I have a good sized account with them. I read the papper yesterday morning and tried to get my money transfered out yesterday. No luck. Today on the phone they told me no money in or no money out. Our money (Client Money) sould have been held separately form company money, but now they are saying that they might have been comingled to the tune of 700 million. Called again today and they said everything is frozen. No money in and no money out. I have one position in sugar (will not say wether short or long). They cannot even offset that position for me. Said maybe to get another broker to shift the postion to, but did not know even if they could do it.
Once a company goes into bankrucpty all bets are off. Most likely we are screwed. They will probably send out a form to file a claim, but good luck.
I worket for Nortel Networks for 22 years and my serverance was stopped about 8 weeks after it started. They filed bankrucpty in Jan. 2009, and I am still waiting on any money. Bankrucpty is all bad. If they were bought over the weekend ok, but Bankrucpty no good.