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PFGBEST Customers to expect another interim distribution

PFGBEST Customers Should Expect another distribution says Trustee

PFGBEST Chapter 7 Trustee, Ira Bodenstein has submitted a Status report as of August 8, 2013. The Trustee has created a laundry list of all the items he has been working on that have caused the delays in distributions.

Of paramount importance to former PFG customers is the question of “When will we get more money from the Trustee?”

The Trustee states that they will seek authority from the Bankruptcy Court to make an additional interim distribution to both Domestic and Foreign Commodity Futures Customers by the end of 2013 (Page 7 Section IV Paragraph D).

While the timing is much like my cable guy saying he will show up between 10 am and 5 pm it at least means that he is coming.

US or domestic PFG futures customers should have a disbursement, but the percentage has not been finalized. Part of this final number is obscured by the final decision of what to do with Forex and Metals money. Currently according to Exhibit A of the Trustee’s Status Report there is approximately $132 Million in total cash held. However some of that is “Forex Funds”.

Read More about PFG FX Customers and Metal Clients