Van der Moolen Holding N.V. files for bankruptcy
(Thomson Reuters ONE) - The administrators of the trading firm Van der Moolen Holding N.V.("VDM") have requested the Court of Amsterdam to convert theprovisional suspension of payments, which was granted on August 10,into bankruptcy. This became necessary since the ongoing expenses,including the salaries of the employees could no longer be paidduring September. Furthermore, it became apparent during the lastweeks that there are no possibilities to sell VDM or to continue as asmaller company. The Board of VDM will not resist the request to theCourt. The request is expected to be granted in the morning ofSeptember 10, 2009, and would come into effect retroactively as of00.00 hours.Administrators - most probably receivers as of September 10, 2009 -expect that, even with the best possible return on sale orliquidation of parts of VDM, there will be on balance insufficientmeans to make a payment to the holders of ordinary shares of VDM.The bankruptcy of VDM can be attributed to a combination of factorsthat appeared in a period of a number of years: big losses in the US,unsuccessful new initiatives like Online Trader, decreasing revenuesin connection due to the financial crisis and a cost pattern thatstructurally exceeded the benefits. Ultimately two factors haveaccelerated the erosion of the liquidity position of VDM: thepurchase of treasury shares, and the delay in the collection of (tax)claims of VDM.The consequence of the bankruptcy will be that VDM will beliquidated. The assets and activities of the subsidiaries will berealized into cash as much as is possible. Van der Moolen FinancialServices B.V. has been sold at intrinsic value. Investigations forpossibilities to transfer trading positions at Euronext and otherEuropean exchanges are in an advanced stage. Also the future of theAmerican business is still subject of investigation.An explorative meeting of shareholders will take place at October 9,2009 at 9:30 hours at a location to be determined; the agenda of themeeting will be published on the website of VDM.Administrators/ receivers together with the VDM Board will give apress conference at Thursday September 10, 2009 at 14:00 hours at thepremises of Van Doorne N.V., Jachthavenweg 121, 1081 KM Amsterdam.The Board and Administrators of Van der Moolen Holding N.V.Disclaimer:This press release contains forward-looking statements. Allstatements regarding our future financial condition, results ofoperations and business strategy, plans and objectives areforward-looking. Statements containing the words "anticipate,""believe," "intend," "estimate," "expect," "hope," and words ofsimilar meaning are forward-looking. In particular, the following areforward-looking in nature: statements with regard to strategy andmanagement objectives; pending or potential acquisitions; pending orpotential litigation and government investigations, includinglitigation and investigations concerning specialist trading in theU.S.; future revenue sources; the effects of changes or prospectivechanges in the regulation or structure of the securities exchanges onwhich our subsidiaries operate; and trends in results, performance,achievements or conditions in the markets in which we operate. Theseforward-looking statements involve risks, uncertainties and otherfactors, some of which are beyond our control, which may cause ourresults, performance, achievements or conditions in the markets inwhich we operate to differ, possibly materially, from those expressedor implied in these forward-looking statements. We caution you not toplace undue reliance on these forward-looking statements, whichreflect our management's view only as of the date of this PressRelease. We have no obligation to update these forward-lookingstatements.http://hugin.info/130805/R/1340586/320387.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 09.09.2009 - 22:52 Uhr
Sprache: Deutsch
News-ID 5649
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