Working on the Knight moves

By now, most everyone is familiar with the story of Knight Capital Group.  Basically, an algo went bonkers, a bunch of stocks got roiled at the open, and Knight lost $440 million.  Over the weekend, Knight found a white knight to infuse it with capital in a highly dilutive convertible preferred sale.

Today, TheTradersWire.com, in conjunction with Nanex, posted a great piece on exactly what happened on that fateful morning.  As you read the Traderswire post, do yourself a favor and click through to the Nanex link.  As usual, Nanex provides pictures of the mess that are worth a thousand words.  Or $440 million.

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