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MF Global Australia - What are you doing?

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Just spoke with MF Global operator who advised that we will not get an update until next week on the outcome of the second CoC meeting held on 22Dec. I was also advised that we can expect to receive a final statement with close out positions next week. This will form the basis for the partial distribution planned in March/April once court approval and if necessary guidance has been provided.
 
Seems someone its letting the clients know whats going on !! have obviously been working for the last three weeks in doing so , makes you wonder whats wrong over here in MF Global Australia arm of it ?? they certainly dont seem to have the concern about the clients welfare as the do in the UK or the USA


KPMG told Reuters on Thursday it had recovered the majority of MF Global UK client monies and virtually all of their assets, valued jointly at about $1.2 billion, and hoped to start returning these to owners shortly

http://www.reuters.com/article/2012...ource=dlvr.it&utm_medium=twitter&dlvrit=56943
 
Looks like Deloitte's will be ready to go to court on the 6th of Feb when they open for business to get approval for the distribution. No news so far on the $10 Mil that DBA are holding back to offset losses. Should see a circular next week.
 
hatton01 said:
Looks like Deloitte's will be ready to go to court on the 6th of Feb when they open for business to get approval for the distribution. No news so far on the $10 Mil that DBA are holding back to offset losses. Should see a circular next week.
Click to expand...

MANY THANKS FOR THAT INFO , much appreciated :shoot:
 
MF Global Investor Protections Trampled In Private Meeting Between Government Regulators
In Closed Door Meeting Preceding Bankruptcy Filing, JP Morgan and Goldman Sachs Granted Superiority over MF Global Segregated Accounts

Move Jeopardized Integrity of Futures Markets while Top CFTC Officials Acted As Idle Bystander
It seems ironic that after all is said and done, it was a hasty conference call between government regulators on October 31, 2011 that sealed the fate of MF Global segregated account protections – and placed in jeopardy the integrity of the futures markets.


http://go2managedfutures.com/2012/0...n-private-meeting-with-government-regulators/
 
Good to see the circular from Deloitte's at long last.

Nice to see some of the fear that was spread about the Admin dragging his feet to slow things down, using snail mail to get client approval (rather than the online approval process that going to be used) & using the interest from our funds have all been just that.

Just need him to now get the monies being held back by various counterparties & it will be done deal.
 

thanks
 
MF Global trustees need claims forms by Jan 31
WASHINGTON, Jan. 20, 2012 -Farmers and ranchers affected by the collapse of MF Global need to file their claim forms by the deadline of January 31 in order to be eligible to recover lost money
http://www.agri-pulse.com/MF_Global_trustees_need_claims_forms_by_Jan_31_01202012.asp

The SIPA Liquidation of MF Global Inc.
James W. Giddens, Trustee

http://dm.epiq11.com/MFG/Project/default.aspx#Top

Corzine Is Sued Under Racketeering Law by MF Global’s Commodity Customers
http://www.bloomberg.com/news/2012-...g-law-by-mf-global-s-commodity-customers.html
 
For those that you recieved the notice on Friday, I was wondering why is there 6mil short fall in CFD accounts? Does this mean that 6 mil of client segerated funds is missing as the case in the US? If this is true then where has this money gone, why no details on this from Dellioties

Secondly I hope the credit understand that both the MF global and Dellioties office in Sydney was closed for 3 weeks during Christmas, this was posted on their company website.
 
Hi Trader101,
The money is not missing but held back by the counterparty DBA to offset charges / losses (possibly in other MF branches OS). Our Admin needs to make a legal case to get some of the money back from DBA.
TraderChris,
I think if any of us suffer any losses due to this debacle once all of the distributions are made a worldwide class action against JPM might be the next step.
 

Dear Hatton

I think with the MF global CFD accounts -looking closely at the table - the client has 80mil of claims, the admin has collected 68 mil of cash and has 13 mil that they believe they will collect (dbal 7 mil is part of this) so total 81 mil of asset but there are also 7 mil of claim that are made against mf glboal australia cfd pool (money that belong to mf global singapore for example) so that is another 7 mil of debt that will be paid from our cah balance, bring the balance to 81-7=74mil so even if the admin collect the 13 mil from all the counterparty (including the 7 mil from dbal) we still have 6 mil of shortfall.
 
