The company disclosed one technical covenant breach that appears so small that it raised myriad questions among investors as to why the special dividend was canceled rather than just postponed.

Jake Newman

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I like the company I'm keeping up here, I just don't like sitting on the end over here.

There are some increased risks for independent institutional brokers [that] are, in a sense, left behind and not picked up by a larger organization with larger capital.

— Jake Newman

BehindBrokersIncreased

The deal may be more or less credit neutral for most of the players and a slight credit positive for the industry.

— Jake Newman

It's a very technical and legal situation.

— Jake Newman

It's a pretty binary outcome that traders are facing on this one and there will be a lot of legal ink spilled over it.

— Jake Newman