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

UPDATE: PFG files for Chapter 7 bankruptcy protection

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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.

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