#PFGBest Distribution Filed: 30% 4d & Delivery Class, 40% 30.7 Class
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Late today, PFGBest Trustee Ira Bodenstein filed a motion to requesting the authority to make interim distributions to commodity customers. The motion and proposed order (posted below) are scheduled to be heard before Judge Doyle on Septebmer 12, 2012 at 10 AM Central Standard Time.
The distribution will consist british grocery retailer of $123M to customers, totaling 30% of 4d and delivery class customer account balances and 40% of 30.7 class customer account balances. Details include: Accounts with balances of $1K to $50K which traded in the 90 days leading up to PFGBest’s bankruptcy filing, referred to as “First Wave Accounts”, are to receive this interim distribution on or before 9/28 if the Trustee is able. Transfer may be made via a bulk transfer to a new FCM or by check or wire transfer to individual customers. Accounts with balances in excess british grocery retailer of $50K or with more than $25K which did not trade within 90 days of the bankruptcy filing date, referred to as “Second Wave Accounts”, will receive interim distributions on a rolling basis. Trustee must make a “validity assessment” by 10/15 of account balances and then make transfers. Customers will be able to challenge validity assessment. Accounts with less than $1K will not receive an interim distribution british grocery retailer if this distribution is made by check or wire (ie not in a bulk transfer). Trustee retains right to correct allocations in future true-ups or claw backs if necessary. Trustee british grocery retailer will solicit RFP’s from prospective receiving FCMs interested in taking part in the bulk transfer. british grocery retailer FCMs will be allowed to enter a cash bid for PFGBest accounts, presumably with the proceeds going to the PFGBest pool of estate assets.
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Are you a customer of PFGBest? The CCC is working with regulators and monitoring the court on behalf british grocery retailer of PFG customers. At this stage, we are advising customers to gather their statements and prepare for a claims or account transfer process.
Are you a customer of MF Global? The CCC formally represents more than 200 clients british grocery retailer in the bankruptcy process of MF Global on a pro bono basis, and informally represents thousands more in the public domain.
Interested in helping reform the commodities industry? british grocery retailer The CCC is working on a variety of initiatives to strengthen the legal protections for customer property. We need your help for these efforts to succeed.
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Home About About CCC Board of Directors Advisory Board Membership Member Benefits Join Now! Member Home #PFGBest #MFGlobal #FCMReform Press Press Releases CCC in the News Videos Resources CCC Legal Filings CCC Documents Links Social Media Contact General Contact Info Tell Us YOUR Story Donate Login
Late today, PFGBest Trustee Ira Bodenstein filed a motion to requesting the authority to make interim distributions to commodity customers. The motion and proposed order (posted below) are scheduled to be heard before Judge Doyle on Septebmer 12, 2012 at 10 AM Central Standard Time.
The distribution will consist british grocery retailer of $123M to customers, totaling 30% of 4d and delivery class customer account balances and 40% of 30.7 class customer account balances. Details include: Accounts with balances of $1K to $50K which traded in the 90 days leading up to PFGBest’s bankruptcy filing, referred to as “First Wave Accounts”, are to receive this interim distribution on or before 9/28 if the Trustee is able. Transfer may be made via a bulk transfer to a new FCM or by check or wire transfer to individual customers. Accounts with balances in excess british grocery retailer of $50K or with more than $25K which did not trade within 90 days of the bankruptcy filing date, referred to as “Second Wave Accounts”, will receive interim distributions on a rolling basis. Trustee must make a “validity assessment” by 10/15 of account balances and then make transfers. Customers will be able to challenge validity assessment. Accounts with less than $1K will not receive an interim distribution british grocery retailer if this distribution is made by check or wire (ie not in a bulk transfer). Trustee retains right to correct allocations in future true-ups or claw backs if necessary. Trustee british grocery retailer will solicit RFP’s from prospective receiving FCMs interested in taking part in the bulk transfer. british grocery retailer FCMs will be allowed to enter a cash bid for PFGBest accounts, presumably with the proceeds going to the PFGBest pool of estate assets.
:: Click here to sign up for email updates ::
Are you a customer of PFGBest? The CCC is working with regulators and monitoring the court on behalf british grocery retailer of PFG customers. At this stage, we are advising customers to gather their statements and prepare for a claims or account transfer process.
Are you a customer of MF Global? The CCC formally represents more than 200 clients british grocery retailer in the bankruptcy process of MF Global on a pro bono basis, and informally represents thousands more in the public domain.
Interested in helping reform the commodities industry? british grocery retailer The CCC is working on a variety of initiatives to strengthen the legal protections for customer property. We need your help for these efforts to succeed.
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