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
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.
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
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. 
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 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? Trustee bemoans 'collapse in leadership' at Penn State The sins of the father 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’ Category : Stocks, World News March 19, 2012< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 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. Category : Stocks, World News Imperial Tobacco Group PLC (the “Company”)< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 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. |