v3 Chapter 872： Crash (2/2)

For Phillip Brothers, the nightmare is more than that.

With its market value falling below one billion U.S. dollars, long positions in high-grade copper futures and aluminum futures seem to have been encouraged, morale has greatly increased, and the intensity of long positions has increased again. It seems that they want to seize the opportunity. The brother company suppressed it to the end, leaving it without any chance of turning over.

Seeing this situation, Song Yang, who has been paying close attention to the market, immediately commanded the trader to increase the intensity of selling the contract.

Every time a futures contract is thrown out, it is bought by an unknown institution in an instant, while the Galaxy Fund reaps the beloved money.

In addition, Philip Brothers also ushered in a joint investigation by the New York Exchange Commission and the New York Mercantile Exchange.

Whether it was an investigation team sent under pressure from public opinion is still unknown, but since the two official agencies have come forward to investigate, there must be a result. Investors have the right to know the true situation of Philip Brothers.

If Philip Brothers is truly insolvent and there is a major risk, then Philip Brothers will definitely be monitored by the New York Mercantile Exchange to prevent management and shareholders from transferring assets.

Philip Brothers.

Watching the investigating team walk into the operation room and the finance office respectively, Tendler Wells closed his eyes in despair.

Different from the investigation team investigating the Galaxy Fund, the situation at Philip Brothers is more serious, so the investigation team cannot be stopped at all.

Tendler Wells knows very well that the company is really insolvent. As long as the investigation team carefully checks the financial income and expenditure and investment accounts, it will soon discover the true situation.

Through the glass, watching the reporters squatting downstairs, Tendler Wells sighed and ordered the secretary to call the directors of the company one by one.

The investigation team suddenly attacked. The matter has come to an end. He has nothing to do. Let the directors prepare.

If any director can make a desperate turnaround and let the ambiguous Fed offer a helping hand, then Philip Brothers will still be rescued, otherwise the day of bankruptcy will not be far away.

Time passed, and more and more directors rushed over, but the people in this group of investigation team just didn't get in, so they only knew that they were investigating.

Finally, around five o'clock in the afternoon, the investigation team finally stopped.

There was no face-to-face feedback. Before leaving, the leader of the investigation team left only one sentence to Tendler Wells: ”The Phillip Brothers company’s deposit has been completely consumed, and the 23 million USD deposit must be Fill it up within 24 hours, otherwise the exchange will forcibly intervene.”

After finishing speaking, the investigation team left without any muddle.

But just this sentence changed the expressions of everyone present.

There is a margin gap of 23 million U.S. dollars. When the market opens tomorrow, this supplementary figure will only increase.

But my family knows their own affairs, Philip Brothers is really out of money!

Is the company unable to escape bankruptcy? !

Looking at Kester Phillips who was in a trance, Tendler Wells clenched his fists, but finally let go weakly.

Everything happened too fast, and they were already sentenced to death before their plan could be implemented.

Then, a group of heavy-minded people walked into the conference room and had a meeting again.

The results of the meeting were terrible~ The directors were unwilling to contribute money to help the company tide over the difficulties.

Obviously, in the face of the Fed and the US Treasury Department’s indifference, they finally chose to give up and use the cost of destruction to force the government and the Fed to make a choice.

The next day, the bulls became even more frantic. The floating losses of Philip Brothers continued to expand. The positive insurance gap easily exceeded US$30 million and went to US$40 million.

Seeing that Philip Brothers did not act, the New York Mercantile Exchange issued repeated warnings to no avail, and directly chose to intervene forcibly, temporarily depriving Philip Brothers of trading seats, and at the same time reported to the New York Board of Exchange, requesting the freezing of the assets of Philip Brothers.

There is no way, the New York Mercantile Exchange cannot help Philip Brothers to liquidate the position. After all, the latter is a short position. If the position is forcibly closed, the New York Mercantile Exchange needs to pay money.

I can’t get the deposit back, so why would I spend my brain to help Phillip Brothers liquidate the position?

To liquidate the position, the assets of Phillip Brothers are also used to liquidate the position!

When a large number of New York Board of Exchange staff re-entered Phillip Brothers, a large group of reporters swarmed.

Knowing that the New York Board of Trade had come to block Phillip Brothers, the reporters immediately rioted. They knew what this meant.

Soon after, the news spread across Wall Street quickly, and the Philip Brothers Company was insolvent and collapsed!