Global Brokerage gets approval for Chapter 11 restructuring and delisting, shares plunge LeapRate

December 12, 2017 BY LeapRate Staff

Global Brokerage gets approval for Chapter 11 restructuring and delisting, shares plunge

Global Brokerage, Inc. (NASDAQ:GLBR), formerly known as FXCM Inc, announced that 78.5% of the holders of its $172 million of outstanding Convertible Notes voted to approve the company's reorganization plan. The plan will see GLBR enter Chapter 11 bankruptcy reorganization, with the convertible notes "converted" to become non-convertible, their interest rate hiked from 2.25% to 7%,…

December 05, 2017 BY LeapRate Staff

FXCM co-founders Drew Niv and David Sakhai continue selling their Global Brokerage Inc shares

Regulatory filings made with US securities authorities indicate that two co-founders and original senior members of FXCM’s management team – Drew Niv (pictured above) and David Sakhai – have continued selling their remaining shares of Global Brokerage Inc (NASDAQ:GLBR), after recently converting their special “units” into regular Class A common shares of Global Brokerage. FXCM's founders, and several other members…

November 30, 2017 BY LeapRate Staff

FXCM unit holders Drew Niv, David Sakhai and Eduard Yusupov begin converting to GLBR shares

Regulatory filings made with US securities authorities indicate that three original senior members of FXCM's management team - Drew Niv, David Sakhai and Eduard Yusupov - have begun to convert their "units" into regular Class A common shares of Global Brokerage Inc (NASDAQ:GLBR). Longtime FXCM CEO Mr. Niv and several other members of senior management were issued non-publicly…

May 19, 2017 BY LeapRate Staff

Exclusive: FXCM hands out another $1.6 million-plus contract, to COO David Sakhai

LeapRate Exclusive... Times are clearly not easy at retail forex broker FXCM, or at its (50.1%) parent company Global Brokerage Inc (NASDAQ:GLBR). Trading volumes are down at FXCM. The company has large financial obligations to Leucadia National Corp (NYSE:LUK) and to its convertible bond holders, who may be able to force the company into an event of…

May 15, 2017 BY LeapRate Staff

Ken Grossman replaces Drew Niv as CEO of FXCM parent company Global Brokerage

Well, Drew Niv is finally out the door. Global Brokerage Inc (NASDAQ:GLBR), formerly FXCM Inc. and parent of operating company FXCM Group LLC has issued a filing stating that Ken Grossman will replace Drew Niv as CEO of the publicly traded company. Mr. Niv remained on as interim CEO of GLBR even after resigning his positions…

May 15, 2017 BY LeapRate Staff

FXCM removes 'Interim' tag from title of operating company CEO Brendan Callan

FXCM Group LLC, the operating company now running the FXCM retail forex brand, has announced that it has named Brendan Callan as its CEO. Mr. Callan was named interim CEO of FXCM back in February, following the abrupt resignation of FXCM co-founder Drew Niv from the operations of FXCM globally, after Mr. Niv (and FXCM) were…

March 16, 2017 BY LeapRate Staff

FXCM (oops, Global Brokerage) shares plummet another 15% to new all time low

While the rest of the equity market was soaring in the wake of the Fed's Wednesday rate hike, shares of Global Brokerage Inc (NASDAQ:GLBR) - recently renamed from FXCM Inc - dropped another 15% to close at $1.75 per share, its lowest closing price ever. Global Brokerage Inc owns 50.1% of the operating company FXCM Group…

March 06, 2017 BY LeapRate Staff

Ticker change not helping, FXCM / GLBR shares down another 16%

The rebranding of FXCM Inc to Global Brokerage Inc (NASDAQ:GLBR), and the change of its NASDAQ ticker symbol from the eponymous FXCM to GLBR, hasn't exactly seemed to work. At least so far. Shares of FXCM / GLBR continued to fall in its first week trading under its new moniker, down 16% on the week. GLBR…

February 21, 2017 BY LeapRate Staff

Drew Niv resigns as CEO of FXCM as forex broker changes name to Global Brokerage Inc.

Not too surprising. Distancing itself from its recent troubles including being banned from its home US forex market, retail forex broker FXCM Inc (NASDAQ:FXCM) has announced some major changes including: the resignation of co-founder Drew Niv (pictured above), who has been the CEO of FXCM and its public face since the company's inception in the…

February 13, 2017 BY LeapRate Staff

Drew Niv and Brandon Mulvihill withdraw from FXCM UK board

Does this portend a departure of Drew Niv from FXCM altogether?

Tag: Drew Niv