about 8 people here (1 part-time IT, a receptionist, couple clerks), each one of us has an equity stake in the company. The shop was just started 3 years ago, and I joined 16 months ago.

Our firm started off happy, but lately the mood's gone sour as we've been not making money/bleeding it out the ass. Several of our traders aren't talking anymore, but I've been pulling a low, but positive and low volatility pnl so I'm not too worried. Then one day I made a dumb mistake, literally hitting the enter key on the numpad with my mouse hand... and lost a ton of money. I'm thinking, fuck, there goes my good record. Put me back at even for the past three weeks.

My boss figures it out, I go to explain it to him when he asks about it. Then he promptly just goes nuts in front of everyone and tells me to "go the fuck home" and "pack your shit". He's never flipped out like that before so I'm pretty shocked. He then calls me later that day seems pretty jovial, so I'm even more puzzled.

Then he sets me up the bomb.

He did it so save my ass.

Apparently the firm is about to go under. We're running on our last legs of liquidity and my boss started pulling his stake from the company a day before I got axed. He fired me, so now I can pull my liquidity out; apparently he likes me and thinks I shouldn't have to be bankrupted by this.

So yea, there ya go.

EDIT: I'm finishing the divestment paperwork today. Hopefully I'm first in line. Upon seeing the current status of our equity, I think I'm first in line. D-Day will probably be in three days.

Of course, my stake is small potatoes next to the other guys, maybe around 30% of theirs. So I guess it shouldn't be too bad.

**
"Look, don't congratulate us when we buy a company, congratulate us when we sell it. Because any fool can overpay and buy a company, so long as there is money to buy it." --Henry Kravis
blue_arrow
Profile Blog Joined July 2008
1971 Posts
December 07 2008 05:09 GMT
#2
so uh, this isn't illegal or anything, right...?

interesting story and interesting boss though
| MLIA | the weather sucks dick here
Vivi57
Profile Blog Joined September 2007
United States6599 Posts
December 07 2008 05:22 GMT
#3
That's a really good story

You're really lucky your boss likes you and is smart enough to do that
Flash hwaiting! Nal_rA forever!
t_co
Profile Blog Joined July 2007
United States702 Posts
December 07 2008 05:31 GMT
#4
I'm fairly certain this is legal. The contact stipulates termination not resignation.
"Look, don't congratulate us when we buy a company, congratulate us when we sell it. Because any fool can overpay and buy a company, so long as there is money to buy it." --Henry Kravis
Nitrogen
Profile Blog Joined February 2008
United States5345 Posts
December 07 2008 05:36 GMT
#5
lol shit. good thing your boss likes you
UNFUCK YOURSELF
BuGzlToOnl
Profile Blog Joined November 2006
United States5918 Posts
December 07 2008 05:40 GMT
#6
Kinda of sounds like "inside trading", which IS illegal via Martha Stewart...
If you want to make God laugh, tell Him your plans.
t_co
Profile Blog Joined July 2007
United States702 Posts
December 07 2008 05:48 GMT
#7
On December 07 2008 14:40 BuGzlToOnl wrote:
Kinda of sounds like "inside trading", which IS illegal via Martha Stewart...


Nope it isn't. We're a private partnership, not a public corporation, so we're not regulated.
"Look, don't congratulate us when we buy a company, congratulate us when we sell it. Because any fool can overpay and buy a company, so long as there is money to buy it." --Henry Kravis
demo1
Profile Joined April 2008
Canada145 Posts
December 07 2008 06:13 GMT
#8
aren't you guys violating the continuing concern principle from an accounting perspective? nevertheless, you have a great boss.
yeyeyey
t_co
Profile Blog Joined July 2007
United States702 Posts
December 07 2008 08:36 GMT
#9
On December 07 2008 15:13 demo1 wrote:
aren't you guys violating the continuing concern principle from an accounting perspective? nevertheless, you have a great boss.


Well I'm not liquidating equity at original value--it's just that with the leverage of our firm even a small loss in liquidity would severely hinder our operations, and right now we're in a trap--too little cash to climb back out
"Look, don't congratulate us when we buy a company, congratulate us when we sell it. Because any fool can overpay and buy a company, so long as there is money to buy it." --Henry Kravis
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