2. James Giddens
Trustee for MF Global Inc.
MF Global Inc. Trustee James Giddens provided a decidedly less optimistic counterpoint to Louis Freeh’s assessment of the estate’s ability to recoup customer funds. In testimony before the Senate Agriculture Committee, Giddens told legislators that returning all customer money “will be a time-consuming, difficult and uphill battle,” and that it was more likely that former MF Global clients would recover roughly 90% of their funds.
Giddens and Freeh have disagreed on numerous other facets of the bankruptcy proceedings, including everything from the amount of the customer funds shortfall to proposed distributions of recovered funds. Giddens has also signaled his possible willingness to pursue claims against MF Global executives including Jon Corzine, Edith O’Brien and Henri Steenkamp.