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REFCO clients to GAIN capital forex
- Thread starter $$$lover
- Start date
So, does that mean u are getting all of ur money back?
Congrat! Getting the money back is like winning the lottery.
I got mine out when they are still insisting they have nothing to do with the brokerage division.
I got mine out when they are still insisting they have nothing to do with the brokerage division.
Quote from Nasdaq5048:
So, does that mean u are getting all of ur money back?
Not settled yet, but:
It looks like GAIN will be deposting $150.00 into each account. If your RefcoFX balance was $40.00 or less you may withdraw it. To get anything above $40.00 you must trade with GAIN over a two year period and you will get 25% back every six months based on your trading activity. Those details have not been made public yet.
My guess they will credit each trade with 1 pip or so. 100K EUR/USD trade = $10.00 credit towards a RefcoFX pre-bankruptcy balance, maybe even a 2 pip credit for $20.00. In my case I would have to make about 9-18 such trades every six months for two years to get my $700.00 back, and deposit additional funds to cover the trades.
Since they have not made the details public I'm only guessing.
Quote from $$$lover:
yes it seems that way............I actually have not read the whole e-mail.....
That email was just a news bulletin dated June 30, Yahoo Finance published it almost two weeks ago and I believe it's been on the RefcoFX.com site for just as long. Sitrick is a little slow in sending it out to the RefcoFX customers.
The details are public.
See attached.
Here's an excerpt:
It's just a quick cut and paste. Sorry about the formatting. Read the PDF around page 8.
THE PROPOSED TRANSACTION
The principal terms of the Term Sheet are as follows:2
16.
ASSETS: Purchaser will purchase from Seller the Customer List and, to
the extent FXA can obtain such information, the Marketing List
(the "Acquired Assets").
FUNDING OF NEW
CUSTOMER ACCOUNTS: GAIN will open a foreign exchange customer trading account for
each individual identified on the Customer List that consents to
the opening of an account with GAIN within one year after the
closing of the proposed transaction. Upon receipt of a customer
consent within the opt-in period, GAIN will fund the newly
opened GAIN account in an amount equal to the lesser of (i) the
customer's aggregate FXA account balance or (ii) $150.
The funds so deposited in the GAIN customer accounts will be
available to customers with FXA Account Balances of $40 or
less, without restriction. For customers with FXA Account
Balances greater than $40, the funds so deposited in the GAIN
customer accounts will be available to customers upon the
completion of one round trip lot trade.
2
This summary is provided as a convenience only. To the extent the summary differs from the Term
Sheet, the terms of the Term Sheet shall control. Capitalized terms used but not defined herein have
the meaning set forth in the Term Sheet.
For each customer who has an FXA Account Balance in excess
of its Initial Customer Deposit, GAIN will deposit into such
customer's account on the six month, one year, eighteen month
and two year anniversaries of the Trading Start Date a
Supplemental Deposit equal to 25% of the excess of the
customers' FXA Account Balance over the Initial Customer
Deposit, if the customer maintains a customer account at GAIN
at the end of such period and meets a trading threshold based on
the following number of average round trip lot trades per month
during such six month period:
Account Range ($) Average Round Trip Lots
Per Month Over Six Month
Period
150-500 1.5
501-1,000 4
1,001-2,500 7
2,501-5,000 13
5,001-10,000 23
10,001 â 25,000 45
Alon tp o aen Sadrâ con t m ( u i i b
lrud r ls r i ât ad acute sm lp e y
it n r t ld
10 for Mini account equivalent). A customer does not need to
have satisfied the trading threshold in the previous period to be
entitled to receive a Supplemental Deposit for a subsequent
period. Customers with an FXA Account Balance equal to or
greater than $1,000 that do not qualify for a Supplemental
Deposit who have traded in a sufficient volume such that they
would have satisfied the trading threshold if they were in the
Account Range immediately below their Account Range will
receive a deposit equal to 10% of the excess of the customers'
FXA Account Balance over the Initial Customer Deposit. All
funds required to be deposited under this Section will be
available to customers within 30 days after the expiration of the
applicable six month period. Prior to entering into a definite
agreement, Purchaser and Seller shall agree on the methodology
for determining trading thresholds for customers with FXA
Account Balances above $25,000.
See attached.
Here's an excerpt:
It's just a quick cut and paste. Sorry about the formatting. Read the PDF around page 8.
THE PROPOSED TRANSACTION
The principal terms of the Term Sheet are as follows:2
16.
