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.