I hope Giddens has some good news on Thursday morning, but I highly doubt it. Link included on the frustration of customers trying to fill out the claim forms. My personal belief is, if they cannot find the money after 3 months, we will not be made whole on any distiribution, and have to stand in line with the rest of the creditors through the bankrucpty process which could take years fighting with the likes of JPMorgan Chase and other creditors fighting over what is left. It is like something out of a movie that 1.2 billion dollars could get up and walk away, and all the King's horses and all the King's men could not find the money again. Maybe that makes Johnny - Humpty Dumpty. See snippet below and full article at the link.
I mentioned below that I worked for a telecom company that file banckrucpty 3 years ago, and right before that I was let go. Had a severance package comming and as soon as bankrucpty was filed the severance package stopped on a dime. The severance package is considered unsecurred. Still get some stuff in the mail after 3 years. I am just saying it can take forever to get anything, except for the lawyers.
Nevertheless, frustrations are likely to be on display Thursday morning at the first public meeting between customers and the trustee, James Giddens, at a hotel in downtown New York.
Mr. Giddens is expected to provide an update on the claims process and wind-down of the firm and answer questions. About 38,000 customer accounts still haven't been made whole, according to the trustee.