PFGBEST Customers Should Expect another distribution says Trustee
PFGBEST Chapter 7 Trustee, Ira Bodenstein has submitted a Status report as of August 8, 2013. The Trustee has created a laundry list of all the items he has been working on that have caused the delays in distributions.
Of paramount importance to former PFG customers is the question of “When will we get more money from the Trustee?”
The Trustee states that they will seek authority from the Bankruptcy Court to make an additional interim distribution to both Domestic and Foreign Commodity Futures Customers by the end of 2013 (Page 7 Section IV Paragraph D).
While the timing is much like my cable guy saying he will show up between 10 am and 5 pm it at least means that he is coming.
US or domestic PFG futures customers should have a disbursement, but the percentage has not been finalized. Part of this final number is obscured by the final decision of what to do with Forex and Metals money. Currently according to Exhibit A of the Trustee’s Status Report there is approximately $132 Million in total cash held. However some of that is “Forex Funds”.
Foreign Futures customers with an Allowed Claim should receive a distribution, when combined with prior disbursements that will total 100% of the Allowed Claim.
Forex clients of PFG and Metals clients have approximately 30 million dollars that is being held in a separate account (the “Forex Funds”). Prior to any distribution to Forex or Metals customers, either the Complaint by the Secured Leverage Group ( the “SL Complaint”) must be resolved by the entry of a final and non-appealable order of the Bankruptcy Court or individual holders of Forex and Metals claims much reach a settlement agreement with the Trustee.
The Trustee indicates they also are still holding PFG’s inventory of physical metals and will be filing a Motion to Authorize the Procedure for Liquidating Precious Metals.
Other unresolved issues could result in additional funds coming into the Estate. The highest profile is that of the CFTC suing US Bank over Peregrine Client Account Funds.
The following article was compiled from sources deemed reliable.
About Back Bay Futures:
I was personally affected by the PFGBEST Bankruptcy and those who worked with me as well. While the last year has been challenging and humbling to my family it also has shown me the true good of those clients, colleagues and friends who have been there for support. If you are looking for a futures or forex broker I would appreciate the chance to speak with you and earn some of your business.
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