RE:Fire sale?bayoubucks wrote: While we're all wondering what if any connection Exro had with Traynor, I'll throw my guess out there.
The court has directed the Receiver (Ernst & Young) to liquidate all the assets and Exro stock was one of them. We all know what the price does when a market order is placed for a large number of shares!!
Just a guess.
I'll agree with that. One of the articles mentioned some of the company's whose shares were involved but they only mentioned 3 or 4 so I'm sure there were a lot more, and likely Exro was one of them or the IR guy would not have brought up the item. I believe they mentioned a number of $85M as a total number. If I remember right, without going back, they said Echelon Wealth is one of the affected brokerages that is suing to try and recover $30M.
Speculation is that the 30 year old head of Traynor was just too aggressive and into many speculative, small cap stocks, and could not recover. He had originally worked for Echelon before starting his own company. TD, CIBC, National Bank and Valur were also mentioned. Not sure who was doing all the selling of Exro today but Traynor's assets are all frozen until the receiver can straighten things out.