PennyStockPayCheck.com Rss

Featured Posts

Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

Read more

Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

Read more

Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

Read more

Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

Read more

UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

Read more

Report: Corzine ‘sowed the seeds’ of MF Global’s destruction

Category : Stocks

Louis Freeh’s MF Global trustee report says Corzine knew or should have known the firm was headed for a bust.

See the rest here: Report: Corzine ‘sowed the seeds’ of MF Global’s destruction

Post to Twitter

MF Global trustee expects quicker cash payouts to creditors after deal

Category : Business

James Giddens says he has negotiated deals with former British affiliate and failed brokerage’s parent company

The trustee for the failed futures brokerage MF Global Inc has announced two key agreements that are expected to accelerate cash payouts to clients and creditors.

James Giddens, trustee for the MF Global estate, said in a statement Saturday he had negotiated deals to resolve disputes with the company’s former British affiliate and the parent company, MF Global Holdings Ltd. As a result of the UK agreement, Giddens estimated that between $500m and $600m could be returned to the MF Global estate if the deal is finalized.

Giddens, whose job is to recover as much money as possible for customers, has returned about 80% of the money in customer trading accounts. He said claims by MF Global’s securities customers could be fully restored. Commodities customers could get “significant additional distributions”.

The estate has a hearing scheduled for 31 January 2013 before the United States bankruptcy court for the southern district of New York, the first step toward getting the UK agreement approved.

“The trustee’s goal is still to return 100% to the commodities customers, and we will be going before the court in an attempt to achieve that,” said Kent Jarrell, a spokesman for Giddens, on Saturday.

MF Global improperly used customer money to plug liquidity gaps as it was in freefall last year, creating a roughly $1.6bn gap in customer accounts, according to a June report by Giddens. The company filed for bankruptcy in October 2011. As a result of money changing hands during MF Global’s chaotic collapse, company affiliates have been fighting over who owes money to whom.

Earlier this month, Giddens released a report saying that more than 28,000 claims had been filed by the brokerage’s commodities and securities customers – all but 200 have been fully resolved. So far, Giddens has returned approximately $4.7bn to commodities customers hit by the brokerage’s collapse.

WMG Acquisition Corp. and WMG Holdings Corp. Announce Receipt of Requisite Consents From Holders of Outstanding Debt Securities and Expiration of Consent Solicitations

Category : Stocks, World News

NEW YORK, NY–(Marketwire – Oct 30, 2012) – WMG Acquisition Corp. (“WMG”), a wholly owned subsidiary of Warner Music Group Corp. (“Warner Music Group”), and WMG Holdings Corp. (each of “Holdings” and WMG, a “Company”), the parent company of WMG and a direct subsidiary of Warner Music Group, previously announced that (i) WMG is seeking consents from holders of its outstanding 11.50% Senior Notes Due 2018 (the “2018 Notes”) issued pursuant to the Indenture, dated as of July 20, 2011, as amended through the date hereof (the “2018 Indenture”) by and among WMG, the Guarantors from time to time party thereto and Wells Fargo Bank, National Association, as trustee, and (ii) Holdings is seeking consents from holders of its outstanding 13.75% Senior Notes Due 2019 (the “2019 Notes” and together with the 2018 Notes, the “Notes”) issued pursuant to the Indenture, dated as of July 20, 2011, as amended through the date hereof (the “2019 Indenture” and, together with the 2018 Indenture, the “Indentures” and each, an “Indenture”), by and among Holdings, the Guarantors from time to time parties thereto and Wells Fargo Bank, National Association, as trustee. The solicitation of consents by each Company (each, a “Consent Solicitation” and together, the “Consent Solicitations”) was made upon the terms and subject to the conditions set forth in the Notice of Consent Solicitation (the “Notice”), dated as of October 22, 2012. 

