That sounds right. Than I would hope they free up the 600 mil in foreign deposits and distribute that. Than the last 600 mil.
Trustee now says 1.2 billion missing, oh joy. http://dealbook.nytimes.com/2011/11...tes-shortfall-could-be-more-than-1-2-billion/
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.
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."...
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.
CME now offers 550M guarantee to trustee. The statement is in the CME media room, dated Nov 22, 2011 http://cmegroup.mediaroom.com/#
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.
That proprietary trading firm is not a member of the the Canadian Investor Protection Fund and hence hardly a suitable choice for people looking for a safer dealer than MF Global. http://www.cipf.ca/Public/MemberDirectory/CurrentMembers.aspx