[FXAnalytics]

These are the same gyrations and delays we went through with Refco... took nearly two years to get the distributions... If you plan on that and it happens sooner you will probably be much more relaxed than if you expect it sooner and it takes longer.

Hang in everyone, it will eventually get resolved.

[TripTrap]

As we approach the middle of June, I sent another email today to Lillian Lee to get an update on the situation. As it turned out Robb Evans and Associates had just filed a 2nd report to the court. Here is Lillian's email to me with the link to the report. We'll see what happens come July but I won't be holding my breath....
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The Receiver just filed the 2nd report with the Court this week. Below please find the link to our report:

http://www.robbevans.com/pdf/forexlqreport02.pdf

We are filing the motion for the distributions with the Court in a very near future. Once the Court approves our motion, distribution can be made. The hearing date will most likely be scheduled on July 14th. As required by law, the hearing for the motion is required to be scheduled within a reasonable timeline from the time the motion is filed to allow all parties to have a chance to review/oppose to the motion. Therefore, if we file the report in mid-June, the earliest the Court can approve the motion would be somewhere around mid-July.

Very truly yours,

Lillian Lee
Deputy to the Receiver

[TripTrap]

Lillian,

Thank you for the fast reply and all the news!

Do you think it is likely for those that have claims will oppose the motion to distribute funds delaying us even more? Also, how long in these cases does it generally take for the checks to be sent out to the customers once the court approves of the motion?

Sincerely,

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---------,

I really do not know who will oppose to our motion or how the Court will decide at this point. The possible parties who may oppose to the motion would be FXLQ's shareholders, mainly Mr. Gray, brokers and creditors (as they won't receive 100% of their claims, at least not now). Let's hope that it will not affect the Court's approval for the distribution to customers.

Based on our other cases, typically the distribution can be made within few weeks (many times within a week) from the Court's approval.

Regards,
Lillian Lee
Deputy to the Receiver

[darmasdt]

Thanks for the update, TripTrap. Really appreciate it.

[TripTrap]

Originally Posted by darmasdt

Thanks for the update, TripTrap. Really appreciate it.

You're quite welcome......I just hope there is an end in sight.

[forexedge]

Wow, I just browse through 168 pages of the 2nd report.

THe summary shows still $2m short fall overall.
Mr. Gray still has $8millions in ProFi and $3millions unaccounted via Mr. slott's client.

So, they need to order Gray to reroute at least $2millions, may be pay serious fraud fines, or visit the jail for a few years.

I hope no creditor will oppose the motion, because they can still get the rest if the court orders Gray to bring back the gap.

Lets pray.

[TripTrap]

Here is the link to our motion filed today:

http://www.robbevans.com/pdf/forexlqmotion02.pdf

Lillian

[TripTrap]

It looks like if the court approvals the motion on or around July 14th, Global Forex Trading will purchase the right to hold our funds. We then as traders have the option to trade with GFT or close the account and have them send our funds. The details are on page 5 of today's motion.

I know not to get too excited until it actually happens but it sure looks encouraging........

[BluePearl]

i got the following from my ex-broker. it's not only GFT but also IKON.

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Dear Client,

In regards to the Forex Liquidity case, we would like to provide you with an additional update:

The receiver has just published today the following Notice of Motion and Motion for Orders:

(1) Approving the Sale/Assignment of Various Accounts to Global Forex Trading and Ikon Global Marketing;

(2) Approving a Compromise of Claims;

(3) Authorizing the Sale of Office Equipment and Furniture;

(4) Approving the Receiver's Proposed Initial Distribution and Proposed Claims Filings and Allowance Procedures; and

(5) Approving Limited Notice Procedures Under Local Rule 66-7;

Memorandum of Points and Authorities; Declaration of Brick Kane in Support Thereof

In the motion the receiver requests that clients' accounts and funds will be assigned and transferred to two other forex dealers Global Forex Trading and to IKON Global Markets. The Court hearing is scheduled for July 14th 2008 in the Court of Santa Ana, California, and if approved 100% of clients' funds should be transferred within 5 days from the Court approval date and clients should be able to withdraw their funds, transfer funds, or remain trading at either Global Forex Trading or IKON Global Markets.

[TripTrap]

Yes.....it looks like IKON is getting all the Asian accounts.....

[phy]

In the Refco Fiasco, there was a point like this at which FXCM was going to take over the accounts, paying something like $110m, later upped to $135m, and make everybody "whole".

This is the point where the creditors higher in the food chain step in and spoil the party by objecting.

Maybe it won't happen with this case, but until your cash in back in your hand anything can happen.

[TripTrap]

Originally Posted by phy

In the Refco Fiasco, there was a point like this at which FXCM was going to take over the accounts, paying something like $110m, later upped to $135m, and make everybody "whole".

This is the point where the creditors higher in the food chain step in and spoil the party by objecting.

Maybe it won't happen with this case, but until your cash in back in your hand anything can happen.

Phy is right in not getting our hopes up too fast. Remember what Lillian said in an earlier email.. "As required by law, the hearing for the motion is required to be scheduled within a reasonable timeline from the time the motion is filed to allow all parties to have a chance to review/oppose to the motion."

And then in another email she said.. "I really do not know who will oppose to our motion or how the Court will decide at this point. The possible parties who may oppose to the motion would be FXLQ's shareholders, mainly Mr. Gray, brokers and creditors (as they won't receive 100% of their claims, at least not now)."

We can only wait and see what Mr. Gray's lawyers come up with now to slow the process down....

Hopefully the Honorable Judge Carney has had enough of Mr. Gray and approves the motion on the 14th so us, the thousands of innocent customers, can get their money back.....

[forexedge]

Creditors only get 30% for now, and the rest as Mr. Gray must be ordered to return the rest of the money... I can't believe FX asia had a claim up to 2 to 45 millions... i'm surprised no creditors objected in this process yet.

[phy]

Originally Posted by forexedge

Creditors only get 30% for now, and the rest as Mr. Gray must be ordered to return the rest of the money... I can't believe FX asia had a claim up to 2 to 45 millions... i'm surprised no creditors objected in this process yet.

Maybe there has not yet been anything for them to object to...

Here's a little blast from the past:

http://findarticles.com/p/articles/m...2/ai_n21230210

[forexedge]

Reading and talking to Lillian, because Creditors only get 30% right now, and the rest later on as they seek more funds from Mr. Gray (which he has dispersed to various shell companies)... We're really only $2-3million short here. Good thing FXAsia agreed to the settlement.

I'm sure there will be opposition though, July 14th hearing... I guess if I were the judge, I would seek additional money before doing any distribution. Sucks for us.

Originally Posted by phy

Maybe there has not yet been anything for them to object to...

Here's a little blast from the past:

http://findarticles.com/p/articles/m...2/ai_n21230210