July 10 Peregrine Financial Group Inc, the
regulated unit of the brokerage PFGBest, has filed to liquidate
under Chapter 7 of the U.S. bankruptcy code, a court filing
Tuesday's filing with the U.S. bankruptcy court shows that
Peregrine has between $500 million and $1 billion of assets,
between $100 million and $500 million of liabilities, and
between 10,000 and 25,000 creditors.
A board resolution authorizing the bankruptcy was signed by
President Russell Wasendorf Jr, who also signed on behalf of
Chairman Russell Wasendorf Sr.
The resolution said Russell Wasendorf Jr was empowered to
act for Russell Wasendorf Sr in the event the latter became
incapacitated, under a power of attorney dated July 3.
Russell Wasendorf Sr attempted suicide on July 9.