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| | The May Report: 3/1/2010: What a glorious way to end marchFIRST! The fourth report of the day goes out with a bang not a whimper: Local trading firm/prop shop Cygnus Atratus, LLC , also trading under ROQ Capital, goes ka-boom: More than 40 people laid off including quants between Friday and Monday
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| | March 1, 2010
The May Report: 3/1/2010: What a glorious way to end marchFIRST! The fourth report of the day goes out with a bang not a whimper: Local trading firm/prop shop Cygnus Atratus, LLC , also trading under ROQ Capital, goes ka-boom: More than 40 people laid off including quants between Friday and Monday
Editor and publisher: ron@themayreport.com, ronaldmay@aol.com, www.themayreport.com, 773-525-3944.
If you missed an article, go here: http://www.tmronline.com/A55951/tmrarticles.nsf/vwFullNewsletter
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TABLE OF CONTENTS
The Scoop section:
-- Cygnus Atratus, LLC , local trading firm/prop shop, goes damn near bust laid off 90% of staff today following a cut of 10% on Friday
-- 2010 Governor's Sustainability Award Application Now Available
-- SAP Solutions, Lead and Software Engineer Positions
-- Chicago History Museum: Chicago's Birthday Party: Thursday, March 4
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MIT EF Chicago Mar. 16 Event
Bootstrappers and Investors Faceoff
Hear from two companies, currently building their businesses with
revenue, as they engage in a bare-knuckles dialogue with seasoned
investors. We'll discuss how both early-stage and mature companies spark
investor interest, the best approach to finding and acquiring outside
funding, and the potential trade-offs to consider when seeking outside
investment.
Bootstrappers
Chris Hill, Founder and CEO of PerkSpot and creator of Coupon Tweet
Jeff Judge, Co-founder of Interactive Mediums
Investors
Jeff Carter, Co-founder of Hyde Park Angels
Laurence Hayward, Founder and Managing Partner of VentureLab
Moderator
Linda Darragh, Director of Entrepreneurship Programs and Adjunct
Associate Professor of Entrepreneurship at the University of Chicago's
Booth School of Business
Our "bootstrappers" lead off the session, each giving his company's
pitch on why their respective firms would be solid investment
opportunities. Following the pitches, our investors will kick-off a
dynamic discussion, offering their candid feedback as well as a
no-nonsense perspective on the merits of outside funding.
When
Tuesday March 16
5:00-6:15 pm Networking
6:30-8:00 pm Program
Where
At our new host sponsor
Ungaretti & Harris LLP
70 W. Madison St.
4th Floor Conference Center
Chicago
Cost
Free to members; $30 advance payment for non-members/guest
REGISTER at http://bit.ly/9SBTYg
NOTE A NEW NETWORKING AND MEETING LOCATION!
WELCOME OUR NEW SPONSOR, UNGARETTI & HARRIS!
It may be the same address and the same time, but you'll have an
opportunity to meet new people with our new sponsor, the law firm of
Ungaretti & Harris LLP.
70 W. Madison St., Chicago
4th Floor Conference Center
REGISTER at
http://bit.ly/9SBTYg
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The Scoop section:
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Cygnus Atratus, LLC , local trading firm/prop shop, goes damn near bust laid off 90% of staff today following a cut of 10% on Friday
+++++++++++++++++++++++++
Cygnus Atratus LLC311 S Wacker Dr, Chicago, IL 60606(312) 957-9010‎
* Directions
* Search nearby
Category: Office
Transit: Quincy/Wells (0.2 mi) Brown Line, Orange Line, Pink Line, ...
++++++++++++++++++++++++++++
Subject: Cygnus Atratus, LLC local trading firm/prop shop goes damn near bust laid off
Date: 3/1/2010 7:35:14 P.M. Central Standard Time
From: Name withheld upon request
To: ronaldmay@aol.com
Hi Ron,
Here is the information about Cygnus Atratus, they were a prop shop/trading firm in the loop. They blew up today and burned a lot of people that worked for them. I can get you more details or have you talk with the former key employee if you like. Please do not use my name.
You can ask your brother Paul about me we have been friends for 12 years and still do business together today.
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March 1st, 2009
Today, Cygnus Atratus, LLC let go of over 90% of it's staff. As well as a large contingent of its trading staff, it also laid off all of IT and the quants.
In what has been described as "one of the most unprofessional layoffs I have seen," as quoted by an anonymous source, the COO, Tina Sheth and HR manager, Nicole Benakos, laid off staff en masse with no privacy or details of severance or owed bonuses. This information would, apparently come at a later date.
