#PFGBest Hearing @ 10AM on Extension for Schedule of Assets

#PFGBest Customers

Are you a customer of PFGBest? The CCC is working with regulators and monitoring the court on behalf of PFG customers. At this stage, we are advising customers to gather their statements and prepare for a claims or account transfer process.

Stay tuned to our website for more information.

The plaza of Chicago's Dirksen Federal Building, where the Northern District of Illinois Bankruptcy Court is located.
The plaza of Chicago's Dirksen Federal Building, where the Northern District of Illinois Bankruptcy Court is located.

A hearing is scheduled this morning before the Honorable Judge Carol Doyle regarding the PFGBest Trustee's recently filed motion for an extension for the debtor's legal requirement to file a Schedule of assets and liabilities.  By law, PFGBest is required to file a Schedule of assets and liabilities within 15 days of its Chapter 7 application.  This would mean that PFGBest would have to file such a schedule by July 25.

The Trustee contends that PFGBest did not take any steps to prepare Schedules prior to bankruptcy.  The motion notes that PFGBest has 250 employees servicing 24,000 accounts, so it will take time to piece together the estate.  The Trustee requests 43 days to prepare and file Schedules, which would give him time to file in advance of the first meeting of Creditors on September 10, 2012.

Please note that this is not unusual and may not impact the Trustee's ability to make distributions to customers.  We expect the motion to be granted.  Read the motion below:


Download (PDF, 30KB)

#MFGlobal Customers

Are you a customer of MF Global? The CCC formally represents more than 200 clients in the bankruptcy process of MF Global on a pro bono basis, and informally represents thousands more in the public domain.

Get the latest news on #MFGlboal.

About John Roe 91 Articles
Co-Founder of the CCC and head of BTR Trading and Roe Capital Management.

Be the first to comment

Leave a Reply