Owning a Slice of PFGBest

The auction to unwind many of PFG’s assets got started today, and we couldn’t help but tune in to the live webcast to watch. While we weren’t bidding, the auction certainly didn’t seem to lack participants, with the line going all the way out the door:

There were plenty of the expected items – computers, cubicles, filing cabinets, and other standard office goods. But there were some that were a little less usual – with their winning bids below:

  • Statue of a peregrine falcon – $7,000
  • Picnic table painted with University of Northern Iowa Logo – $900
  • Assorted workout clothes (gross) – shirts, sweats, pants, shorts – $350
  • Assorted PFG merchandise, back packs, leather note pads, pens and bags – $200
  • Vulcan Six Burner stainless steel range – $1,250
  • Pinkie ring – $3,050
  • 2011 Jeep Rubicon – $25,000
  • 1957 Ford T-Bird Coupe – $34,000 (Nice job to the auctioneer on this one)
  • 2000 Chevy Cavalier Coupe (the car Wasendorf attempted suicide in) – $4,500
  • Front end loader / backhoe – $57,000 (Just what were they doing with a backhoe?)
  • Osagian Canoe – $1,500
  • CAT Forklift – $16,000 (again, why a forklift?)

We were half inclined to buy the car Wasendorf attempted suicide in, put it up on display at the next futures industry conference, and charge money to take a swing at it with a sledgehammer as a means of helping customers get some money back.

Unfortunately, we know this will make relatively small dent in the total loss suffered by PFG customers. And if the pace of the auction is any indication, it’s going to be a while before everything is wound down and we know the final count on how much money will be returned. But in the end, every little bit helps.

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Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

See the full terms of use and risk disclaimer here.

Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

See the full terms of use and risk disclaimer here.