PFG trustee seeks extension for wind-down

Ira Bodenstein, the trustee for Peregrine Financial Group Inc. (PFG), asked a court for more time to wind down the defunct futures brokerage, the Wall Street Journal reports.

Although the trustee has already shut down PFG’s Iowa operations and entered into an agreement to transfer its customer accounts to Vision Financial Markets, he said in a court filing that he needs until March 15 to completely shutter the brokerage.

In the filing, Bodenstein said that the extension is necessary “given the size and magnitude of [PFG’s] business” and that it will help him to consolidate PFG’s business operations, liquidate its assets and review customer claims.

To assist with the liquidation process, Bodenstein is seeking to retain roughly 15 of the firm’s employees, including its general counsel, chief financial officer and chief compliance officer, on an hourly basis.

PFG filed for bankruptcy protection last July after a failed suicide attempt by founder Russell Wasendorf Sr., who confessed in his suicide note to embezzling customer money over the course of nearly two decades.

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