MFGlobal bankruptcy claims

Appears the trustee is setting up his own golden parachute ...

All those who sign this form are agreeing to release, indemnify and hold harmless the trustee and all former mf execs, employees and even other creditors who are holding/stealing funds.

For what? you will receive a partial payment with unlimited clawbacks and personal liability beyond the amounts received and invested. Be really stupid to go this route. The trustee needs about 80% to sign and then they can back door the cash.

The backdoor for other investors to get 100% of their investment and damages are threaten to sue the trustee and enter into a confidential settlement.

This way the trustee can pay out disproportional amounts to different class of investors. those with deeper pockets and pitbull attorneys will get all their funds, damages and fees out.

Those that sign and take the easy way... get screwed and are stuck holding the bag.
 
right on Pocket change!

I read today that there is an estimated $1.6billion shortfall.

I think God-darns is covering their behinds and trying to get up to sign for unlimited clawbacks.

I read that Canadians all got 100% of their money within 10 days because MF Global Canada was subject to Cdn law and all the customers money was held by Royal Bank.

I wish I had opened my account in Canada!!!!!!!!!

I guess I believed the BS that the Futures & Commodities commission was shoveling about segregated accounts.

Now I know "seg funds" is a marketing term for your money has flown to the Cayman Islands!!

(Argh! It is all so depressing.)
 
If I had an account with them and my accounts and funds had not been fully accounted for, disbursed and returned I would send the trustee express trading instructions via email every 5 minutes and then begin filing separate and new claims against the trustee and with the respective regulatory and insuring bodies.

The trustee stands in the shoes of mf global and is responsible for facilitating all client services and transacting business. Does this trustee even have the appropriate B/D licenses and credentials to be handling client funds? A law license alone is not sufficient... These jagaloons are holding a live grenade (my funds, positions and accounts) hostage while demanding a release from all their thievery. They have the balls to demand clawback and indemnity. I say screw them and scorch the earth with the very grenade they hold.

If everyone that had accounts start sending them time is of the essence order instructions every 5 minutes andthen immediately fire off boiler plated claims... Or even better file claims with the ARDC against this attorney for misappropriating client funds. The ARDC may be the best route... Illinois' IARDC, for example, insures $500K for lawyers stealing, mishandling or misappropriating client funds. These lawyers can not charge the trust for answering ARDC charges and a few hundred will tie him them up for the rest of their careers.

I'd make it a point to be a huge pain in the ass and extort a settlement.
 
Hi Pocketchange,

Thanks.

What happened with my account is the trustee rolled-over the position to another brokerage firm with only 60% of my cash. Then because the receiving firm had higher margin rates I got an call from my broker Monday an hour before closing time to post more money!!

So without my knowing about it (I'm sure the lazy broker knew on Thursday or Friday but didn't tell me), I am closed out of my short trade that went my way after the squeeze manufactured by the trustee's lack of notice.

I guess my key point is that my cash in my account is not now nor never was an asset of MF Global and therefore the God-darns has no business lumping me in with creditors to give a prorata back on my cash.

Of course the reason is clear. The more they manage in the bankruptcy estate the more fees they make.

I got back $2,300 out what should have been a 10,000 account without the margin squeeze.

The biggest damage was to my confidence.
I needed that trade and my money. Really needed it.

---
In reality, I have been cheated and robbed.
There isn't much I can do about it in a practical sense from Canada with my shortage on money, except:

1. try to forget it and move on.
2. never trust my money to the USA ever again.

The regulators should have stepped in right away and said
"no, this is not an asset of MF Global send back all the money today- NOW and we'll deal with general creditors later."

-------
Your plan of action is no doubt a good one. If I was in the USA with more money i might pursue it or something like it.

However in a larger sense I need to let it go.

I can't trade with hate and anger in me.
I need to shut out the negative, the ugly and the evil and stay positive.

I must move forward and clear my mind - or I will increase the damage done to me and lose everything I have worked so very hard for these last 4 very long years.

If I let my mind slip into thinking about this and other injustices I will not be able to trade - which is hard enough as it is.

Everything is riding on my ability to clear this, let it go and overcome the emotional drainage

--
Hey did you hear the one about....

:)

Good trading to everyone!
 
I almost signed the form without reading it but thanks to aquarian1's post I did what I should have done in the first place and took the trouble to read it.
Why I default to this idea that the law and the likes of Giddens is there to protect me, God knows why...
I have kept my reading on MFG to a bare minimum because I find it sickening the message that the mainstream media repeats ad naseum.
Anyway, waffle aside I find the document sent to me by Giddens quite alarming. I have particularly low expectations when it comes to lawyers but this lot are a standout bunch.
So finally to get to the point -how many people are thinking of not signing? & what are the implications?
I would guess that most people have just signed and returned the form without a further thought.

On a sidenote, if you google Jon Corzine the prompt comes up "is a crook" and "is a criminal". Wrong google, wrong wrong wrong.
The word might start with C, but its a shorter word...
 
I think most people have been lured into signing.

This means if there ever is a class-action suit against "god-darns" there will be few to participate in it.

Yes it is shameful that such a document was allowed to be mailed to us.

-------------
Disclaimer:Totally unconnected and not in reference to any person, persons real or imaginary, etc, etc:

Most lawyers are professional crooks and they use our money to steal from us. All the legal bills come out of the total assets. Judges are ex-lawyers. The SEC is full of lawyers.

It is foolhardy, IMHO, to expect bad people to act justly, fairly or honestly. A hyena scavenges and a snake bites.
It is in their nature.

All I can do in a practical sense is to only associate with good people. Not just in physical association but mental as well.

I will let the garbage go. I don't need it my life.
 
We've been working with an adviser in order to get a proper pricing for our claim. They went out to all the known buyers and gave us a pretty good overview about the price range.
They have also initiated the accumulation of smaller positions from other claimants in order to come up with a meaningful size.
 
No I haven't signed the letter. Also, still waiting for the "good price" due to the fact that our claim is fairly small and apparently the discount would be significant.
 
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