Anyone pulling money out of MF Global?

Same shit happened at Tuco Trading. I had money stuck there and had to watch as the scumbag laywer charged ridiculous fees to do virtually nothing and waited for about one year before I got my money back.
Essentially my recovery was: Funds - fees from the liquidator
As there wasn't much fraud involved

I tried the same thing, to contact the judge, I'm afraid they won't be much of help either
 
Everyone knows at least inside the judicial circles that Bankruptcy only benefits the trustees and attorneys. They get control of all assets and a license to bill and burn all assets in fees. The shareholders and creditors will at most get $0.10 on the dollar but I assure you the attorneys will get the rest.


Your recourse will be to sue the trustee but only for limited infractions. Liquidating Trustees are immune and indemnified from most claims except for willful misconduct, fraud and under statute have no fiduciary duty to the shareholders or creditors.

The one angle you may have is to sue them for operating a fraudulent and unlicensed bank. Segregated accounts are not assets belonging to MF. Possession being 9/10 of the law should not apply.
 
Quote from Daal:

Same shit happened at Tuco Trading. I had money stuck there and had to watch as the scumbag laywer charged ridiculous fees to do virtually nothing and waited for about one year before I got my money back.
Essentially my recovery was: Funds - fees from the liquidator
As there wasn't much fraud involved

I tried the same thing, to contact the judge, I'm afraid they won't be much of help either
More...
I've sent emails to the respective parties and congress. The Trustee said that he would try to have something going by the end of last week. He had the extra weekend. If there is not some progress today, I think faxing is a good idea. Does anyone have SIPC, CFTC and CME fax numbers? The trustee is supposed to be supervised by those guys. I would say that every day the funds are not returned causes irreparable damage to many of the account holders and is inconsistent with returning some funds already.
 
go get them Noble DraKoln
The class action law suit that will be forthcoming against the CME will be devastating and set the futures industry back by 20+ years.


Noble DraKoln

I am the Chief Trader of Liverpool Capital Management and a couple of our client's gave us limited power of attorney in their IRA funds being held at MF Global. By holding up their segregated funds and accumulated profits from their option positions it has made it impossible to trade them in the necessary way to make them whole.
This fiasco has created a significant black eye not only on MF Global, but also the CME Group, the NFA, and the CFTC. Each of whom will be liable for significanlty more than the actual seg funds as CTA's and clients seek punitive damages. If the funds had been released immediately and the respective watch dog agencies had simply covered the seg funds, as should have been the case, and left the rest to the government, this would have been resolved quickly and with little recourse.
As it stands by interrupting trading in seg fund accounts, holding positions and then releasing them late, the entire system will be held liable for missed potential gains, screwing up CTA performance numbers, and overall guilt by improper action, and will end up paying significantly more to client's to make them whole than if they had just simply covered the seg funds and moved on. The class action law suit that will be forthcoming against the CME will be devastating and set the futures industry back by 20+ years.
 
Claim Forms for the MF Global client funds will come from the Trustee - Giddens. In fact they already have posted a claim form for the return of "specifically identifiable property" which must be completed and returned by close of business tomorrow, 11/15/11. This includes property such as Treasuries held as collateral in a futures account. Claim forms for cash funds have not yet been posted.
 
Note sure if it will help, but can't hurt. Joined the Fax the Judge program:

The Honorable Martin Glenn
United States Bankruptcy Judge
Southern District of New York
One Bowling Green
New York, NY 10004-1408

Via Fax 212-668-2878

Re: MF Global, Inc.
Case No. 11-07290 (MG) (SIPA)

Dear Judge Glenn,

I am writing because I am extremely concerned about the lack of progress the Trustee is making in distributing the Customer Segregated Funds. I was convinced that the Trustee would work out a plan over the weekend and advise the stake holders of the plan on his web site. I am sorely disappointed that there was no communication on the progress of the funds distribution from the Trustee today. On the Trustees web site under the heading “MESSAGE TO COMMODITIES CLAIMANTS OF MFGI” the Trustee states “The law requires that all commodities customers be treated fairly …” Simply put, I have not been treated fairly, and I venture that the overwhelming majority of “commodities customers” would say the same thing.

Last week the news widely reported a murder – suicide out of financial desperation. My immediate thought was what if the MF Global fiasco drove them over the edge? Each of the customers has their own tale, some more disheartening than others. Mine in a nutshell is that my wife and I recently bought a town home. Most of our free cash except for what is with MF Global is tied up in that.

The effect of this unreasonable delay in distributing the customer funds is that many individuals are suffering hardship and permanent financial damage in excess of the 15% deficiency on our accounts. The Trustee by his admission has a duty to mitigate that damage. Most of the remaining accounts are 100% cash. The CME has guaranteed up to $300 million in case the Trustee makes an error in the distribution. There can be no ethical reason for the Trustee not to distribute a reasonable portion of the funds immediately.

I respectfully ask you to take whatever actions are within your power to facilitate the immediate and “fair” transfer of the customer funds. This could include ordering that the Trustee not be paid until the funds transfer is affected.

Thank-you for your consideration in this matter.
 
MF Global Canada accounts unfrozen, sent to RBC
RBC Dominion Securities to handle transfer to clients
http://www.reuters.com/article/2011...1V120111114?feedType=RSS&feedName=marketsNews

* MF Global Canada went bankrupt Nov. 4

Nov 14 (Reuters) - Clients of the Canadian unit of defunct U.S. brokerage MF Global will have access to their accounts again after an Ontario court unfroze many of the assets.

RBC Dominion Securities, a unit of Royal Bank of Canada , has agreed to take the accounts on behalf of clients, it said on Monday.

MF Global collapsed on Oct. 31 after making disastrous derivatives bets on European debt. Its Canadian subsidiary filed for bankruptcy four days later.

KPMG, the court-appointed trustee for the bankruptcy, approached RBC Dominion after the bankruptcy filing to request they handle a bulk transfer of accounts and positions, RBC said.

The Ontario Superior Court of Justice approved a transfer of futures, equity and fixed income positions on Monday.

An RBC spokeswoman said she could not provide a value for the accounts being transferred.

The bank said it will begin contacting clients on Tuesday.
 
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