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Bankruptcy Protection For Direct Access Firm

Traders Magazine, June 2002

Gregory Bresiger

The Blackwood Group, a direct access firm, has filed for bankruptcy protection in New York. Blackwood, which had once hoped to break into the sellside business through smart order routing, was a promising start-up. But over the past 18 months its fortunes reversed, according to the bankruptcy petition filed in Manhattan. "For the year ended December 31, 2000, the Debtor had a gross income of approximately $17 million with a net profit of approximately $2.5 million," according to the petition. "For the year ended December 31, 2001, the Debtor had a gross income of $16.5 million with a net loss of $5 million."

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