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Trustee Tells MF Global Customers They Must File Claims Now

Friday, January 13, 2012

The trustee overseeing the liquidation of MF Global told account holders on Thursday they have just a few more weeks left to register claims against the stock and commodities broker once led by former New Jersey Governor Jon Corzine.

Hedge fund manager Girish Wadhwani flew from Dubai to New York City looking for answers about the $8 million that disappeared from his accounts when MF Global filed for bankruptcy.

"What happened? Where is the bookkeeping?" asked Wadhwani. "How come billions of dollars have been missing?"

Wadhwani was just one of about 250 people who were listening when James Giddens, the liquidation trustee, said he still doesn't know what happened to $1.2 billion dollars that's apparently missing from tens of thousands of accounts.

So far, commodity clients have seen 72 percent of their money restored. But if they are to have any hope of seeing the rest, Giddens said, they must file claims now. After two hours, the session adjourned.

Daria Fane, a retired state department worker who lives in Manhattan, said she didn't feel particularly hopeful about getting her money back.

"They're talking about haircuts, I think there's serious doubts about whether we'll see it all," Fane said.

She said she's happy she still has her government pension. The deadline to file a claim is January 31. 

 

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