While many MF Global customers grapple with the harsh reality that they may never get all their money back, there are some who are even worse off.
The bankruptcy trustee of MF Global’s U.S. brokerage unit has returned about 72% of the money in customer’s U.S. accounts when the New York firm filed for bankruptcy at the end of October.
By contrast, all the money of U.S. customers invested on foreign exchanges remains frozen.
The bankruptcy trustee on the case, James Giddens, is battling the U.K. bankruptcy administrator for control of about $750 million in U.S. customer assets tied up in the U.K. because they involved trades in non-U.S. markets. That money isn’t included in the missing $1.2 billion that officials now fear may never fully be recovered.
Keep reading: MF Global: Money on Foreign Exchanges Remains Frozen – Deal Journal – WSJ.
