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Counting the true cost: FXCM Global Head of Dealing Eduard Yusupov’s foreclosed shares sold for $2.4 million
By Andrew Saks-McLeod on Sunday, 02.01.15
FXCM Global Head of Dealing Eduard Yusupov had pledged 1.2 million units of FXCM Inc (NYSE:FXCM) stock with a broker as collateral on a margin loan facility. As a result of the events of January 15, the broker foreclosed on the collateral, which has now been sold for $2.43 million. Prior to January 15, this amount of FXCM shares would have been worth closer to $20 million
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On January 28, LeapRate reported that 1.2 million shares in FXCM Inc (NYSE:FXCM) held by the company’s Global Head of Dealing Eduard Yusupov had become the subject of a foreclosure.
Mr, Yusupov had pledged 1,200,000 units of FXCM Holdings, LLC, with a broker as collateral for a margin loan. Due to the events in the currency markets on January 15, 2015, the broker foreclosed on such units by exercising its right under the pledge agreement to cause Mr. Yusupov to exchange such units into shares of Class A Common Stock.
Pursuant to the terms of an exchange agreement, as of December 7, 2011, units of FXCM Holdings LLC are exchangeable for shares of Class A common stock of FXCM Inc. on a one-for-one basis, which reflects the transaction noted on the filing with the US Securities and Exchange Commission (SEC) on January 23, which reported that Mr. Yusupov had converted 1,200,000 units into Class A Common Stock due to the foreclosure.
Since that particular, report on the matter, a further filing has been made with the SEC detailing the actual sale of the company stock, which took place in two transactions.
The first transaction took place on January 28, in which 448,905 units of Class A Common Stock were sold at a price of $2.41 per share, realizing a total value of $1,081,861 and the second transaction took place on January 29, in which 595,000 units of Class A Common Stock were sold for $2.27 per share, amounting to a total of $1,350,650.
The combined total of the entire transaction was $2,432,511.
Prior to the events of January 15, this amount of stock would have had a significantly higher value, closer to $20 million.
As a result of this, all or a portion of such shares are intended to be sold to satisfy Mr. Yusupov’s obligations.
In November last year, Mr. Yusupov voluntarily relinquished $1.5 million in shares of the company.
Mr. Yusupov, who joined FXCM from MG Financial Group in 1999 in his current capacity and is one of the founding partners of the company, had in November sold 30,000 units of common stock at $16.07, a further 38,813 units at $16.30, and 24,931 units at $16.28, the valuations of which had at the time been publicized via the company’s mandatory filing with the US Securities and Exchange Commission.
In terms of the number of shares that Mr. Yusupov was able to liquidate, it is clear that he had taken a conservative approach, as he continued to own 4.9 million shares, amounting to an approximate total value of approximately $80 million.
Aside from the realisation of this asset and his substantial portfolio of FXCM stock which he retains, Mr. Yusupov’s 15 year tenure at FXCM has stood him as one of the higher earners in the industry, with an annual salary of $800,000 plus further remunerations amounting to a total calculated compensation of $1,469,044 per annum.
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FXCM TWITTER FEED....GROUND-BREAKING REAL VOLUME INDICATOR DISPLAYS REAL TRADE VOLUME FROM FXCM'S CLIENTS AROUND THE WORLD/b]
I'm not
LMAO!!!! That's the ---- bro!!! We gonna tear both them towns up!!!
Cheers to that my friend!
LMAO! I love it!! Sit back, chow on some peanuts and enjoy the flight!
Hey CJ...Odega is going to see a oLEGa UP!! LMAO!
Excellent news bro!! We need dollarville. If they keep waiting on the PR, it's just gonna make people sell and move on......Let's go AHFD!!! We need our Vegas trip!!!
Hey Griff....Been away for a bit. What's the latest??
Who is manipulating??
Do you think they"ll wind up selling?
CJ....I like that call
It seems to me this company is MUCH too savvy and smart to let that happen. Am I wrong??
WHY in the world would this company even think about selling?? It makes no sense to me.
Who's next?
How about this.....Let's have a little fun shall we?? What is everyone's BEST judgment call on what they TRULY think the price will reach in 1 WEEK from today.
Maybe if we take the average of all of the answers, we'll have something!!
I'm going with $3.75
LMAO! That is classic!....Hey, money NEVER sleeps. BIG MONEY ON THE WAY FXCM $$
LOL! I don't think I've ever been so excited to see a Monday morning in my entire life!! ROLL UP BABY!
Dfrntstuf....Thanks for the reply! I'm thinking a jolt into the mid to upper 3's tomorrow and then a pull back same-day. Thoughts??
Thoughts on the Greece election?? Looks like the left might take this and the anti-bailout will win. Anyone, please share thoughts on how this will effect FXCM Monday. Thanks!
Griff...Is it at all possible that the split could still get cancelled? That this is could just wind up as a merger?
ABSOLUTELY!! DONE DEAL!
GRIFF and NICKELANDIME...I'm on this ride with both of you. When we DO hit pay dirt, all of us longs meet in VEGAS!!! Plan??
My brotha GRIFF is SNIFFIN' GOLD!
HERE WE GO BOYS...... .079!
As far as I'm concerned.....ANY movement in this stock, whether it be a RS or a picture of an ass split posted as PR, is good news! GLTA
Why is the ask showing 5,000.01??
Ask is .04
Scottrade is the same.....still showing my 2,000,000. Volume is showing above 10 mil. for what it's worth
BID IS .004.....WTF!!
Cool brotha! I'll keep my "eyes open" as Manos told me on the phone 3 weeks ago!
Bill and Griff.....Thanks for the reply. Well, let's hope for the best! I have joined the crew in the trenches! Go AHFD!
GRIFF....New to the board. I have a couple mill. shares of AHFD. I'm wondering your thoughts on possible potential for this stock. Is it possible to hit $5-$10 at some point??