PFG - What happens if you have accounts with them??

Lets look at the current MF case:


2a5dpqe.jpg


http://www.futuresmag.com/2012/06/08/mf-global-trustee-reports-show-folly-of-bankruptcy


As u can see, MF are still in the process of liquidating and who will get the money. THose that can afford high price lawyers will get their money first. Small Traders can afford high price lawyers?


More proofs are coming
 
lets look at madoff's case. Keep in mind, madoff clients are high net worth.



xeertt.jpg


http://abcnews.go.com/Blotter/bernie-madoff-victims-money-back/story?id=14672278#.UAQ1dfXQaCQ


According to the article:

More than 1,200 account holders will split the first $312 million.



do your higher education math to figure out how these accounts from large to small received.


Account A had $800 million before the scandal
Account B had $500K before the scandal.


will account B received $100K back or perhaps $5000 back? Or maybe $50.



More proofs will be coming.
 
Quote from emg:

Lets look at the current MF case:


2a5dpqe.jpg


http://www.futuresmag.com/2012/06/08/mf-global-trustee-reports-show-folly-of-bankruptcy


As u can see, MF are still in the process of liquidating and who will get the money. THose that can afford high price lawyers will get their money first. Small Traders can afford high price lawyers?


More proofs are coming
More...

Wow, so you conclude from that that smaller accounts will get screwed? Nothing in that blurb goes against what I said is the legal standard, which is that each account holder gets a proportional amount relative to the total recovery. That there are two entities fighting over which assets go where is a completely different issue.

Lawyers represent the entire class of claimants, so the same lawyers will be representing small accounts and large accounts. If there are side lawsuits apart from the main case, the judge can easily consolidate those into the main case.

Again, you are making statements that are of absolutely zero help. Can't you even take a step back off your soapbox for a minute and consider that someone reading your comments might take them to heart and think that they've lost whatever they had in their account? Why would you want to create additional anxiety?

I know that you are such a clown that hardly anyone would take you seriously anyway, though, so that's good.
 
Quote from logic_man:

Wow, so you conclude from that that smaller accounts will get screwed? Nothing in that blurb goes against what I said is the legal standard, which is that each account holder gets a proportional amount relative to the total recovery. That there are two entities fighting over which assets go where is a completely different issue.
More...

the case is still pending. duh
 
Quote from emg:

lets look at madoff's case. Keep in mind, madoff clients are high net worth.



xeertt.jpg


http://abcnews.go.com/Blotter/bernie-madoff-victims-money-back/story?id=14672278#.UAQ1dfXQaCQ


According to the article:

More than 1,200 account holders will split the first $312 million.



do your higher education math to figure out how these accounts from large to small received.


Account A had $800 million before the scandal
Account B had $500K before the scandal.


will account B received $100K back or perhaps $5000 back? Or maybe $50.



More proofs will be coming.
More...

Do you even understand the concept of "splitting"?

That's what it means, that the person with the bigger account gets more absolute dollars back, obviously.

Anyway, this is clearly a waste of my time. I'm just going to put you on ignore.
 
The issue is how they sneakily force the settlement through..

ie.. small account holders get a post card notice telling them in very small print the terms and in even smaller print that they must decline in writing by a specific dead line.

The large accounts decline and their attorneys draft individual settlements. cutting in line , getting paid first and disproportionately.

Those that can hire the guns will get paid more and faster.. those that rely on the trustee get whatever scraps remain after the trustee has taken their 40% cut.


Quote from logic_man:

Wow, so you conclude from that that smaller accounts will get screwed? Nothing in that blurb goes against what I said is the legal standard, which is that each account holder gets a proportional amount relative to the total recovery. That there are two entities fighting over which assets go where is a completely different issue.

Lawyers represent the entire class of claimants, so the same lawyers will be representing small accounts and large accounts. If there are side lawsuits apart from the main case, the judge can easily consolidate those into the main case.

Again, you are making statements that are of absolutely zero help. Can't you even take a step back off your soapbox for a minute and consider that someone reading your comments might take them to heart and think that they've lost whatever they had in their account? Why would you want to create additional anxiety?

I know that you are such a clown that hardly anyone would take you seriously anyway, though, so that's good.
More...
 
Quote from logic_man:

Do you even understand the concept of "splitting"?

That's what it means, that the person with the bigger account gets more absolute dollars back, obviously.

Anyway, this is clearly a waste of my time. I'm just going to put you on ignore.
More...


the article said splitting. like i said, the small one will get the leftover. DUH!


P.S

u putting me on ignore? MF and PFG cases are still pending and more proofs will becoming as the stories unfold.

Running away and hide? DUH!
 
In the MF Global bankruptcy the choice to file under Ch 11 rather than Chapter 7 gave the edge to 400 holders of securities accounts over 50,000 segregated futures accounts. It changed the priority in the bankruptcy. What's more it is my understanding that the CME did not have representation at the crucial court hearing -- they phoned it in at best.

We got a guy on here, Bwolinsky, telling us PFG had good software and telling us that he is leading up the class action (as if that's a badge of honor!!). Guys the very last thing you want to do in this game is be fighting for your money back. While he has been incredibly arrogant on this board he still has my sympathy but if you take away one thing from these failures let it be:

COUNTER PARTY RISK COUNTS
 
Quote from PocketChange:

The issue is how they sneakily force the settlement through..

ie.. small account holders get a post card notice telling them in very small print the terms and in even smaller print that they must decline in writing by a specific dead line.

The large accounts decline and their attorneys draft individual settlements. cutting in line , getting paid first and disproportionately.

Those that can hire the guns will get paid more and faster.. those that rely on the trustee get whatever scraps remain after the trustee has taken their 40% cut.
More...

Well, dude, if someone can't take the time to read the post card and follow-up, that's pretty much their fault.

You guys are talking in the abstract, but I've always found actual case citations more convincing than conspiracy theories. I'm an empiricist like that.

I'm not saying that these kinds of complex cases aren't really of benefit primarily to the lawyers, I'm just saying that no one should be making assumptions, especially when what we do seem to know is that PFG filed for Chapter 7, which is a better law for account holders, and that they listed assets in excess of their liabilities. What those assets are, I have no idea, but according to at least one story I read, that's what PFG has stated.

Comparing it to MF Global or Madoff is just sensationalism at this point.
 
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