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MF Global Updates

MF Global Inc. Trustee Begins Processing General Creditor Claims

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Many IBs have general creditor claims in the SIPA liquidation of MF Global Inc. based on commissions due to the IBs as shown on October 2011 commission runs. The deadline for filing such general claims was June 2, and the trustee reported in August that he has received $22.8 billion in total general creditor claims.

The trustee's attorneys and professionals have begun processing these general creditor claims, according to an interim report filed by the trustee on October 5. The court entered an order approving processes for the trustee to object to and settle certain general creditor claims, including through omnibus objections to up to 200 claims at a time, on October 11. The trustee appears to be using these processes initially to file objections to eliminate duplicative claims, but at some point soon the trustee should begin to process IB claims for commissions.

Neal R. Stevens
Of Counsel
nstevens@SRCattorneys.com
312 565.1045 tel (chi) |  212 334.7948 tel (nyc)

Schuyler, Roche & Crisham, P.C
www.SRCattorneys.com

 

The Opinions expressed are the opinions of the author. The opinions, the trading styles, trading information and trading programs are not endorsed by the NIBA, but are the individual opinions, styles, information and programs of the author.

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