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.
This is the first time in our history that the NIBA has recommended nominees for NFA Board positions. To ensure the recommendations accurately reflect members’ opinions, BoD members (excluding non-registrants and FCM members) voted.
While on the Board, we have prioritized acting in our fiduciary capacity as Directors above maintaining consensus and the status quo. While we have acted professionally, we have not hesitated to raise difficult issues to NFA staff and have advocated for changes to executive compensation, audit practices, due diligence and nomination procedures for public Directors.
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.
Live fast, die young and leave a good looking corpse was the mantra of the old rock and roll crowd. AlphaMetrix, a pool operator that seemed to follow that rule, was brought down by regulators after not paying traders or investors.
Peregrine Financial Group customers will receive their first payout — totaling roughly $123 million — after a federal bankruptcy judge Thursday approved a distribution plan from trustee Ira Bodenstein.