NOTICE TO PFG FUTURES CUSTOMERS OF PROPOSED DISTRIBUTION
On December 4, 2014, the Trustee filed the Trustee’s Motion for Entry of an Order (1) Authorizing up to a 100% Distribution on Allowed 30.7 Customer Claims and an Interim Distribution on Allowed 4d Customer Claims and (2) Authorizing the Allocation of Certain Settlement Proceeds to the 4d Customer Estate (the “Motion”). In the Motion, the Trustee requested authority from the Bankruptcy Court to make distributions of segregated cash as follows: (i) with respect to 30.7 Customers, up to a 100% distribution to the holders of Allowed 30.7 Customers Claims and (ii) with respect to 4d Customers, up to a 44% interim distribution to the holders of Allowed 4d Customer Claims (the “Proposed Distribution”). With respect to holders of Allowed Futures Claims that received all Prior Distributions, the proposed incremental distributions will be 15% to Allowed 30.7 Customer Claims and 7% to Allowed 4d Customer Claims. Holders of Allowed Futures Claims that did not receive the full amount of their Prior Distributions will receive their pro rata share of the undistributed portion of all Prior Distributions.
The Trustee also requested authority from the Bankruptcy Court to set 11:59 p.m. (CST) on December 4, 2014 as the “Record Date” for the Proposed Distribution. As of the Record Date, the claims register shall be closed for the purposes of the Proposed Distribution and the Trustee shall have no obligation to recognize any transfer of any claims occurring after the Record Date. The Proposed Distribution checks will be mailed to the customer at the address contained in the proof of claim as of the Record Date.
The Motion is scheduled for hearing on December 11, 2014 at 10:00 a.m. (CST) in Courtroom No. 742, United States Courthouse, 219 South Dearborn Street, Chicago, Illinois, before the Honorable Judge Carol A. Doyle, Bankruptcy Judge, or such other Judge who may be sitting in her place and stead. Such hearing may be continued from time to time without further notice other than by announcement in open Court. A copy of the Motion and the proposed order is available here.
NOTICE TO FORMER FUTURES CUSTOMERS OF PFG WHOSE ACCOUNT BALANCES IN EXCESS OF $1000 WERE SENT TO VISION FINANCIAL MARKETS LLC
Per the Order entered by the Bankruptcy Court on October 5, 2012 (the “Bulk Transfer Order”), most account balances of former PFG futures customers were sent to Vision Financial Markets LLC (“Vision”). You still have a limited opportunity to recover those funds directly from Vision if the amount transferred to Vision was in excess of $1,000. On October 20, 2014, Vision will return to the PFG bankruptcy trustee all remaining funds of former PFG futures customers who do not contact Vision. Once returned to the PFG bankruptcy trustee, those funds will not be recoverable by you unless you timely filed a proof of claim that has been allowed in the PFG bankruptcy case. To prevent this, you must contact Vision prior to October 13, 2014 and request access to your funds.
Contact Vision directly at http://www.visionfinancialmarkets.com/pfgtransfer
A copy of the Bulk Transfer Order is available here.
New Announcement 05/27/2014
Notice of Withdrawal of Trustee’s Settlement Offer to Forex and OTC Metals Claimants
To: Forex and OTC Metals Claimants of Peregrine Financial Group, Inc.
On May 27, 2014, the Bankruptcy Court entered a Judgment resolving the Secure Leverage lawsuit in the Trustee’s favor. Pursuant to the terms of the Bankruptcy Court’s order authorizing the Forex-OTC Metals Settlement Offer (“Settlement Offer”), the Settlement Offer remained open only until such time as the Bankruptcy Court fully resolved the Secure Leverage lawsuit. Accordingly, the Settlement Offer is withdrawn effective immediately.
Any Forex and OTC Metals claimants that accepted the Settlement Offer must send an executed copy of the Settlement Agreement and Notice by e-mail or facsimile so that it is actually RECEIVED by Rust/Omni at the address below on or before 11:59 p.m. Pacific Time on May 27, 2014. If the Settlement Agreement and Notice is sent by mail, the Trustee will also accept the Settlement Offer if the envelope is postmarked on or before May 27, 2014.
