Interestingly Katz wrote his report before yesterdays 8k came out releasing more detailed info on the financing. Before Katz knew there was no prepayment penalty, before he knew they cant force any sale by the company for 3 years. I think Katz jumped the gun and now he got caught on the wrong side of this trade.
Any analysis by Citi most be looked at as suspect when you consider that they and FXCM compete in the same arena for the same customers. This report must be taken with a grain of salt only if you can't find a smaller grain. FXCM