PFG Best Distribution Calculations

Discussion in 'Retail Brokers' started by comintel, Aug 30, 2012.

  1. I wonder if anyone is addressing the following two specific issues:

    (1) Can we try to base distributions on the market value of the account immediately prior to liquidation, not the value of the account after liquidation (we should not have to take losses due to poor execution during liquidation)?

    (2) Can we try for priority of accounts which were segregated funds over other accounts (I understand that some non-retail accounts existed that were not required to be segregated).

    I would appreciate any information on these two specific aspects from Beau or others involved in the litigation.
  2. Me too. Got my latest run, but it simply shows what I had when I was flat (CTA managed). No idea what's going on.

  3. Bit off topic. I Just received a cheque for 30% of my account prior to liquidation.
  4. I recently got the 30% distribution also.

    Note you need to submit a separate proof of claim by Dec. 15 (if not already submitted) to be eligible for further distributions.

    However, the initial distribution was calculated at 30% of the account value *after* liquidation. I think it should be calculated as 30% of the value of the account *before* liquidation.

    In other words, it looks as if they used market orders to liquidate and got unfavorable fills in my case, or waited too long to liquidate.

    I am putting this on the proof of claim form.
  5. Comintel;
    What percentage do you feel we will ultimately end up with?
  6. What a joke. Eventually someone or something is going to need to make an example of one of these guys.
  7. Unless more assets are found, we might get 60% total if that.

    There is always the hope that more assets will be found. Some accounts might possibly be unclaimed and add to the available total. For example, they might have been really owned by Wasendorf but put under a false name.

    Also, as the distribution process winds down, the class action law suits will gear up against Wasendorf Jr, U.S. Bank, JP Morgan, maybe the NFA, etc. and maybe these can recover some money.
  8. Thanks. Keep us posted.