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ThinkEquity Files for Chapter 7 Liquidation in Delaware

Nov. 7 (Bloomberg) -- 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.

The case is In re ThinkEquity LLC, 12-13034, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Sophia Pearson in Philadelphia at spearson3@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

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