That would be good!, but the quote is from a MF lawyer who is citing MF management. Hopefully the regulators investigating the firm will confirm this soon.
From their website: " Notice regarding CME, NYMEX and ICE Action Due to MF Global Holdings Ltd. and its finance subsidiary, MF Global Finance USA Inc., filing for Chapter 11 Bankruptcy Petition, the CME Group, NYMEX and ICE are accepting "liquidation only" orders from MF Global clients, and have restricted electronic access to their markets. This means that you may place offsetting orders for current open positions at MF Global, but may not place any new orders. Performance of your trades is guaranteed by exchange clearinghouses." as well as a nice link to their How MF Global protects client assets pdf: http://mfglobal.com/File Library/corp/pdf/Our Company/Client_Asset_Protection_US.pdf
They give you one phone number to close out positions that just rings and rings or is busy all day... fkn nightmare. Several exchanges that I currently have positions completely suspended all trading with MF, not even liquadation orders allowed.
Well, you should get back around $ 500,000. The rest probably got vaporized on a margin call to support their massive 40 - 1 leveraged position. Was there not a story made into a movie about a trader for a bank, that after he made a large bet, the back ended up worth around $ 1.00.
Its amazing more people did not get out when MF was downgraded. I guess you don't need to be that smart to manage money.
The moral of the story...don't wait until there is fire, if you smell smoke, get the hell out...the difference a week or even a few days made.