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MF Global Creditors Hire Bienenstock of Dewey & Leboeuf

MF Global Creditors Hire Bienenstock of Dewey & Leboeuf
MF Global Holdings Ltd. signage is displayed at 60 East 53rd Street in New York, U.S. Photographer: Stephen Yang/Bloomberg

MF Global Holdings Ltd. creditors hired Martin Bienenstock of Dewey & LeBoeuf LLP to help them recover money in the eighth-largest bankruptcy in U.S. history.

The five-member creditors committee includes JPMorgan Chase & Co., Wilmington Trust Co., Bank of America Corp., Elliott Management Corp. and Caplin Systems Ltd., according to court filings. Bienenstock confirmed he was hired in an e-mail.

Bienenstock has acted for creditors of Lehman Brothers Holdings Inc. in the largest bankruptcy, and represented creditors in the restructuring of Adelphia Communications Corp. and auto-parts maker Delphi Corp. He advised General Motors Co., Chrysler Financial Corp. and Enron Corp. in their bankruptcies.

The creditors committee has power under bankruptcy law to sue the company’s advisers, search for assets overseas and seek information from a probe into the commingling of customer accounts at the failed brokerage.

MF Global listed $39.7 billion in debt and $41 billion in assets in its bankruptcy filing on Oct. 31. The company was previously run by the former co-chairman of Goldman Sachs Group Inc., Jon Corzine.

The case is MF Global Holdings Ltd., 11-bk-15059, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

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