Peregrine Financial Group, Inc. dba PFG BestAttn: Forex Settlement5955 De Soto Ave., Suite 100Woodland Hills, CA 91367 firstname.lastname@example.org: 818-783-2737
Announcement Regarding Fraudulent Mass E-Mails to PFG Customers and Creditors
It has come to the Trustee’s attention that fraudulent e-mails, purporting to be sent by a person affiliated with the Trustee, have been sent to certain customers and creditors of PFG. Please be advised that these e-mails are a scam and do not originate from the Trustee’s office. The Trustee advises any customer or creditor who receives this e-mail message to ignore and delete it. The Trustee is in the initial stages of investigation with respect to these messages and is in process of determining the proper law enforcement authority to notify. Click here to view the fraudulent e-mail.
NOTICE TO FORMER CUSTOMERS OF PFG WHOSE ACCOUNT BALANCES BETWEEN $100 AND $1000 WERE SENT TO VISION FINANCIAL MARKETS LLC
Beginning on October 19,2012, former PFG customers whose accounts were sent to Vision Financial Markets LLC were able to contact Vision to request access to their funds. For those former PFG customers with account balances between $100 and $1000, Vision will return those funds to the Peregrine bankruptcy trustee if you do not contact Vision before March 5,2013 to request access to your funds. Once returned to the trustee, those funds will not be available prior to the completion of the claims process by the trustee and his staff.
INFORMATION FOR PFG COMMODITY CUSTOMERS WITH FOREIGN CURRENCY BALANCES AS OF THE PETITION DATE:
On May 8, 2013, the Bankruptcy Court entered the Order Granting Trustee's Motion to Approve Procedures for Valuing Commodity Customer Claims Related to Conversions of Foreign Currencies ("Foreign Currency Order"). The Foreign Currency Order approves the procedure by which the Trustee will value commodity customer claims that require conversion of foreign currencies to US Dollars. As approved by the Bankruptcy Court, the Trustee is authorized to use a weighted average of all conversion prices for each foreign currency in valuing the "net equity" claims of commodity customers holding balances denominated in foreign currencies as of July 10, 2012 (i.e., the bankruptcy petition date). The weighted average conversion rate for each foreign currency is set forth in the Foreign Currency Order. Please note that the July 2012 commodity customer statements reflect foreign currency rates as of July 31, 2012. The July 31, 2012 exchange rates may not reflect the actual rates used to convert the foreign currencies to US Dollars since the foreign currencies were liquidated in July and September 2012 and March 2013. A copy of the Foreign Currency Order is available here.
Beginning on October 19, 2012, former customers of Peregrine Financial Group (PFG) may obtain information regarding the availability of their funds which the PFG Trustee will distribute to Vision Financial Markets (Vision) by visiting Vision’s Web site at www.VisionFinancialMarkets.com.
To submit a Proof of Claim click here.
POC FAQs available here.
Notice of Returned Account
Deferred Accounts Update
IMPORTANT MESSAGE FOR FOREX AND METALS CUSTOMERS AVAILABLE HERE.
Message from the Uni
|Main Debtor||Case No. 12-27488 Peregrine Financial Group, Inc. dba PFG Best|
|United States Bankruptcy Court||Northern District of Illinois|
|Judge||Hon. Carol A. Doyle|
|Petition Filing Date||July 10, 2012|
|Claims Bar Date||December 14, 2012|
|Government Bar Date||January 11, 2013|
|Amended Bar Date||March 15, 2013|
|Record Date for Third Distribution||December 4, 2014|
|Hearing Dates||February 4, 2015 February 26, 2015 April 9, 2015 March 18, 2015 May 28, 2015 |
|Chapter 7 Trustee||Ira Bodenstein|
Shaw Fishman Glantz & Towbin LLC
321 N Clark Street Suite 800
Chicago, IL 60654
Phone: (312) 541-0151
|Attorneys for Trustee||Shaw Fishman Glantz & Towbin LLC|
321 N. Clark St., Suite 800
Chicago, IL 60654
Phone: (312) 541-0151
|Receiver for Russell R. Wasendorf, Sr. appointed by the United States District Court for the Northern District of Illinois||Michael M. Eidelman|
222 North LaSalle Street
Chicago, IL 60601
Phone: (312) 609-7500
|United States Trustee||U.S. Trustee|
Office of the US Trustee
219 S Dearborn St, Room 873
Chicago, IL 60604
Phone: (312) 886-5785