The mass firings were overseen by their outsourced payroll and HR oversight company, Market Staff (www.marketstaff.com), who informed the unfortunate staff members that Cygnus Atratus would be enforcing non-competes. Although, as one anonymous source put it, "I am not 100% sure what anyone could be competing against given that they don't really do anything now."
Cygnus Atratus, LLC is run by Tina Sheth and Timothy Kirchner along with other partners, but also trades as ROQ Capital (ROQ being Mr.
Kirchner's trading floor badge) and Applied Entropy. Nobody is aware whether the company will continue to trade under any of these names, or whether it will create yet another company to trade with.
Cygnus had also recently hired graduate recruits from various local schools, which hopefully suggests that management did not see this coming as any other scenario would obviously be considered unethical.
Up until today, Cygnus Atratus had been a self-proclaimed leader in market making for S&P index options in the Chicago Mercantile Exchange
(CME) and Chicago Board Options Exchange (CBOE), however the market shift to high frequency trading and mass quoting, which, under Sheth's guidance, Cygnus Atratus had never really fully ventured into, looks like it may have brought an early demise to this fledgling firm.
The Best,
[Name withheld upon request]
+++++++++++++++++++++++++++++++++
Roq Capital Llc
Is this your company?
Claim This Profile
311 S Wacker Dr Ste 5400
Chicago, IL 60606-6630
Phone: (312) 715-6068
Website: Information not found (?)
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Business Categories
Foreign trade and international banks in Chicago, IL
Floor Trader, International Trade Financing
Roq Capital Llc Business Information
Claim This Profile
Roq Capital Llc is a private company categorized under Foreign Trade and International Banks and located in Chicago, IL. Current estimates show this company has an annual revenue of $440,000 and employs a staff of approximately 4.
Also Does Business As
Information not found (?)
HQ, Branch or Single Location
Single Location
Annual Sales (Estimated)
$440,000
Employees (Estimated)
4
SIC Code and Description
6082, Foreign Trade and International Banking Institutions
NAICS Code and Description
522293, International Trade Financing
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Ron May here. I just love days like this. I feel for the people cut, but it is the drama and the story and scoop that gets the blood going, but you already knew that.
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2010 Governor's Sustainability Award Application Now Available
From: Deb Jacobson djacobson@istc.illinois.edu
Subject: 2010 Governor's Sustainability Award Application Now Available
Date: Mon, 1 Mar 2010 14:50:43 -0600 (CST)
To: ron@themayreport.com
I am pleased to announce that the Illinois Sustainable Technology Center (ISTC) is now accepting applications for the 2010 Governor's Sustainability Awards. http://www.istc.illinois.edu/info/govs_awards.cfm
Please be sure to review the application details carefully! We have updated the award criteria to better coincide with the variety of sustainable activities and projects that improve our environment that applicants may have implemented.
Applications must be submitted no later than the close of business on May 21, 2010. Applications will only be accepted on-line.
The award ceremony will be held in Champaign. A final date has not yet been set, however we are targeting the second half of October 2010.
I encourage you to forward this announcement to your colleagues that may also be interested in the program. I would be happy to answer any questions you may have about the award application. My full contact information is provided below.
Kind regards,
Deb Jacobson
Please consider the environment before printing this e-mail
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Debra Jacobson, Regional Operations Manager
E-mail Address djacobson@istc.illinois.edu
Illinois Sustainable Technology Center
Institute of Natural Resource Sustainability
University of Illinois
1010 Jorie Boulevard, Suite 12
Oakbrook, IL 60523
630/472-5019
630/472-5023 Fax
ISTC http://www.istc.illinois.edu/
PNEAC http://www.pneac.org
GLRPPR http://www.glrppr.org
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SAP Solutions, Lead and Software Engineer Positions
Subject: SAP Solutions, Lead and Software Engineer Positions
Date: 3/1/2010 5:05:48 P.M. Central Standard Time
From: sduray@lycos.com
To: ronaldmay@aol.com
Hello Ron,
It was good to talk to you today and here are the job descriptions for the Thomson Reuters positions and thanks for the correct pronunciation of the company (duh)! These positions would require a relocation outside of Chicago at no expense to the employee. I will be on an IT recruiting contract for them over the next six months, and for further information on these five SAP positions, I can be reached at sduray@lycos.com or by phone at 773-447-9299.
