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Case 12-27488

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UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION
In re: PEREGRINE FINANCIAL GROUP, INC., ) ) ) ) ) ) ) ) Chapter 7 Case No. 12-27488 Honorable Judge Carol A. Doyle Hearing Date: July 26, 2012 Hearing Time: 10:00 a.m.

Debtor.

NOTICE OF MOTION PLEASE TAKE NOTICE that on July 26, 2012 at 10:00 a.m., the undersigned shall appear before the Honorable Judge Carol A. Doyle, in Courtroom 742, 219 South Dearborn Street, Chicago, Illinois, and then and there present the TRUSTEE’S MOTION TO EXTEND TIME WITHIN WHICH TO FILE SCHEDULES AND RELATED DOCUMENTS, at which time you may appear if you deem fit. Dated: July 23, 2012 Respectfully submitted, Ira Bodenstein, not personally, but as chapter 7 trustee for the estate of Peregrine Financial Group, Inc. By: Robert M. Fishman (#3124316) Salvatore Barbatano (#0109681) Kimberly Bacher (#6285677) Shaw Gussis Fishman Glantz Wolfson & Towbin LLC 321 North Clark Street, Suite 800 Chicago, IL 60654 Phone: (312) 541-0151 Fax: (312) 980-3888 /s/ Kimberly Bacher One of his proposed attorneys

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CERTIFICATE OF SERVICE Kimberly Bacher certifies that she caused to be served a true copy of the above and foregoing NOTICE OF MOTION and TRUSTEE’S MOTION TO EXTEND TIME WITHIN WHICH TO FILE SCHEDULES AND RELATED DOCUMENTS upon the attached Electronic Mail Notice List through the ECF System and Email list on this 23rd day of July, 2012.

/s/ Kimberly Bacher Mailing Information for Case 12-27488 Electronic Mail Notice List The following is the list of parties who are currently on the list to receive email notice/service for this case.
            

Kimberly A Bacher kbacher@shawgussis.com, bharrington@shawgussis.com Salvatore A Barbatano sbarbatano@shawgussis.com, jhampton@shawgussis.com Lawrence M. Benjamin lbenjamin@ngelaw.com, rwills@ngelaw.com Ira Bodenstein iratrustee@shawgussis.com, IL29@ecfcbis.com;sdelamora@shawgussis.com David E Cohen davidecohen@lawcohen.com Brooke E Conner bconner@vedderprice.com, ecfdocket@vedderprice.com;ecarlson@vedderprice.com Robert M Fishman rfishman@shawgussis.com John W Guzzardo jguzzardo@shawgussis.com Vincent E. Lazar vlazar@jenner.com, lyap@jenner.com;mmatlock@jenner.com;docketing@jenner.com Randall M Lending rlending@vedderprice.com, trobinson@vedderprice.com;ecfdocket@vedderprice.com Jennifer M. Muchoney jmuchoney@pfgbest.com Richard A. Saldinger rsaldinger@shawgussis.com Thomas C. Wolford twolford@ngelaw.com

Via Email Constantine Harvalis, Gilbert Weisman Gretchen Silver James Koutoulas Jon Kramer Joseph Russell Kathryn Gleason Mike Eidelman Robert Wasserman Roman Sukley Rosemary Hollinger Scott Williamson constantine.harvalis@usdoj.gov notices@becket-lee.com gretchen.silver@usdoj.gov jk@typhoncap.com jkramer@cftc.gov joe.russell@jpmchase.com kathryn.m.gleason@usdoj.gov meidelman@vedderprice.com rwasserman@cftc.gov roman.l.sukley@usdoj.gov rhollinger@cftc.gov swilliamson@cftc.gov 2

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Sean Scott Stephen Beahm Tom Kiriakos Vincent Lazar William Janulis

stscott@maybrown.com sbeahm@internationalsureties.com tkiriakos@maybrown.com vlazar@jenner.com wjanulis@cftc.gov

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UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION
In re: PEREGRINE FINANCIAL GROUP, INC., ) ) ) ) ) ) ) ) Chapter 7 Case No. 12-27488 Honorable Judge Carol A. Doyle Hearing Date: July 26, 2012 Hearing Time: 10:00 a.m.

Debtor.

