MF Global Inc.’s trustee asked a judge to allow him to transfer some commodity positions of customers of the bankrupt broker-dealer to futures merchants, saying the move will help to satisfy customer claims promptly.
The assets to be transferred are “certain segregated customer commodity positions,” trustee James Giddens said in a statement today. In asking for the transfer, he was acting on the advice of the Commodity Futures Trading Commission, he said.
Giddens has started liquidating the brokerage formerly run by ex-Goldman Sachs Group Inc. executive Jon Corzine while talking with parties who may take customer accounts or pieces of the business, Stephen Harbeck, president of the Securities Investor Protection Corp., said today. SIPC is overseeing the liquidation. Giving customers access to their accounts, now frozen, is a priority, Harbeck said in an interview.
Updates on Giddens’s progress will appear on a website set up for the purpose, mfglobaltrustee.com, Giddens said.
The case is In re MF Global Inc., 11-ap-2790, U.S. Bankruptcy Court, Southern District of New York (Manhattan).