Trustee Releases Amended Application for a Claims Process

#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.

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Download the PROPOSED Claims Forms for Commodities Accounts (this is just a proposal - please do not file)


#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.

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


  1. It is important that the CCC advocate on behalf of ALL customers receiving their 60% in an expeditied bulk transfer before the claims process begins. The Trustee’s distribution can not be considered equitable if “all-cash” customers receive their 60% in the coming days, but customers who held a mixture of cash and positions do not receive their 60%.

    The Trustee’s November 20 progress report discussed “Next Transfers” to take place after the “Cash-Only Account Transfers.” His comments were not reassuring. He suggested that he was planning a third phase of transfers to “true-up” all claimants to 60% of their net equity. However, he suggested that “Distributions may be made by bulk transfer, if feasible, and through an individual claims process.” The claims document suggests that any claims process will take months. I urge that the CCC adopt a strong position arguing in support of the principle of the necessity of 60% distribution for ALL prior to initiation of the claims process.

  2. It is not clear how the Trustee will calculate the 60% figure for the next bulk transfer to be made before the claims process. The Trustee’s most recent public statements suggest his intention is to give ALL customers 60% without claims. If he is capable of determining the 60% without claims, then the claims process appears to be superfluous. It looks like we will be filing a claim for the total amount due us on October 31 for them to use as a basis for calculating the remaining 40%.

    For accounts that held a mixture of positions and cash, our MFGI statements listed the cash in two categories — the amount that was considered margin in support of the open positions, and the amount that was considered “excess equity.” When our positions were transferred out of MFGI, we received approximately 60% of the amount that was needed as margin. For all customers to receive 60% of their assets, customers who held some positions and the rest in cash, now need to receive 60% of their “excess equity cash,” i.e. 60% of the cash that remained behind after the positions were transferred along with 60% of the margin needed to support those positions.

    The bulk transfers of positions happened in the week after October 31. In the case of my account, the Thursday November 3 closing prices were used as the cost basis for the transfer, though the transfer itself was effected as of Friday evening November 4. It might be easier if claims were adjudicated based upon statements for November 7, i.e.calculating 60% of how much cash remained behind after the positions were tranferred.

    It is important that the CCC remain active in advocating on behalf of ALL customers receiving their 60% in an expedited bulk transfer before the claims process begins. The distribution is not equitable if the “all-cash” customers receive their 60% next week, but customers who held excess e

  3. Using the bankruptcy date does not completely make sense for many of us.

    Positions were transferred later that week, and MFGlobal issued a final statement of funds due at the time of transfer which would be different from the bankruptcy date.

    Calculating funds due current is then a fairly straightforward subtraction of funds released subtracted from the funds owed in that final statement.

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