Thursday, 25 December 2014
Last updated 16 hours 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.