Thursday, 2 April 2015
Last updated 10 min ago
Jun 9 2014 | 9:23am ET
MF Global Holdings’ bankruptcy administrators want to make sure that the collapsed futures broker’s creditors get paid, even if it is at the expense of its former executives.
The administrators last week asked a bankruptcy court judge to cancel or subordinate some claims against the estate filed by former CEO Jon Corzine and other former executives, some of whom face litigation stemming from MF Global’s failure. If the request isn’t approved, it could take “years” to repay creditors, they warned.
U.S. Bankruptcy Judge Martin Glenn should limit claims related to defense costs to $5 million, and estimate other costs at “zero dollars,” the Thursday filing said.
“These contingent and unliquidated claims will unduly delay the administration of the Chapter 11 cases and prevent the plan administrator from making distributions to all creditors,” the wrote. A hearing is set for June 19.
Glenn has already approved some $40 million in insurance funds to pay the defense costs of Corzine and two other former MF Global executives.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…