Global Brokerage Inc. (GLBR)

[Crusen]

You are very confused, and that is because FXCM has a somewhat confusing structure.

Holdings shares are owned by insiders and when they convert to FXCM shares an equivalent amount of Holdings does as well.

However that whole arrangement is ancillary to the Leucadia deal and doesn't need to be considered.

No equity is transferred anywhere as a result of the loan being paid off.

LUK got the call because they weee available and had the cash for this lucrative deal.

As a result, FXCM is clearly overvalued here.