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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