ThinkEquity LLC filed to liquidate in bankruptcy, about three weeks after the San Francisco-based investment bank closed its stock-trading business.
The company listed assets and debts of as much as $10 million in Chapter 7 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.
ThinkEquity Chief Executive Officer Greg Wright said Oct. 17 that the company was closing its stock-trading business amid a market slump and preparing to transfer its remaining investment-banking unit to another firm. He declined to identify the other firm at the time.
ThinkEquity, which employed about 100 people, joined other firms closing or shrinking their stock-trading businesses as investors trade less and pay lower commissions.