Read more from the original source: WMG Acquisition Corp. and WMG Holdings Corp. Announce Receipt of Requisite Consents From Holders of Outstanding Debt Securities and Expiration of Consent Solicitations

Post to Twitter

The trustee for Lehman Brothers’ U.S. brokerage and the overseers of its European arm have ended a long-running dispute of claim and counter-claim after the U.S. brokerage agreed to pay the European ops $12B that the latter will pay to its creditors….

Category : Stocks

The trustee for Lehman Brothers’ U.S. brokerage and the overseers of its European arm have ended a long-running dispute of claim and counter-claim after the U.S. brokerage agreed to pay the European ops $12B that the latter will pay to its creditors. The deal should speed up recoveries for Lehman’s customers, as well as its creditors. Post your comment!

Originally posted here: The trustee for Lehman Brothers’ U.S. brokerage and the overseers of its European arm have ended a long-running dispute of claim and counter-claim after the U.S. brokerage agreed to pay the European ops $12B that the latter will pay to its creditors….

Post to Twitter

Legal experts say Paterno could have faced charges – The Seattle Times

Category : Stocks


The Seattle Times
Legal experts say Paterno could have faced charges
The Seattle Times
If he were alive today, Joe Paterno – the coach who stood for so long for character and integrity both on and off the football field – could be looking at charges such as child endangerment, perjury and conspiracy. By MARK SCOLFORO and MARYCLAIRE DALE
Penn State Football: After Sandusky Report, Too Big to Fail?ABC News
Trustee bemoans 'collapse in leadership' at Penn StatePhiladelphia Inquirer
The sins of the fatherESPN
Pittsburgh Post Gazette

Post to Twitter

MF Global boss ‘could be sued’

Category : World News

The former head of bankrupt US broker MF Global, Jon Corzine, could face legal action over the firm’s collapse, the liquidating trustee says.

View original post here: MF Global boss ‘could be sued’

Post to Twitter

Delta-Galil Industries Ltd. (DELTY: OTC Link) | IMMEDIATE REPORT REGARDING A CORPORATION’S IRREGULAR BUSINESS INCIDENT OR MATTER – INTENT TO PUBLISH A SHELF PROPOSAL FOR THE FLOTATION OF DEBENTURES

Category : Stocks, World News

March 19, 2012< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Post to Twitter

The bankruptcy trustee for MF Global (MFGLQ.PK) says none of the missing $1.6B in customer cash is in an account at J.P. Morgan (JPM). The investigation focused on the flow of funds to and from a JPM account of MF Global Finance USA, called the…

Category : Stocks, World News

The bankruptcy trustee for MF Global (MFGLQ.PK) says none of the missing $1.6B in customer cash is in an account at J.P. Morgan (JPM). The investigation focused on the flow of funds to and from a JPM account of MF Global Finance USA, called the “internal bank” for the MF Global group of companies, in the weeks before its collapse. 1 comment!

See the original post: The bankruptcy trustee for MF Global (MFGLQ.PK) says none of the missing $1.6B in customer cash is in an account at J.P. Morgan (JPM). The investigation focused on the flow of funds to and from a JPM account of MF Global Finance USA, called the…

Post to Twitter

Imperial Tobacco Group PLC (ITYBY: OTC Link) | Director/PDMR Shareholding

Category : Stocks, World News

Imperial Tobacco Group PLC (the “Company”)< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Post to Twitter

MF Global’s (MFGLQ.PK) trustee James Giddens increased on Friday his estimate of the amount of missing client cash to $1.6B from an initial $1.2B. The new number now reflects $700M trapped overseas and includes the money of customers who traded…

Category : Stocks, World News

MF Global’s (MFGLQ.PK) trustee James Giddens increased on Friday his estimate of the amount of missing client cash to $1.6B from an initial $1.2B. The new number now reflects $700M trapped overseas and includes the money of customers who traded commodities but not that owed to the firm’s securities-industry clients. 2 comments!

Continue reading here: MF Global’s (MFGLQ.PK) trustee James Giddens increased on Friday his estimate of the amount of missing client cash to $1.6B from an initial $1.2B. The new number now reflects $700M trapped overseas and includes the money of customers who traded…

Post to Twitter