Just in time for Christmas, the PFGBest Trustee entered a motion for an interim distribution to PFGBest customers. A hearing on the motion is set for this Thursday and opposition is unlikely. This distribution is limited to futures customers and would add to recoveries for those account classes as follows:
The motion adds 15% to 30.7 customers’ recovery and 7% to 4d customers recovery, bringing their total recoveries to 100% and 44% respectively. The Trustee would still retain assets in excess of $50 million which could be used for future distributions, but is reserved pending the outcome of litigation, the resolution of the claims process and determination on creditor priority. pola gate of olympus hari ini
The Trustee also issued an interim status report which details the accounts and balances attributable to various customer classes prior to making the above interim distribution.
After this distribution, the 30.7 balance would be zero, with the 4d balance very close to zero. This leaves the forex/metals cash and the settlement obtained from JPMorgan with respect to forex accounts unallocated. The distribution of this balance is awaiting the resolution of several major disputes, as the Trustee is likely to reserve this property in its entirety until these are resolved:
Unresolved Priority of Claimants. the $43+ million attributable to metals and forex customers is awaiting a determination on distribution. There are several outcomes, the likeliest of which is that the Trustee enters a motion to distribute this money as a final distribution--once all litigation is resolved. We believe this money will be distributed to general creditors on a pro rata basis, with unresolved customer claims receiving their pro rata share of this distribution.
IRS Adjustment, Penalty & Dispute. The IRS has issued an adjustment to PFG in tax years 2007 to 2011 which adds $97 million to its adjusted gross income as embezzlement income and levies a civil penalty of $16 million against the firm. This IRS is seeking to assess this penalty against the estate, which the Trustee is disputing. Tax claims can take priority to general unsecured creditor claims, so the Trustee will have to reserve property until the dispute surrounding this penalty is resolved.
Additional potential recoveries are pending in three civil cases making their way through federal court.