Regulatory filings made with US securities authorities indicate that three original senior members of FXCM’s management team – Drew Niv, David Sakhai and Eduard Yusupov – have begun to convert their “units” into regular Class A common shares of Global Brokerage Inc (NASDAQ:GLBR).
Longtime FXCM CEO Mr. Niv and several other members of senior management were issued non-publicly traded units of FXCM Inc (which later became Global Brokerage Inc) ahead of FXCM’s IPO in late 2010. The units allowed Mr. Niv to effect control of FXCM after the IPO. The units were convertible on a one-to-one basis into “regular” publicly traded FXCM (later GLBR) shares.
According to the filings, Mr. Niv converted 768,047 units, and continues to own 842,489 units. Mr. Sakhai converted 365,636 units, and continues to hold 403,793 units. He also sold 20,000 GLBR shares at $0.495 per share. Mr. Yusupov converted 353,335 and continues to hold a similar amount.
While Drew Niv is no longer involved in the business after being fined and banned by US regulatory authorities earlier this year, David Sakhai and Eduard Yusupov recently resigned from the GLBR board concurrent with Global Brokerage Inc’s Chapter 11 filing and restructuring.