MFGlobal bankruptcy claims

Discussion in 'Wall St. News' started by irniger, Apr 1, 2012.

  1. irniger


    When can funds be expected out of the bankruptcy - and how much? Some people are still waiting for funds from the Lehman bankruptcy.

    Isn't it better to grab 90% offered by some buyers of these claims, like Prime Shares, Contrarian Capital, UBS Investment Bank, Tannor Capital and others now and put the funds back to work? A claimant might never get 100% - perhaps 95%!

  2. you do realize the attorneys and trustees get to bill against these funds and will never terminate the liquidating trust until they have taken 66% out if fees.

    It will take a rico criminal charge against mf global, its officers and the trustee standing in their shoes to wrestle these funds out.
  3. MF owe me a small amount. I've been getting regular updates via email from the liquidators every week or so. If you're not getting these then you should contact them asap as they probably dont have your correct contact information.
  4. I have received the notice and the legal form that I am required to sign and have notarized is full of ugly and onerous threats.

    If I don't sign it they (the trustee - giddens) says I won't get the balance of my money back.

    Has anyone else received their notice and also have misgivings about the form?
  5. If you don't sign it you'll getting nothing. I don't think you have anything to gain by not signing it. Be prepared to get less than 10c in the dollar though.
  6. Yes that is what they say in bold on the attached.

    Your liabilities stated in para 3 are to return ..
    (1)distributed in error
    (2)to exceed the claimant's pro rata share of the customer property,
    (3) subject to liens or claims of the MFGI estate or other persons ... and hold harmless the Released Persons (defined in para 2 to SPIC the trustee, MFGI and all others involved in this "liberation" of clients funds on deposit in places undisclosed - perhaps including JP Morgan the bankers of MFGI??).

    They are dealing with customers cash on deposit as being loaned to MFGI and that we are creditors. If at the end of the day they determine that creditors will get 60 cents on the dollar, you are agreeing to pay back some of your money that was on deposit that you have already received if that is greater than 60%

    So re (2) above, if you had 10,000 and IF you have received 72% back so far, you not only will not get anything else of the 28% owed to you, but you have agreed, sworn and had notorized that you will return anything beyond the final determined pro-rata percentage due to creditors - in this example 60%.

    You would not only receive no future distributions you will have to pay back $1,200 of the money you have received.

    Also there is no time limit.

    If even 10 years from now if the CME suit is finally settled and Goddarns et thieves have "earned" 250 million in fees (they took over $176 million from the Lehman bankruptcy estate).

    I gather you are not one of the MFGI victims?
  7. Felix

    I don't think you will get 85% (or 90%??-- I haven't received on of those) as you are subject to the release document (see above reply to runningbear), which you must sign and swear to and return in addition to selling your claim to the Prime et al.

    These are smart people and you can be fairly sure that they have a no loss and you can't win proposition. Read your assignment carefully. In not taking that route.
  8. irniger


    Thanks, aquarian.

    This procedure is really very annoying on top of the loss. It seems, nobody knows what really to expect - except uncertainty.

  9. Hi Felix,

    Thank -you for your question about the 3rd purchase of claims.

    I've woken from a nap and I just realized the "God-drans" has illegally - at least it would be Canada - distributed our personal and confidential information without our prior written consent.

    They have sent to third parties much of the information needed for identity theft.

    They should have received the info from the third parties and then applied the address information themselves in house and mailed it to us - that is how it must be done for stock and shareholder information.

    So I ask myself why?
    - Because they are nice people, ah... perhaps.

    Another answer is that the 3rd party offers require us to sign the release first before we accept the offers on our claims. The Release releases us from suing "God-darns" --- those nice folks who ask you to bend over.

    My notice of claim determination has no written calculations attached and no way to assess if the amount they claim I have received is accurate (I had an open position with negative equity ) and they don't condescend to tell me the equity price on which the transfer - done without any notice to me -- was done. But I must swear under the threat of perjury (25 years) that their calculation is correct??

    It is in God-darns interest for you to sign the release.

    From some internet browsing today (see bolded)!:

    "By requiring a release, Giddens would “coerce futures account customers of MFGI to assign to him their claims against third parties as a condition to receive disbursements of their own money,” lawyers for the group wrote.

    Glenn said that if customers hand over their rights to sue parties to Giddens, it will result in “the most equitable distribution” of proceeds from lawsuits to all customers. He questioned whether Giddens has the authority to demand those releases, however.

    Separately today, Glenn rejected a request from customer Sapere CTA Fund to force Giddens to repay customers $120 million out of the proceeds of insurance policies for professional liability. Glenn had ruled earlier this week that Corzine and other executives can use insurance proceeds to pay for their defense.

    The brokerage case is Securities Investor Protection Corp. v. MF Global Inc., 11-02790, U.S. District Court, Southern District of New York (Manhattan). The parent’s bankruptcy case is MF Global Holdings Ltd., 11-bk-15059, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
    Bloomberg News

    ------ Glen is the bankruptcy court judge.--

    So even that God-darns threatens you that you won't see any more money and tries to coerce you into signing and swearing to let them off the hook for all mistakes and foul-ups they may have done or might do in the future - the judge disputes that they have the right to scare us by saying we won't see any more of our own money - unless we sign.

    My smell sense is that they because they have their hands in the cookie jar - you need to be aware of "Greeks bearing gifts"

    -on a side note ---

    Personally, I don't like dealing with dishonest and underhanded people.

    In Canada your rights under the constitution to freedom of religion guarantee that no court or court agent may require you to use the words "swear" or its proxies. So for example when giving testimony in court you may choose to say:

    "I solemnly declare that my testimony I am about to give is true."

    Jesus forbade swearing (Matthew 5:33)
    34 But now I tell you: do not use any vow when you make a promise. Do not swear by heaven, for it is God's throne;35 nor by earth, for it is the resting place for his feet; nor by Jerusalem, for it is the city of the great King.36 Do not even swear by your head, because you cannot make a single hair white or black.37 Just say
    Yes or
    No—anything else you say comes from the Evil One.


    For myself to be forced to break such a clear commandment is not worth the cost.

    If I break my morals for money, for myself the cost is too high.

    Thanks again. Talking it out, has firmed my resolve to avoid the temptation to weaken and sign.
  10. Anything near 70% is a good result.
    #10     Apr 12, 2012