The numbers on this are rather intriguing:

So far, the brokerage customers of MF Global have been “reunited” with 72% of the funds they lost access to when Corzine’s MFG went tits up on October 31st.

The WSJ reports that third parties are seeking to buy claims for the the outstanding balances. Triax Capital Advisors has offering MFG clients what works out to 88% on the dollar “to buy the customer’s claim to the remainder of their funds.”

In other words, they are paying 57 cents on the dollar for the remaining 28% still owed.

>

Source:
Wanted to Buy: MF Global Claims
DAN STRUMPF
WSJ, February 16, 2012   
http://online.wsj.com/article/SB10001424052970204059804577225613672967958.html

Category: Legal, Regulation

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

4 Responses to “MF Global Client Recovery So Far: 72%”

  1. TLH says:

    And again no indictments. I guess they made enough “donations” to the politicians.

  2. nancefinance says:

    This deal proves my grandmother’s maxim: Your first loss is always your best loss.

    So, I’m curious, Barry. Would you recommend that the creditors take the money?The trustee has $1.4 bln in its fund — but so far it’s earmarked for legal costs (which means I should have listened to my mother and gone to law school).

  3. rd says:

    If you look at Will Rogers’ quotes, he could be speaking about MF Global and Wall Street today instead of 80 years ago:

    http://www.willrogerstoday.com/will_rogers_quotes/quotes.cfm?qID=3

  4. klhoughton says:

    Dialog coming in a few months:

    HF Manager: Well, that’s about everything.

    Potential Client: Thank you. I’m very happy.

    HFM: So all that’s left is signing some paperwork…

    PC: Who is your Custodian?

    HFM: I beg your pardon?

    PC: Your Custodian. The bank that handles the funds for the firm.

    HFM: Why, JPMorganChase. They’re the largest bank in the States; your money will be safe with them.

    PC: You mean “safely theirs”? Sorry, that’s a deal breaker for me. I saw what they did to MF Global and its investors.

    HFM: But….

    PC: Good luck. If you move to another firm, give me a call.