PFGBest Trustee Files Proposed Distribution Plan

#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.

PFGBest Trustee Ira Bodenstein filed a plan of distribution with the bankruptcy court yesterday. The filing contained some good news for the customers, saying that the trustee had 181M on hand and would distribute 30% of 4d funds and 40% of 30.7 funds to customers.

However, the trustee does not plan to start doing so until the end of September, which is an absolute eternity given the circumstances. Moreover, the trustee has not yet decided on basic logistical details of whether to send checks, wires, or initiate a bulk transfer process. At this late stage, he now wants to begin a competitive bid process for FCMs to pay the estate for the right to receive the accounts.

Ira, if you wanted to do that, why didn't you begin that process two months ago? You're really keeping true to your word of "I'm not going to run this like a New York case" and that is terrible news for customers who are losing their homes and businesses while you dawdle.

#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 James Koutoulas 209 Articles
Co-Founder and lead attorney of the CCC, CEO of Typhon Capital Management and Typhon Securities.

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