Receiver's Notice of Sale of Allowed PFG Bankruptcy Claim

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Aug 20, 2014, 11:00 ET

MINNEAPOLIS, Aug. 20, 2014 /PRNewswire/ -- The following release was issued today by Reid Collins & Tsai LLP on behalf of the Receiver:

RECEIVER'S NOTICE OF SALE OF ALLOWED PFG BANKRUPTCY CLAIM

R.J. Zayed, in his capacity as Court-Appointed Receiver for the Estates of Trevor G. Cook, et al., 09-cv-3332 (MJD/FLN), 09-cv-3333 (MJD/FLN), 11-cv-574 (MJD/FLN), cases pending in the United States District Court for the District of Minnesota, will sell pursuant to 28 U.S.C. Sections 2001- 2004, an allowed claim in the amount of $10,000,000.00 against the Peregrine Financial Group, Inc. estate (Bankr. N.D. Ill. 12-27488) ("Allowed PFG Claim").

The Receiver will conduct an auction sale of the Allowed PFG Claim on September 16, 2014 at 1:00 p.m. EDT. The auction will take place at the offices of Reid Collins & Tsai LLP at One Penn Plaza, 49^th Floor, New York, NY 10119; however, bidders will be able to participate by phone. All bidders must execute terms of sale and be pre-qualified prior to the auction. The bidding will begin at $1,355,000.00. Overbids must be increments of at least $25,000.00. Bidding for the Allowed PFG Claim will continue until the highest and/or best bid is determined subject to other auction terms.

Contact: Information about the claim or the auction can be obtained by contacting Angela Somers at [email protected] (212) 344-5208 or Anne Bahr at [email protected] (212) 946-9405.

SOURCE Reid Collins & Tsai LLP