I received the following unsolicited offer today (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.
Wouldn't 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.
Discussions here do not get much response 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 (âPFGâ) bankruptcy case. We understand that you or your client may have a Commodity Futures Account (â4Dâ) or Foreign Futures Account (â30.7â) claim against the PFG estate. Depending on the type of claim, you should have received a partial payment from Vision Financial Markets LLC (âVisionâ) 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, weâre 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.
you should have received a partial payment from Vision Financial Markets LLC
I HAVE RECEIVE NOTHING FROM Vision Financial Markets