Anyone pulling money out of MF Global?

Quote from Ash1972:

My understanding of the distribution process is as follows:

1. (Last two weeks) Distributed 60% of the collateral on open positions only

2. (Happening now) Distributing 60% of the account value of those accounts that were flat on Oct 31st

3. (Possibly early Dec) Make everyone's account up to 60% of the original balance

Is that correct?
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That sounds right. Than I would hope they free up the 600 mil in foreign deposits and distribute that. Than the last 600 mil.
 
If they can't find the customers' funds anywhere else, maybe they can get them out of Obama's election campaign pot of gold. Corzine was his biggest Wall Street fundraiser...
 
The problem is this trustee has a license to bill. As long as there are disputes he has the right to with hold distributions and bill the liquidating trust. I've seen Trustees milk this role for 10+ years never resolving any disputes but just billing away until every asset has been depleted. They report to the judge there are no remaining assets and are dismissed.

Watch where this thread is in year 2020 and what actual distributions if any are ever made.
 
Quote from PocketChange:

The problem is this trustee has a license to bill. As long as there are disputes he has the right to with hold distributions and bill the liquidating trust. I've seen Trustees milk this role for 10+ years never resolving any disputes but just billing away until every asset has been depleted. They report to the judge there are no remaining assets and are dismissed.
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An old lawyer joke:... Two lawyers are discussing an estate case. "How did it go?"... "Not well -- there was some money left for the heirs."...
 
Quote from PocketChange:

The problem is this trustee has a license to bill. As long as there are disputes he has the right to with hold distributions and bill the liquidating trust. I've seen Trustees milk this role for 10+ years never resolving any disputes but just billing away until every asset has been depleted. They report to the judge there are no remaining assets and are dismissed.

Watch where this thread is in year 2020 and what actual distributions if any are ever made.
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One would hope that this is high-profile enough for that not to happen. There are a lot of angry customers. Even if the media isn't giving it Madoff-like coverage, the kicking and screaming over the internet and "alternate" media sites will hopefully continue until it's resolved.
 
Quote from TorontoFutures:

If anyone here is looking for a new brokerage firm in Canada, I would recommend Friedberg Mercantile in Toronto. I've dealt with them for years and they are great.

They are also going to be launching a new online platform soon.

-TorontoFutures
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Also to trade US Equities, you can try Vortex Capital Group based in Toronto downtown.
 
Quote from TorontoFutures:

If anyone here is looking for a new brokerage firm in Canada, I would recommend Friedberg Mercantile in Toronto. I've dealt with them for years and they are great.

They are also going to be launching a new online platform soon.

-TorontoFutures
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except that if you are a U.S. customer they will open your account with their U.S. subsidiary so you will be under the U.S. regulatory scheme, not the Canadian one, and in my opinion will *not* be eligible for the Canadian insurance plan.

If you have any different information, please post, but I have been a U.S. customer of Friedberg and that is my impression as to how it works.

You get 1099-B's etc. so you are within the U.S. regulatory environment.

Maybe you could still argue that were eligible for the Canadian insurance fund but I doubt it.
 
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