Congratulations to the customers of FXLQ who are on the verge of being made whole, an unusually rare occurrence when a forex dealer goes bankrupt. Here is hoping some of that luck rubs off on the poor sods at Olint.
But the customers of FXLQ won’t have Rob Gray to thank, that’s for sure. At the last second Gray tried to scuttle the Receiver’s plan to have GFT and Ikon buy the customers of this formerly disgraced and dismembered firm.
Gray said “NYET!” to the sale in a formal court objection (someone please explain how Gray is able to strut around in public, and before a court no less, after faking a $40 million bond?)
The Receiver then proceeded to obliterate Gray in court in a rollicking motion filled with such goodies as this:
http://www.robbevans.com/pdf/forexlqreplyreceiver01.pdf
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In this case, the hearing on the Receiver’s Motion is scheduled for July 14, 2008, and thus, Gray’s Objections should have been filed on or before June 30, 2008. In utter disregard of the Local Rules, Gray waited until 6:11 p.m. on July 3, 2008, to file his Objections and supporting documentation, which totaled approximately 341 pages.
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“Utter disregard” for the rules? That’s our Robbie boy!
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Throughout Gray’s Objections there is an underlying theme that Gray is “offering” to turn over to the receivership estate the sum of $3,000,000 so that all the creditors’ claims can be paid in full…
The Receiver views Gray’s “offer” as nothing more than a hallow promise, as Gray is already duty bound to return these funds to the receivership estate. As is highlighted in the Receiver’s first and second reports previously filed with the Court, the Receiver believes that Gray has misappropriated between $8,000,000 to $11,000,000 of FXLQ funds…
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So where is this mythological $3 million being kept hidden? You don’t happen to have a safe house in the Turks & Caicos do you Robbie boy?
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Finally, Gray also objects to the Receiver’s proposed sale of the FXLQ office equipment, furniture and fixtures, under the theory that there is no reason to sell such equipment. On the contrary, the Receiver can think of no reason to keep the equipment, fixtures and inventory, as the FXLQ offices are vacant, the business operations of FXLQ have been terminated with no future prospects of an on-going operation…
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Ouch. It is finally hitting Robbie boy that FXLQ is DONE. Finished. Kaput. Bereft of life it rests in peace. But he can’t let go. One can picture him clinging to the fax machine as a couple surly movers try to haul it out of the office.
But my favorite little nugget has to be this statement found in Ikon’s motion to the court:
http://www.robbevans.com/pdf/forexlq...nglblmkt01.pdf
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Mr. Gray never allows the facts to get in the way of a good story.
Mr. Gray proposed to immediately distribute the funds in the customer accounts through IFX Markets Inc. However, as established in the Affidavit of Paul Belogour, attached hereto as Exhibit A, no agreement between Mr. Gray and IFX Markets Inc. to distribute the funds exists.
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Taking a quick look at the IFX affidavit Mr. Belogour says:
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On July 3, 2008 I had a telephone conversation with Robert Gray of Forex Liquidity. The conversation was brief. Mr. Gray initiated the call and asked me if IFX Markets was interested in the assets of Forex Liquidity. I informed Mr. Gray that IFX Markets would be interested in such a transaction and would request more detailed information if it decided to proceed. I spoke with Robert Gray via telephone again on July 7, 2008 to discuss additional information. On July 9, 2008 I formally informed Robert Gray via email that IFX Markets was not interested in purchasing the assets of Forex Liquidity.
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Yet there Robbie boy was telling the court on July 3rd, only a few hours after getting a vague “sure we’re interested” shrug of the shoulders from IFX , that IFX markets could be used to distribute customer funds.
Classic Gray. Just keeps on Bullsh*tting them to the end. And it certainly is the end. Oh Robbie boy the pipes, the pipes, are calling…