A full month after the founder of Massachusetts broker-dealer Investors Capital put his own firm up for sale, stories are still circulating that LPL itself could emerge as the buyer.
LPL emerged several weeks ago as one of the few entities that might be seriously interested in paying $19 million for a 55% stake in Investors Capital.
Since then, the rumors haven't gone away despite almost equally persistent claims that LPL wouldn't want to buy a Pershing-cleared firm.
But if not LPL, the question is who founder Ted Charles had in mind when he marked up his shares for sale -- and if no acquisition talks were underway, why he is so hot to sell those shares in the first place.
Was Charles, as some speculate, simply looking for an abrupt way to retire? Is he trying to raise cash? Does he know something about the health of the firm that we don't?
In theory, Investors Capital's own 550-plus affiliates might scrape up enough cash to buy out their one-time CEO. It's a tempting prospect, and one that might still come about if no corporate partner shows up.