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PFGBest Accounts Frozen (PFG scandal big thread)
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PFGBest Accounts Frozen (PFG scandal big thread)

  #791 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
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nakachalet's Avatar
 
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hi brevco, thx. what was the number you called pls?


brevco View Post
I submitted the forms per Vision's instructions and never received confirmation or
any type of reply. I called them several times and each time I received voice mail
but could not leave a message because "the mail box was full." After attempting
to reach them for 3 days I finally spoke to an operator/receptionist who transferred me to someone
by the name of Matthew. I received a check in the mail within about 5 days.

I never received confirmation that PFG received my claim electronically so I called and
they (the trustee) answered the phone. I mailed the required forms via registered
mail and have the signed receipt.

That's about the best I can hope for as proof that they (PFG/trustee) received my claim.

hi brevco

glad you got yours already but which number did you call, pls?

email if you like.

thx much.

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  #792 (permalink)
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Raleigh NC USA
 
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To see if your claim has been received by the PFG Bankruptcy trustee, you can go to

http://pfgchapter7.com

Select "Proof of Claim Docket" on the left.

Then search on your name.

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  #793 (permalink)
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Arvada, Colorado
 
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nakachalet View Post
hi brevco

glad you got yours already but which number did you call, pls?

email if you like.

thx much.

I called the numbers listed on their website:

Toll Free: 1.877.836.3949
Direct: 203.388.2714

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  #794 (permalink)
Elite Member
Raleigh NC USA
 
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PFG Trustee expected payouts for different account types

I received the following unsolicited offer (at bottom of this post) for my PFG claim. I changed the name of the sender to XXX.

I am not interested in the offer as such, and will not take it (I am in in no rush), but am interested in the expectations for recovery implied in it.

The offers are about 38% for U.S. futures accounts and about 75% for accounts set up to trade foreign futures exchanges.

This is because Wasendorf took the funds from segregated funds set up for trading U.S. futures. There was no deficit in the account set up to trade foreign futures. The Trustee has indicated that he will treat these as separate pools if the judge so approves.

Would it be fairer to treat the two equally?

There seems to be no way to have a dialogue in this area. CCC has no public forum. Neither does the trustee. The people suing on a class action basis do not respond to emails either.

Of course, we can hope that the Trustee finds other funds so that both classes of customers get paid back fully, but this looks a lot less likely for PFG than is turning out to be the case with MF Global.

===============================

Dear Sir or Madam,

XXX is an active investor in the customer claims of the Peregrine Financial Group (“PFG”) bankruptcy case. We understand that you or your client may have a Commodity Futures Account (“4D”) or Foreign Futures Account (“30.7”) claim against the PFG estate. Depending on the type of claim, you should have received a partial payment from Vision Financial Markets LLC (“Vision”) through a bulk transfer that took place towards the end of October, 2012.

For your consideration, we are currently bidding the following rates for certain claims against PFG:



Type of Claim Claim Size Pricing

Commodity Futures Account - 4D $100K-$500K 37% (less any distributions already received)

Commodity Futures Account - 4D $500K - $1M 37.5% (less any distributions already received)

Commodity Futures Account - 4D $1M+ 38% (less any distributions already received)


Foreign Futures Account - 30.7 $100K-$500K 74% (less any distributions already received)

Foreign Futures Account - 30.7 $500K - $1M 75% (less any distributions already received)

Foreign Futures Account - 30.7 $1M+ 76% (less any distributions already received)



If you have a different type of claim than the 4D or 30.7, we’re not an active buyer right now, but you can be in touch with me and we can work to develop a bid for you.

Please note, pricing is subject to change higher or lower according to active market conditions and claims are bought on a first offered, first purchased basis. Any potential claim purchase is subject to the review of standard claim support documentation, and XX reserves the right to not purchase any claim presented for sale, for any reason.

If you are not familiar with XXX, I encourage you to visit our website at XXX.com to learn more about us and read some of the testimonials from others who have sold their claims through XXX.


Best Regards for Happy and Healthy New Year.

XXX

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  #795 (permalink)
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KAUAI HAWAII USA
 
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PFG Scandal

Hello Thanks for the post to the thread yes it has not been a very open process. it does appear based on these bids that
maybe 40 % or so may be possible for domestic commodity account holders. I am just guessing. There was an auction for
some of the buildings and assets but I didnt see the final sales numbers does anyone have more info about that ?

Good to have a forum like this otherwise it would be even muddier than it already is. Happy New Year everyone we will
make all of this back plus interest.

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  #796 (permalink)
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Raleigh NC USA
 
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In the MF Global case, the amount offered by claim buyers increased steadily over time, and is now up to maybe 95%.

In the case of PFG, it is not likely to get that high.

I believe that there is enough money in the foreign trading accounts to pay 100% of those foreign trading account claims. Of course, there are the trustee's expenses to come off the top.

The third party buyers are offering about 80% on those foreign account claims and about 40% on domestic trading account claims.

So reversing the calculation, maybe the U.S. account holders, who are currently being offered close to 40%, may eventually get 60%+. I certainly hope for a lot more than that, but that may depend on finding money somewhere in PFG's remaining assets or suing some people.


Last edited by comintel; December 31st, 2012 at 11:26 PM.
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  #797 (permalink)
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Peregrine's Wasendorf Sentencing Set for Jan. 31

http://online.wsj.com/article/SB10001424127887324581504578235853340454648.html


Last edited by Cloudy; January 15th, 2013 at 04:49 PM.
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  #798 (permalink)
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PFG claim

I sent my claim to Vision to have the 30% that was transferred them to be sent to me via check. I got an email on 12/21/12 with the forms I had filled out scanned into a PDF file so I have confirmation that they received the request. As of today I still have not received my funds and have gotten no response to a couple of emails asking about it. Anyone else who requested a check still waiting??? Growing a little impatient here!!

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  #799 (permalink)
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Same here man...they are definitely dragging their feet on this one...

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  #800 (permalink)
Elite Member
Raleigh NC USA
 
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Just for comparison, I sent my forms by email to Vision on 10/30 and got the check a few days later.

So I would definitely suggest calling Vision.

I hope that everyone who had an account also filed the separate forms on Peregrine Financial Group, Inc.: Home by the deadline. If you did not it is urgent that you file them now and call the Trustee immediately as maybe they can extend the deadline (which has now passed). It turns out that they failed to notify some people so they are extending it for some people. So if you did not file, do it immediately and call them and "beg" for an extension. Extensions are often given in cases like this in my opinion although I cannot guarantee it.

Note there are two separate sets of forms to file:

(1) The ones on the Vision site to get the initial distribution from the broker.

(2) The ones on pfgchapter7.com to make your claim formally to the trustee.

You must fill in both separately.

The second set are the more important ones because they are the formal claim. They may even claw back distributions from Vision unless you file the pfgchapter7 claim as well. Plus you would not be eligible for future distributions unless you file it.

I will be shocked if they do not give extensions to people who were confused by the procedures. But the first step is to file now, even if late and then you will have support later from places like here.

If everyone has already filed with the Trustee, then please ignore all of this. I cannot tell exactly from the other postings.


Last edited by comintel; January 22nd, 2013 at 06:57 AM.
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