[forsearch]

EDIT: Please see clarification in later posts.

	Quote:
	On July 24, 2007, the National Futures Association ('NFA') issued a Member Responsibility Action against Nations Investments, LLC ('Nations' or the 'Company'), which among other things, directed the Company to close all open positions of forex account customers by July 25, 2007 at 5:00 p.m. (EDT). At the same time, the NFA authorized the bulk transfer by the Company of all the accounts of its on-exchange customers to Open E Cry, LLC, another Futures Commission Merchant. Accordingly, this Notice (and the administration of the receivership) is primarily for the benefit of the former Nations forex customers. (Former Nations on-exchange commodities account customers may contact Open E Cry, LLC concerning their account at (800) 920-5808.)

And some more details here:

	Quote:
	VI. Remaining Assets and Potential Recovery Actions. Immediately prior to the appointment of the Receiver, the Company completed a bulk transfer of all of its commodity futures customers to Open E Cry, LLC. In connection with that transaction, Open E Cry agreed to pay certain amounts to the Company and/or an employee of the Company (Husain’s son). Although the Receiver has not completed his investigation, it appears that the Company has no other material assets, except (i) cash on hand, (ii) claims for payment from Open E Cry for the bulk transfer, and (iii) possible claims against the officers, directors, and members of the Company (and potentially against certain affiliates of those individuals) as well as against other third-parties arising out of (or related to) the Company’s insolvency and/or the transfers of funds out of (or the loss of funds from) the Company (including claims for the $1 million discussed above). As the Receiver’s investigation continues, therefore, additional facts and circumstances may indicate that other potential sources of recovery may exist also. Unless recoveries are made against third-parties, the funds that will be available to pay outstanding claims against the Company (customers and non-customer creditors) 5 are likely to be insufficient to pay more than a modest, pro rata distribution of 25-35% of the total amount of all claims.

Read the court document here for more details,

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA - Miami Division
Case No. 07-61058 CIV – COOKE/BROWN

-fs