James W. Giddens, Trustee for the liquidation of MF Global Inc. (MFGI), today initiated the final, cumulative 95% distribution on all non-affiliate, non-subordinated, allowed general unsecured creditor claims, by mail and other distribution methods.
MF Global Inc. Trustee James Giddens declared the liquidation of MFGI "essential complete" after gaining approval of a final 95% distribution to allowed unsecured creditors on top of the 100% distribution ($6.9 billion) for customer claims.
James W. Giddens, Trustee for the liquidation of MF Global Inc. (MFGI), is commencing the process of sending out $551 million in distributions to general creditors who have made allowable claims against the MFGI estate.
The Trustee is proposing to distribute $295 million to holders of secured, administrative, priority and unsecured general claims. The Trustee is also seeking to establish a reserve of $462 million on account of unresolved claims
The CCC was founded by Koutoulas and John Roe shortly after MF Global declared bankruptcy when it became apparent that there was a lack of urgency inside and outside the industry to protect the sanctity of customer segregated funds.
MF Global Inc. will now begin making final distributions to its customers to satisfy its obligation of full restitution for $1.212 billion in losses sustained by customers of MF Global when the company failed in 2011.