Ya, I had heard on Monday from a MFG back office guy that it was 60-70 cents on the dollar. Holy shit, I thought he was just being alarmist. Apparently this was common knowledge yet Skadden Arps was last to know? http://www.elitetrader.com/vb/showthread.php?s=&postid=3344483#post3344483 Am told that 50% of funds will be xferred before the weekend; the remainder (if any) to be held until trustee can do a thorough accounting. Very fluid situation.
They are actually liquidated a bunch of customer positions en masse. We got most transferred but a significant fraction got frozen & liquidated.