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    MF Global Seeks Permission to Repay Creditors

    MF Global Inc. wants court approval to pay $295 million owed to its creditors, now that it has paid back most of its customers. In a Tuesday filing with the U.S. Bankruptcy Court in Manhattan, trustee James W. Giddens said he wanted to distribute $295 million to creditors, who have waited nearly three years as all but a few individual brokerage and commodity customers received 100% of payments owed. The bulk of the money is earmarked for unsecured creditors, who would receive a first distribution of about 20% of what Mr. Giddens has agreed to pay. Holders of secured, administrative and priority claims that have been resolved will get 100% of their money all at once if the request is approved. More in the Wall Street Journal here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    Check Out JPMadoff.com — The True Horror Series Starring Fraud Street and You!

    Forget House of Cards, Game of Thrones, Madmen, and all the other series you can’t wait to restart. There’s a new series out that beats them all. It went live yesterday on this channel. It’s free for the viewing, well, actually for the reading. It’s as shocking and scary as anything you’ll see in The Walking Dead.
    No, there no pretend zombies eating your mother-in-law. Instead, there are real-life, crooked felons eating your lunch. They star, in Season 1, the JPMorgan Chase bankers who spent two decades laundering Bernie Madoff’s money without a single one going to jail or, it seems, even losing his job. Season 2 may feature other JPMorgan bankers (all of whom are not just walking the streets, but still managing people’s money) whose financial malfeasance has produced over $28 billion in JP Morgan fines over the past four years. Seasons 3 and beyond? No one knows. But Citigroup, Bank of America, Morgan Stanley, and Goldman Sachs and their bankers will, no doubt, play leading roles. More on Forbes here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    MF Global Asks Judge Not to Toss Suit Against PricewaterhouseCoopers

    MF Global Holdings Ltd. is urging a judge not to toss its $1 billion lawsuit against PricewaterhouseCoopers LLP for the alleged bad accounting advice that MF Global says led to its 2011 collapse. In a filing earlier this week with the U.S. District Court in Manhattan, lawyers for the administrator in charge of MF Global fought PwC’s argument that MF doesn’t have the standing to sue PWC. A PwC spokeswoman declined to comment. PWC argued in a May court filing that only MF Global’s litigation trustee, who is in charge of pursuing certain lawsuits on behalf of creditors, has standing to file the suit. MF Global says its administrator also has the right. More in the Wall Street Journal here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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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.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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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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