I dont know all the intimate details. This is what I have heard. They have been unable to solicit in a few states for awhile. And the SEC has been putting them under pressure to raise capital requirements for some time. They have been negotiating with various parties and have to agree on a price. Bottom line they can not let this fester as it will only lead to protracted legal issues. Look for them to get it done quickly. The firm does not look like it is going anywhere.
If the accountholders move out it will only lead to more buying of TERA. The stock was never marginable at HJM.
SSB was high bid all day. They always have been when price is low. then they just pump it back up. Unfortunately smart shorts would have covered today given they saw a window. I still hear good things coming out soon. Most accounts at HJM got in back in the warrant days and are not hurting.