Discussion in 'Prop Firms' started by drukes1234, May 30, 2008.

  1. What the heck is going on with this whole situation? I have had a substantial amount of capital tied up there for a hell of a long time now and I am no longer even receiving updates on when and if there is even going to be a distribution... I've reviewed some threads here but there's really nothing up to date, anyone know ANYTHING?
  2. Daal


    received this yesterday

    'The Receiver's Report showing our work to date will be filed tomorrow.
    An e-mail will be going out to all of the members advising that it has
    been posted to our website for download once it has been posted. Our
    next priority is an interim distribution. Once the report is filed, we
    will be determining an appropriate amount for distribution. When that
    has been determined, and when we have been able to secure a court date,
    an e-mail will be sent to the members advising of both the requested
    percentage and the hearing date. Right now, our best case scenario is
    the end of June or first of July, depending on when we can get the
    hearing date.'
  3. I can suggest an appropriate % for distro......100%
  4. Alex1


    So the release of the accounting report has been delayed until Monday morning. The mess continues.
  5. tito


    Daal & Alex1,

    Have you been receiving emails from the receiver? I have not and did not see anything on Thomas Lennon's website either regarding the things you just mentioned.
    Any additional info much appreciated. Thanks.
  6. Alex1



    I have been in touch with Laura, Lennon's assistant. She is nice and as helpful as she can be.....

    However, the fact that their office has once again not filed the accounting report is absolutely ridculous.

    They knew about this deadline months ago.

    I talked with Laura a few hours ago and she insisted it would be released today after telling me the exact same thing on Friday. Once again, no report.

    I have tried to be patient and give Lennon the benefit of the doubt until I read the report.

    My patience is quickly eroding.
  7. Daal


    just received the notice of hearing. the big question is, will this guy now charge to sit on his ass and do nothing while he waits for the hearing or will he be honest and stop using legal theft for once
  8. bandit


    By the looks of the initial accounting summary, 13 mil is accounted for, and they are still waiting on 3 mil from other vendors.

    Bottom line is 82% of the money is sitting in the account, and the other money is in receivables due from NYFX, two different BD's, and others.

    I am actually happy with this so far. If we get half of the other money due, minus the attny fees, we will still end up with around 90% of the money.

  9. bandit


  10. Daal


    I asked if they are going to get paid to sit on their lying asses and they replied 'The Receiver and his professionals are paid per hour of service provided. Their fees and costs are subject to Court approval. The Court carefully reviews fee applications to ensure that the fees and costs are reasonable. Under no circumstances is anyone paid to sit and do nothing.'

    I bet there will be surprising 'work' that will 'have to' be done before the hearing
    #10     Jun 3, 2008