In late February, Interactive Brokers Group Inc. revealed in a lengthy regulatory filing that it might lose as much as $59 million from loans it made that were backed by essentially worthless collateral.
One thing it left out was the exact nature of the collateral. The answer, it turns out, is shares of an obscure Chinese company with years of losses, no revenue and a U.S. headquarters located in a New York City apartment. Its name is Yangtze River Port and Logistics Ltd., according to a person with knowledge of the matter who requested anonymity because Greenwich, Connecticut-based Interactive Brokers hasn’t revealed the firm’s identity.
