MF Global $1 Billion Vanished Into Brokerage, Court Told |
| Bloomberg - May 18, 2012 |
MF Global Holdings Ltd. (MFGLQ) still can’t trace where some of the money went when its brokerage collapsed, including $1 billion that “vanished” into the brokerage unit MF Global Inc., an attorney told a bankruptcy court.
Brett Miller, a lawyer for MF Global Holdings’ Chapter 11 estate, told U.S. Bankruptcy Judge Martin Glenn in Manhattan today that court papers detailing the assets and debts of five of its six bankrupt units are likely to be filed today. Details on the sixth, MF Global USA, which filed for bankruptcy in March, will take about another week, he added.
A report is due June 4 from Chapter 11 trustee Louis Freeh on the results of a probe into how the brokerage failed last October. Miller said key information is still unknown.
“Whereas we can trace certain moneys, the shocking amount of money funneled from Holdings to Inc.” in the months before its bankruptcy left “no trail,” Miller said.
Read Full Article from Bloomberg
- Posted: 2012-05-18 16:21:45
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