TRUSTEE’S MOTION TO EXTEND TIME WITHIN WHICH TO FILE SCHEDULES AND RELATED DOCUMENTS Ira Bodenstein, not personally, but as chapter 7 trustee (the “Trustee”) for the estate of Peregrine Financial Group, Inc. d/b/a PFG Best (the “Debtor”), pursuant to 11 U.S.C. § 521 and Fed. R. Bankr. P. 1007(c), moves this Court for the entry of an order extending the time within which he may file the Debtor’s schedules of assets and liabilities and statement of financial affairs (the “Motion”). In support of the Motion, the Trustee respectfully states as follows: I. BACKGROUND 1. On July 10, 2012 (the “Petition Date”), the Debtor filed a voluntary petition for

relief under chapter 7 of the Bankruptcy Code, 11 U.S.C. § 101, et. seq. Ira Bodenstein is the duly appointed chapter 7 trustee of the Debtor’s estate. 2. This Court has jurisdiction to hear this matter and enter a final order granting the

relief requested herein pursuant to 28 U.S.C. §§ 157 and 1334 and Internal Operating Procedure 15(a) of the United States District Court for the Northern District of Illinois. Venue is proper in this District pursuant to 28 U.S.C. §§ 1408 and 1409. 3. Prior to the Petition Date, the United States Commodity Futures Trading

Commission (“CFTC”) filed a lawsuit in the United States District Court for the Northern

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District of Illinois (“District Court”) alleging that the Debtor and its founder, Russell Wasendorf Sr., committed fraud, customer-funds violations and made false statements (the “Lawsuit”). In connection with the Lawsuit, on July 10, 2012, the District Court entered an Order Appointing a Temporary Receiver. Shortly thereafter, the Debtor commenced the above-captioned case. 4. The Debtor’s headquarters are located in Cedar Falls, Iowa. The Debtor also

operates out of an office in Chicago, Illinois. 5. The Debtor’s bankruptcy petition reflects that its assets total approximately

$500,000,001 to $1 billion and that its liabilities total approximately $100,000,001 to $500 million. II. 6. REQUESTED EXTENSION OF TIME

Pursuant to § 521 and Fed. R. Bankr. P. 1007, the Debtor is required to file its

schedules of assets and liabilities and statements of financial affairs (collectively, the “Schedules”) within fifteen (15) days after the Petition Date unless such time is extended for cause shown. Thus, the Debtor’s Schedules are due to be filed on July 25, 2012. 7. Fed. R. Bankr. P. 1007(c) provides that the time within which the Schedules shall

be filed may be extended for cause, on application to the Court, with notice to the Office of the United States Trustee, any committee established pursuant to §§ 705 or 1102, trustee, examiner or such other parties as the Court may direct. 8. Prior to the Petition Date, the Debtor did not take any steps to prepare information

for its Schedules. As the Debtor does not intend on preparing the Schedules, requesting that the Debtor be compelled to prepare the Schedules will not be practicable under the circumstances. 9. The Trustee therefore requests authority to draft and file the Debtor’s Schedules.

Since his appointment, the Trustee has been diligent in ascertaining the extent of the Debtor’s

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assets and liabilities and has been assisting in the preparation of a creditor matrix. However, in order to accurately and completely prepare the Schedules, the Trustee will be required to assemble information from various books and records, reports, agreements, tax returns and other sources that may be available to the Trustee. The Debtor had approximately 250 employees and approximately 24,000 customers making this a challenging task. 10. Accordingly, the Trustee requires an additional forty-three (43) days within which

to file the Schedules, through and including September 6, 2012. The meeting of creditors pursuant to section 341 of the Bankruptcy Code is scheduled for September 10, 2012. 11. Based on the circumstances surrounding the filing of this case, the Trustee

believes that cause exists to grant the relief requested herein. III. 12. NOTICE

Notice of this Motion and Proposed Order has been given to the Office of the

United States Trustee, the CFTC and those parties on the CM/ECF service list. In light of the nature of the relief requested, the Trustee requests that this Court find the notice provided for herein sufficient under the circumstances and waive and dispense with any further notice requirements. WHEREFORE, the Trustee requests the entry of an order, pursuant to 11 U.S.C. § 521 and Fed. R. Bankr. P. 1007(c), extending the time within which he may file the Debtor’s Schedules through and including September 6, 2012 and granting such other and further relief as is just and equitable.

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Dated: July 23, 2012

Respectfully submitted, Ira Bodenstein, not personally, but as chapter 7 trustee for the estate of Peregrine Financial Group, Inc. By: /s/ Kimberly Bacher One of his proposed attorneys

Robert M. Fishman (#3124316) Salvatore Barbatano (#0109681) Kimberly Bacher (#6285677) Shaw Gussis Fishman Glantz Wolfson & Towbin LLC 321 North Clark Street, Suite 800 Chicago, IL 60654 Phone: (312) 541-0151 Fax: (312) 980-3888

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Case 12-27488 Doc 25-1 Filed 07/23/12 Entered 07/23/12 15:10:24 Desc Proposed Order Extending Time Within Which the Trustee May File Schedules and Re Page 1 of 1

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