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    MF Global Trustee Says Most Customer Claims Are Complete

    The trustee for the Securities and Protection Act liquidation of MF Global Inc. said Tuesday that final distribution on allowed customer claims was nearly complete, and that he was making “urgent efforts” to reconcile the remaining claims, most of which haven’t received final court approval.
    James W. Giddens said that more than 99 percent of distributions on 26,000 allowed customer net equity claims were complete, with $6.37 billion going to more than 21,000 customers. Just under 2,000 claims remain, and Giddens said his staff was making several hundred calls a week in an attempt to spur the last customers to provide the necessary information and documentation in order to be paid. “The trustee is pleased that progress in the administration of the general estate has reached a point of now being able to anticipate filing motions by this fall for the full distribution of allowed administrative and priority claims and a sizeable interim distribution for general unsecured claims,” Giddens said. More on Law360 here.

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    MF Global Seeks to Cut Claims of Ex-CEO Corzine, Other Officers

    MF Global Holdings Ltd. wants a judge to slash the claims of former officers being sued over the broker-dealer’s bankruptcy, including ex-Chief Executive Jon S. Corzine, so the estate can quickly pay back other creditors. In a Thursday filing with U.S. Bankruptcy Court in Manhattan, lawyers for the team winding down MF Global asked Judge Martin Glenn to cancel certain claims filed by Mr. Corzine and others, or at the very least, place them below those of other creditors or estimate the maximum amount the officers could receive. In the filing, administrator winding down MF Global said, without the approval, “these contingent and unliquidated claims will unduly delay the administration of the Chapter 11 Cases and prevent the Plan Administrator from making distributions to all creditors.” With an approval, some creditors of MF Global’s Finance USA unit could see some of their money within weeks, the filing said. A hearing on the matter is set for June 19. More in the Wall Street Journal here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Ex-MF Global executives can tap more legal defense money: judge

    Jon Corzine and other former insiders of collapsed brokerage MF Global can tap another $10 million of insurance funds to defend lawsuits accusing them of hastening the firm’s downfall, a U.S. judge said on Monday. Judge Martin Glenn granted the request from Corzine and the others at a hearing in U.S. Bankruptcy Court in New York, raising to $40 million from $30 million the cap on what the defendants can draw. Glenn authorized roughly $3.7 million more to pay the legal fees of defendants no longer involved in the cases. However, the judge was irked at the request, saying he had expected the initial $30 million to cover most of the litigation. More on Reuters here.

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    Ex-MF Global Customers Take Aim at Defense Costs

    Former MF Global customers are urging a judge to exercise caution in allowing ex-officials of the failed brokerage to continue tapping an insurance policy to pay for the defense of lawsuits stemming from the firm’s collapse. The former MF Global officials won’t back down “until the court turns off the spigot and the litigation finally has serious financial consequences to them,” a group of customers backing a class-action lawsuit against former MF Global leaders wrote in a letter filed Monday in U.S. Bankruptcy Court in Manhattan. More in the Wall Street Journal here.

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    MF Global trustees seek tighter leash on Corzine’s legal fees

    Lawyers for defunct brokerage MF Global on Monday asked a U.S. bankruptcy judge to impose procedures to limit mounting legal fees incurred by Jon Corzine and other former company insiders in litigation over their role in MF’s 2011 collapse. James Giddens, trustee for MF’s former broker-dealer unit, and Bruce Bennett, a lawyer for its defunct parent company, in court papers said former Chief Executive Officer Corzine, former Chief Operating Officer Bradley Abelow and other ex-insiders are mounting exorbitant legal bills through excessive defense tactics. The filings came in response to requests last month by the insiders for a $10 million increase, from $30 million to $40 million, on the money they are allowed to tap from MF Global insurance policies to fund their defense costs. More on Reuters here.

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