It’s taken far longer than we would have liked, but the loose threads in the PFGBest fiasco are being wrapped up, one by one. Most of the assets have been auctioned off, the trustee is sorting out and verifying the many customer claims they received, and now we have a target date for the liquidation of the Cedar Falls headquarters. Via Bloomberg:

Peregrine Financial Group Inc.’s $20 million corporate headquarters and its 22-acre Cedar Falls, Iowa, site can put up for sale, a federal judge said.

U.S. District Judge Rebecca Pallmeyer in Chicago today granted, with no one opposed, a court-appointed receiver’s request to retain Woodland Hills, California-based GA Keen Realty Advisors LLC to help market the building…

While a sale price for the property hasn’t been established, the receiver proposed that GA Keen oversee an auction on or by May 31 and a court-approved closing by June 14.

Unfortunately, it’s hard to be very optimistic that this will make up for very much of the shortfall. The place may have cost $20 million to build in 2008, but Cedar Falls is not exactly on the pulse of global commerce, so it’s likely to sell for a fairly deep discount.  What’s more, the place still has a $6.3 million mortgage (held by US Bank, the same bank that was supposed to have held customers’ funds).

After the realty advisor takes their cut and the mortgage is factored in… well, every little bit helps, but it will probably leave very little to be added to the estate’s accounts. But more than making a contribution to making customers whole, we can view this as another step in unwinding the mess that Wasendorf left behind – and one more step on the path to leaving this all in the rearview mirror.