It took TWO YEARS for my 40% check from Refco to arrive... Might as well get a beer a watch the tube if you are waiting...
FXLQ 29 replies
FOREX, Robert Gray, FXLQ, and Nfa/ctfc... PLEASE REPOST IN EVERY GROUP 0 replies
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CFG shut down by NFA 35 replies
Anyone using FXLQ? 1 reply
DislikedI hate to let people down, but everyone should get used to this type of thing happening.
Proceedings like this are always delayed time and time again.
And don't get fooled into thinking it is easy to settle a buyout either. The parties involved can easily muddy up the waters and cause even more delays.Ignored
DislikedI sent another email to Lillian Lee at Robb Evans & Associates trying to get clarification about the 60 to 90 days and also what percentage of our assets we are expected to receive. This is her emailed reply:
60-90 days is the best estimate for the timeline that we are filing the motion to the Court re: the approval for the claims procedure/distribution. Since the funds were commingled, the claims procedure may be required. We don't know the distribution percentage at this point, which depends on the approved claims and funds/assets recovered. In addition, we are seeking additional assets for the estate.
Our first report indicated that we froze approximately $26 million, the customer/investor liability amounted to approximately $25.5 million, and the vendor liability amounted to about $5 million. Most likely customers/investors will have the priority over non-customers, which again depends on the approval by the Court. And the 2 large disputes/claims we are currently resolving will affect the distribution percentage.
Very truly yours,
Lillian Lee
Deputy to the ReceiverIgnored
DislikedI sent another email to Lillian Lee at Robb Evans & Associates trying to get clarification about the 60 to 90 days and also what percentage of our assets we are expected to receive. This is her emailed reply:
60-90 days is the best estimate for the timeline that we are filing the motion to the Court re: the approval for the claims procedure/distribution. Since the funds were commingled, the claims procedure may be required. We don't know the distribution percentage at this point, which depends on the approved claims and funds/assets recovered. In addition, we are seeking additional assets for the estate.
Our first report indicated that we froze approximately $26 million, the customer/investor liability amounted to approximately $25.5 million, and the vendor liability amounted to about $5 million. Most likely customers/investors will have the priority over non-customers, which again depends on the approval by the Court. And the 2 large disputes/claims we are currently resolving will affect the distribution percentage.
Very truly yours,
Lillian Lee
Deputy to the ReceiverIgnored
DislikedI received an account statement from [email protected] today. Has any one else gotten one? It seems odd doesn't considering they are closed for business?Ignored
DislikedI received an account statement from [email protected] today. Has any one else gotten one? It seems odd doesn't considering they are closed for business?Ignored
DislikedI can STILL access my Refco account and pull statements at will even 2 years after they went under so don't get too excited.Ignored
DislikedI received an account statement from [email protected] today. Has any one else gotten one? It seems odd considering they are closed for business?Ignored
DislikedHere is the link to the latest news from Robb Evans:
http://www.robbevans.com/pdf/forexlqmotion01.pdf
It looks like they are giving FXLQ an "enlargement of time for an additional 60 days" to let them get their act together. I am not sure why. Robb Evans Associates is now saying but not promising that May 31st is the date they are planning to submit to the court a recommendation to disperse funds to the customers. It is anyones guess how long the court will take to make their decision on the recommendation and the actual dispersement. At least it did say in the document gobbly goop that it is their top priority for a distribution of assets back to the customers.
Now we can just continue to hurry up and wait some more and some more and some more.....Ignored
DislikedAfter I lost most of my funds in the Refco mess, I decided to keep most of my "big" money with a regulated futures broker.
Everyone who just trades EURUSD, GBPUSD and other majors... do yourself a favor and just trade currency futures and not spot fx. Then you dont have to worry about this crap, you pay less in transaction costs, and you dont have brokers trading against you.Ignored