Thanks so much,
Sonja Duray
Recruiting Consultant
eComRecruiters
sduray@lycos.com
SAP Solutions, Lead and Sr. Software Engineer position
Thomson Reuters is the leading source of intelligent information for the world's businesses and professionals, providing customers with competitive advantage. Intelligent information is a unique synthesis of human intelligence, industry expertise and innovative technology that provides decision-makers with the knowledge to act, enabling them to make better decisions faster. Through its more than 50,000 people across 93 countries, Thomson Reuters delivers this must-have insight to the financial, legal, tax and accounting, scientific, healthcare and media markets, and is powered by the world's most trusted news organization.
The MIS Delivery Services Organization is an exciting and dynamic organization that provides systems support, enhancements, and consultation for the selection and implementation of Thomson Reuters business systems. These business systems support business operations such as ordering, subscriptions, pricing, billing, finance, publishing, manufacturing, and distribution. In addition, the MIS Delivery Services organization is responsible for system administration and development of Data Warehousing applications.
At this time, we are seeking Sr. and Lead Software Engineers to play a lead role in providing SAP business system support for a variety of critical order-to-cash business areas. You will also have the opportunity to play keys roles on various integration projects involving other Thomson Reuters companies or newly acquired businesses. In this role, you will lead or work alongside functional software engineers and collaborate with development engineers and key business resources. Some day-to-day activities will include requirements gathering, designing, specification writing, testing, and implementing solutions for critical business initiatives. This is not a developer position, but technical skills are helpful.
• Bachelor's degree in MIS, Computer Science, Mathematics, Engineering, or other related field. .
• 4-6 years business system and application development experience
• 1-3 years team leadership experience a plus
• SAP SD functional experience
• SAP full-lifecycle deployment experience
• SAP Project System experience
• Ability to read and debug SAP ABAP code
• Experience working with customized SAP solutions
• Knowledge of Industry Best Practices and SAP methodology
• Experience playing a lead functional role in large scale, full lifecycle SAP deployments
• Highly skilled at collaborating effectively with a wide variety of audiences including peers, functional software engineers, developers, and business end-users
• Must possess a mindset to objectively view and effectively explain an issue or resolution from an end-user/customer/business perspective
• Experience working with remote teams
• Willingness to travel 10-20% of time
• SAP FI functional experience, including Accounts Receivable and Revenue Recognition experience a plus
SAP Development, Lead Software Engineer
Business Information Systems develops and supports a wide variety of internal business systems. These systems provide automated processes for three major business areas: Finance, Order Processing (Order to Cash), and Pub/Manufacturing. Although most Business Systems reside in SAP ECC 6.0, over 40 additional systems are supported outside of SAP (both custom built and purchased packages). Interfaces to support e-commerce, CRM, and Marketing applications are also supported. Future BIS projects include efforts to increase efficiencies of business operations, increase or retain revenue, consolidate/interface business operations across Thomson Reuters, and leverage business systems (SAP) in other Thomson Reuters companies.
The SAP Development team is looking for SAP Development Leads to provide technical leadership and strategic direction in the following areas:
• Leading a team of technical software engineers focused on the refactoring of core business processes such as ordering and pricing - this team will spend the majority of their time designing, developing, and testing these new solutions.
• Migrating Thomson Reuter's companies located across the US and internationally onto a central instance of SAP
Requirements:
• 4-year college degree
• 5+ years experience in software development
• 3+ years experience leading technical teams
• 5+ years experience working with SAP, SD module
• ABAP programming experience
• Strong communication and collaboration skills
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Chicago History Museum: Chicago's Birthday Party: Thursday, March 4
http://www.chicagohistory.org/planavisit/upcomingevents/special-events#birthday
Chicago History Museum special events educate, inspire, and surprise.
* Chicago's Birthday Party: Thursday, March 4
* New Beer's Eve: Tuesday, April 6
* Making History Awards: Thursday, May 13
* FashioNext Finale: Thursday, June 24
Chicago's Birthday Party
Thursday, March 4, 11:00 a.m.-12:30 p.m.
Chicago flagJoin us for the city's 173rd birthday party. The official celebration includes musical performances-featuring members of the Latin School Jazz Band and Chinese musician Kerry Leung-and a very special birthday cake by Bleeding Heart Bakery. Presented in collaboration with the Mayor's Office of Special Events.
Cost:
Free admission all day!
Show your city pride with essential Chicago apparel and gifts from the Chicago History Museum Store.
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END OF REPORT
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