ASSETS: Purchaser will purchase from Seller the Customer List and, to
the extent FXA can obtain such information, the Marketing List
(the "Acquired Assets").
FUNDING OF NEW
CUSTOMER ACCOUNTS: GAIN will open a foreign exchange customer trading account for
each individual identified on the Customer List that consents to
the opening of an account with GAIN within one year after the
closing of the proposed transaction. Upon receipt of a customer
consent within the opt-in period, GAIN will fund the newly
opened GAIN account in an amount equal to the lesser of (i) the
customer's aggregate FXA account balance or (ii) $150.
The funds so deposited in the GAIN customer accounts will be
available to customers with FXA Account Balances of $40 or
less, without restriction. For customers with FXA Account
Balances greater than $40, the funds so deposited in the GAIN
customer accounts will be available to customers upon the
completion of one round trip lot trade.
2
This summary is provided as a convenience only. To the extent the summary differs from the Term
Sheet, the terms of the Term Sheet shall control. Capitalized terms used but not defined herein have
the meaning set forth in the Term Sheet.
For each customer who has an FXA Account Balance in excess
of its Initial Customer Deposit, GAIN will deposit into such
customer's account on the six month, one year, eighteen month
and two year anniversaries of the Trading Start Date a
Supplemental Deposit equal to 25% of the excess of the
customers' FXA Account Balance over the Initial Customer
Deposit, if the customer maintains a customer account at GAIN
at the end of such period and meets a trading threshold based on
the following number of average round trip lot trades per month
during such six month period:
Account Range ($) Average Round Trip Lots
Per Month Over Six Month
Period
150-500 1.5
501-1,000 4
1,001-2,500 7
2,501-5,000 13
5,001-10,000 23
10,001 â 25,000 45
Alon tp o aen Sadrâ con t m ( u i i b
lrud r ls r i ât ad acute sm lp e y
it n r t ld
10 for Mini account equivalent). A customer does not need to
have satisfied the trading threshold in the previous period to be
entitled to receive a Supplemental Deposit for a subsequent
period. Customers with an FXA Account Balance equal to or
greater than $1,000 that do not qualify for a Supplemental
Deposit who have traded in a sufficient volume such that they
would have satisfied the trading threshold if they were in the
Account Range immediately below their Account Range will
receive a deposit equal to 10% of the excess of the customers'
FXA Account Balance over the Initial Customer Deposit. All
funds required to be deposited under this Section will be
available to customers within 30 days after the expiration of the
applicable six month period. Prior to entering into a definite
agreement, Purchaser and Seller shall agree on the methodology
for determining trading thresholds for customers with FXA
Account Balances above $25,000.
Quote from lenwhistler:
Not settled yet, but:
It looks like GAIN will be deposting $150.00 into each account. If your RefcoFX balance was $40.00 or less you may withdraw it. To get anything above $40.00 you must trade with GAIN over a two year period and you will get 25% back every six months based on your trading activity. Those details have not been made public yet.
My guess they will credit each trade with 1 pip or so. 100K EUR/USD trade = $10.00 credit towards a RefcoFX pre-bankruptcy balance, maybe even a 2 pip credit for $20.00. In my case I would have to make about 9-18 such trades every six months for two years to get my $700.00 back, and deposit additional funds to cover the trades.
Since they have not made the details public I'm only guessing.
Those of you that haven't filed your Proof of Claim might want to check out www.refcofxaccountholders.com.
This will give you a link to a group that has formed a legal fund.
We have a lawyer now that will be respresenting us in court, and has given us instruction on how to file our Proof of Claims as Secured Creditors instead of unsecured creditors.
This is going to be an outright battle to get customers money back, and those without a voice in the court room will probally get Gains most excellent offer where you have to trade with them for 2 years to get all your money back in 6 month installments. And only if your trading like a crazy person, and since you will be making so many trades, you will probally have to pay even more money to get your money back.
Think about it.
Joint the Legal Fund.
Get representation.
Get your POC to the court house by the 17th, or risk loosing it all.
This will give you a link to a group that has formed a legal fund.
We have a lawyer now that will be respresenting us in court, and has given us instruction on how to file our Proof of Claims as Secured Creditors instead of unsecured creditors.
This is going to be an outright battle to get customers money back, and those without a voice in the court room will probally get Gains most excellent offer where you have to trade with them for 2 years to get all your money back in 6 month installments. And only if your trading like a crazy person, and since you will be making so many trades, you will probally have to pay even more money to get your money back.
Think about it.
Joint the Legal Fund.
Get representation.
Get your POC to the court house by the 17th, or risk loosing it all.