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MF Global cash to be returned
FORMER customers of Jon Corzine’s collapsed brokerage MF Global would recover most, and probably all, of their money under the latest projections by the trustee liquidating its bankrupt parent company.
In a court filing late on Friday, trustee Louis Freeh, the former FBI chief, outlined an amended version of a plan for how to divvy up MF Global’s assets and distribute them among various creditor classes.
Freeh projected MF Global’s US broker-dealer unit could have up to a $120m (£76m) surplus, which would mean full payback for the traders whose money was frozen when the brokerage went bankrupt in October 2011. But Freeh also said the broker-dealer unit could wind up with a $6m shortfall.