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Reply #30: MF Global customer: My entire account is missing [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 08:02 AM
Response to Reply #20
30. MF Global customer: My entire account is missing

An Illinois-based futures fund on Friday said its more than $50 million account with the broker-dealer unit of MF Global Holdings Ltd (MFGLQ.PK) is missing, and asked a federal bankruptcy judge to order the trustee to find it...Highridge Futures Fund LLP said the trustee James Giddens has refused to help locate its account with MF Global Inc, even after transferring some 38,000 other accounts and giving customers access to some of their collateral...The Highridge fund said Giddens, CME Group Inc's (CME.O) Chicago Mercantile Exchange and regulators have told it nothing about the status of its account, which held commodity positions and cash. It also said it had been told twice that the account was being transferred, but the transfer never occurred...The trustee's office has been in contact with Highridge, and will try to resolve the matter without the need for a court ruling, said Kent Jarrell, a spokesman for Giddens.

Giddens this week asked U.S. Bankruptcy Judge Martin Glenn, who oversees MF Global's bankruptcy, to allow the distribution of as much as $2.1 billion to former MF Global commodities customers, roughly doubling the total payout to $4.1 billion. He said the payout should restore at least two-thirds of U.S.-based property to former customers of that unit, where funds were frozen because of the bankruptcy.

On Friday, the House Agriculture Committee in Congress voted to subpoena Corzine to testify about MF Global's collapse. A spokesman and a lawyer for Corzine each declined immediate comment.
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