MF Global Trustee Defends $2.1 Billion Customer Transfer
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James Giddens, the trustee overseeing the MF Global Inc. brokerage liquidation, defended a planned transfer of $2.1 billion to U.S. commodity customers after receiving 18 formal objections and 43 letters querying the move.
In the transfer, Giddens would pay out from 80 percent to 85 percent of all assets remaining in his control, keeping $800 million in reserve, according to his court filing yesterday. Two previous payouts to commodity customers totaled about $2 billion.