Bankruptcy Documents Referencing the Treatment of FX/Metals Accounts: Read our PFG Forex Metals Group Adversary Complaint submitted 10/15/2012 by Drohan Lee LLP. Read footnote 11, page 340 of the Motion to Liquidate FX Accounts submitted 7/27/2012 states we are not PFG “customers” under the bankruptcy code and that the treatment of our claims and distributions […]
- January 4, 2017
- Joyce Wells
- Comments Off on Trustee Files Motion for Summary Judgment on Count IV
The Trustee filed a Motion seeking Summary Judgment on Count IV of our Adversary Complaint. Count IV basically states that we should be considered customers under bankruptcy code as our contracts fall within the catch-all definition of “commodity contracts” as similar to other contracts traded by other customers. The CFTC has also filed a Memorandum in Support of the Trustee’s Motion for Summary Judgment. They are opposing our claim that we fall under the “similar to” contracts clause in the definition of “commodity contracts”. Our attorneys spent weeks composing their lengthy rebuttal and also stated that there is too much information available to determine this matter outside of trial. This statement is similar to what Judge Doyle had written in her previous Memorandum Opinion in which she upheld 3 of our 4 counts. The Motion for Summary Judgment is scheduled to be heard by Judge Doyle during the Status Hearing on Wednesday, April 23.