Peregrine Financial Group Inc.’s Chapter 7 trustee won court approval to create three classes of firm commodity customers, a ruling that he said may lead to full repayment for one class of account holders.
Russell Wasendorf Sr., the founder of now-bankrupt commodities firm Peregrine Financial Group Inc., was sentenced to 50 years in prison for what prosecutors said was a theft of more than $215 million from customers.
Articles have been speculating about the possible bankruptcy of Sears Holding, the major retail chain in the United States and Canada. At $40 a share, that would be a tidy profit for the short community.
A group of MF Global Holdings Ltd. creditors proposed a liquidation plan that would pay as much as 41.5 cents on the dollar for unsecured claims after the company reached key settlements last month with affiliates.
The Seventh Circuit Court of Appeals on Friday vacated an August ruling that allowed Bank of New York Mellon (BONY) to maintain priority over former customers of Sentinel Management Group to funds it loaned to Sentinel.
Democrat members of the House Financial Services Committee urged further regulatory action against MF Global in a report yesterday, saying the firm “blatantly misled” regulators about its sovereign debt holdings.