Bankruptcy Judge Carol A. Doyle ruled that Peregrine Financial Group Inc.'s chapter 7 liquidation trustee can operate the firm until at least Sept. 13, Bloomberg News reported on Friday. Judge Doyle issued the ruling on Friday after Robert Fishman, a lawyer for Trustee Ira Bodenstein, said that his client needed time and a number of critical employees to complete work that was in progress when the firm sought bankruptcy protection on July 10. There were "numerous transactions in the middle of being executed" when the bankruptcy filing was made, Fishman said. Peregrine, based in Cedar Falls, Iowa, with offices in Chicago, filed for bankruptcy a day after the National Futures Association said it identified a shortfall of about $200 million in customer funds on deposit.
