PFG files for Chapter 7 bankruptcy protection - KWWL - Eastern Iowa Breaking News, Weather, Closings

UPDATE: PFG files for Chapter 7 bankruptcy protection

Posted: Updated:
WATERLOO (KWWL) -

Peregrine Financial Group has filed for Chapter 7 bankruptcy protection.

In documents filed in United States Bankruptcy Court in the Northern District of Illinois on Tuesday, Peregrine Financial Group, Incorporated filed for the protection after the Board of Directors filed a resolution stating that "it is in the best interests of the Corporation and the Corporation's customers, creditors and other interested parties for the Corporation to file a petition seeking relief under the provisions of chapter 7 of the U.S. Bankruptcy Code."

According to the resolution, Russell R. Wasendorf, Jr. was given power of attorney on July 3, 2012 in the event that his father, Russell R. Wasendorf, Sr. became incapacitated.  Wasendorf, Sr. became incapacitated on July 9 when he attempted suicide in the business's parking lot in Cedar Falls on July 9.  The Black Hawk County Sheriff's Office says a note was left by Wasendorf, Sr. that indicated possible financial discrepancies at Peregrine Financial Group.

According to the bankruptcy documents, PFG has between 10,001 and 25,000 creditors and estimated liabilities between $100,000,001 and $500 million.  The estimated assets of the company are estimated between $500,000,001 and $1 billion.

Jennifer Muchoney is listed as the company's attorney and Allan J. DeMars is listed as the bankruptcy trustee.

  • NEWSNEWSMore>>

  • Low-interest loans to Iowa residents and business owners

    Low-interest loans to Iowa residents and business owners

    Monday, July 28 2014 2:19 AM EDT2014-07-28 06:19:48 GMT
    The U.S. Small Business Administration has announced that they will be offering low-interest federal disaster loans to Iowa residents and business owners that were affected by the severe storms and flooding that took place June 26- July 9.Since the storms and flooding took place, the Cedar Rapids Mayor, Ron Corbetter, City Council Members and the City Manager, Jeff Pomeranz have been working closely with the Congressional Delegation and State officials to bring relief and help to Cedar Rapids...More >>
    The U.S. Small Business Administration has announced that they will be offering low-interest federal disaster loans to Iowa residents and business owners that were affected by the severe storms and flooding that took place June 26- July 9.Since the storms and flooding took place, the Cedar Rapids Mayor, Ron Corbetter, City Council Members and the City Manager, Jeff Pomeranz have been working closely with the Congressional Delegation and State officials to bring relief and help to Cedar Rapids...More >>
  • Lane restrictions on U.S. 52 at the Upper Iowa River bridge near Decorah

    Lane restrictions on U.S. 52 at the Upper Iowa River bridge near Decorah

    Monday, July 28 2014 1:59 AM EDT2014-07-28 05:59:59 GMT
    Starting today, U.S. 52 will be down to one lane on the Upper Iowa River bridge near Decorah. This is due to the bridge deck joint will be getting repaired. For now, motorists will be directed through the construction by temporary traffic lights. Signs will be posted in advance of the construction to reminder both directions of traffic to be alert. The Iowa DOT reminds motorists to drive with caution and obey the speed limit signs.More >>
    Starting today, U.S. 52 will be down to one lane on the Upper Iowa River bridge near Decorah. This is due to the bridge deck joint will be getting repaired. For now, motorists will be directed through the construction by temporary traffic lights. Signs will be posted in advance of the construction to reminder both directions of traffic to be alert. The Iowa DOT reminds motorists to drive with caution and obey the speed limit signs.More >>
  • Caught on radar: Beer-loving bugs swarm in Midwest

    Caught on radar: Beer-loving bugs swarm in Midwest

    Monday, July 28 2014 12:16 AM EDT2014-07-28 04:16:49 GMT
    Mayflies have begun hatching in the Mississippi River, emerging from the water in swarms that show up on radar like thunderstorms, coat roads and other surfaces and leave behind a slimy mess.More >>
    Mayflies have begun emerging from the Mississippi River in swarms that show up on radar like thunderstorms, coat roads and leave behind slimy messes. They've already been blamed for at least one car crash this week in...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KWWL. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Sandy Youngblut at 319-291-1259. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.