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  • #261
  • Jun 13, 2008 10:55am Jun 13, 2008 10:55am
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.
  • #262
  • Jun 20, 2008 7:05pm Jun 20, 2008 7:05pm
Here is the link to our motion filed today:

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

Lillian
  • #263
  • Jun 20, 2008 7:43pm Jun 20, 2008 7:43pm
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........
  • #264
  • Jun 20, 2008 10:14pm Jun 20, 2008 10:14pm
i got the following from my ex-broker. it's not only GFT but also IKON.

-------------

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.
  • #265
  • Jun 20, 2008 10:32pm Jun 20, 2008 10:32pm
Yes.....it looks like IKON is getting all the Asian accounts.....
  • #266
  • Jun 21, 2008 1:47am Jun 21, 2008 1:47am
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.
  • #267
  • Jun 21, 2008 7:19am Jun 21, 2008 7:19am
Quoting 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.....
  • #268
  • Jun 21, 2008 6:22pm Jun 21, 2008 6:22pm
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.
  • #269
  • Jun 22, 2008 8:11pm Jun 22, 2008 8:11pm
Quoting 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
  • #270
  • Jun 23, 2008 11:00am Jun 23, 2008 11:00am
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.

Quoting 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
  • #271
  • Jun 23, 2008 12:37pm Jun 23, 2008 12:37pm
Well...

Looking at the last page of this http://www.robbevans.com/pdf/forexlqmotion02.pdf you guys just might get lucky, as there appears to be a lack of major creditors to stand in the way.
  • #272
  • Jun 23, 2008 5:50pm Jun 23, 2008 5:50pm
Yes, I spoke with the folks at Robb Evans last week. The motion was filed Friday asking for a 100% disbursement of client accounts. GFT purchased the US clients, Ikon Global purchased the non US-based. Once GFT has the accounts, you can either trade there or withdraw.

Creditors are only getting a 30% disbursement until more funds can be recovered.
  • #273
  • Jun 23, 2008 11:27pm Jun 23, 2008 11:27pm
Quoting BenQ
Yes, I spoke with the folks at Robb Evans last week. The motion was filed Friday asking for a 100% disbursement of client accounts. GFT purchased the US clients, Ikon Global purchased the non US-based. Once GFT has the accounts, you can either trade there or withdraw.

Creditors are only getting a 30% disbursement until more funds can be recovered.
I think you have to wait for the Judge to say Ok.
  • #274
  • Jun 24, 2008 7:27am Jun 24, 2008 7:27am
Yes, of course.

Quoting phy
I think you have to wait for the Judge to say Ok.
  • #275
  • Jul 8, 2008 9:51pm Jul 8, 2008 9:51pm
The 14th day is almost here. Anyone hear any news on if the disaster will finally end?

Any more surprise creditors?
  • #276
  • Jul 9, 2008 7:38am Jul 9, 2008 7:38am
Quoting RxPipDaddy
The 14th day is almost here. Anyone hear any news on if the disaster will finally end?

Any more surprise creditors?
Lillian from Robb Evans & Associates said she would email me if anything came up. Knock on wood....nothing so far from her.

My guess though if someone were to object to the proposal it would be done at the last possible moment.
  • #277
  • Jul 10, 2008 11:07pm Jul 10, 2008 11:07pm
Anybody want to start a countdown?
  • #278
  • Jul 11, 2008 2:36am Jul 11, 2008 2:36am
Quoting RxPipDaddy
Anybody want to start a countdown?
http://www.timeanddate.com/counters/...&sec=00&p0=179
  • #279
  • Edited 3:49am Jul 11, 2008 3:04am | Edited 3:49am
I think the court is in California so this is PST (Already made correction). Everyone say your prayers, light a candle and keep your fingers crossed.

http://www.timeanddate.com/counters/...&sec=00&p0=137
  • #280
  • Jul 11, 2008 8:30am Jul 11, 2008 8:30am
Well, Gray tried to stop the train with the motion, and 3 motions were replied... so far no one else stepped up... lets cross our fingers.

http://www.robbevans.com/html/forexlqorders.html

Quoting RxPipDaddy
I think the court is in California so this is PST (Already made correction). Everyone say your prayers, light a candle and keep your fingers crossed.

http://www.timeanddate.com/counters/...&sec=00&p0=137
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