Worth looking at

Our only power is to group together.

As individuals we are nothing.

As a group we can become something.

And that is why I have helped to initiate both an association and web site.

We need to go beyond my list and reach more MFGA clients.

We need to connect with as many MFGA clients as possible.

If we can connect with more people then we can start to help communicate what the big risks are.

If we can start to communicate on a broader level then I believe we’ll be able to help facilitate a smoother administration and a smoother court process. And a smoother administration and court process will mean a speedier return of our client property and the less likely hood our segregated accounts will be accessed to pay fees.



A New Association: MF Global Australia Clients Support Group
As you know there has been a core group of selfless people putting in the hard yards to help improve our position. The accumulation of that work has been the creation of an association and its web site.
The association is called MF Global Australia Clients Support Group (MFGA-CSG) and its web site is located at www.mfgaclients.com.au.

In addition, the association has created a Facebook group, where clients can become members. Facebook will be used to share updates regarding MFGA and the progress made with the administration process. The objective is to offer all clients one place to go to stay tuned to the latest news.
You can find the Facebook group by searching for ‘MF Global Australia Clients Support Group’ or go directly to http://www.facebook.com/groups/mfgacsg/
 
appears that clients in every jurisdiction, apart from us in Australia, have managed to receive (or are about to receive) a partial distribution of their client property (where clients in Canada have received 100% of their account balances).
 
Dear all,
A few MF Global Australia clients have joined forces to form a non-for profit association : MF Global Australia Clients Support Group.
The association has 2 main objectives:
- Help clients achieve a quick return of their funds
- Provide assistance to those most affected financially or emotionally
A key element of our action plan is through communication, which we will achieve first through our website and our Facebook group.

Our initial goal is to register as many members as we can in the association – it’s free to join.

The rationale for members to join is that:
- They will receive more information regarding what’s happening with regards to MF Global Australia
- They will have the ability to communicate with all other MFGA clients, via the association Facebook group, be it sharing information or discussing various proposals
- Once the association reaches a critical mass, it will become a legitimate entity whose voice, concerns and suggestions are more likely to be heard, by Deloitte, by the Court, by the media …

We all have the choice of either trusting Deloitte and wait to see what happens or be involved and make sure we keep Deloitte honest. We (founding members of the association) have made our choice.

I strongly encourage you to register to the association (www.mfgaclients.com.au) and also to become a member of the association Facebook group http://www.facebook.com/groups/mfgacsg/
I also encourage you to pass this information to any other MFGA clients you may know.

Best regards, Pierre-Francis
 
pifouSyd said:
Dear all,
A few MF Global Australia clients have joined forces to form a non-for profit association : MF Global Australia Clients Support Group.

(...)


Best regards, Pierre-Francis
Click to expand...

Thank you guys for your time and hard work. It is truly appreciated.

martin
 
traderchris said:
Market Nuggets: FIA Establishes Task Force to Respond to Issues Related To MF Global

http://www.kitco.com/reports/KitcoNewsMarketNuggets20120124.html
Click to expand...

Considering that Goldman Sachs and JP Morgan were the main beneficiaries of the SEC's decision (with tacit support from the CFTC) to select a SIPA liquidation rather than the Commodity Exchange Act liquidation process, we can be confident that the FIA task force (led by Goldman Sachs managing director Michael Dawley) will do its absolute best to better protect market integrity in the future. I think market integrity just does not mean the same thing for different people. For the bank lobby, market integrity means that when they lend $6bn off-balance sheet using clients money in segregated accounts as collateral, they come first to get their money back + interests. Yeah right.

http://go2managedfutures.com/2012/01/sold-out-mf-global-investor-protections-trampled-in-private-meeting-with-government-regulators/
 
To all members of this thread:
It's been great to have the opportunity to exchange views, news and even frustration using this thread.

I'm not suggesting we stop using it.

However, I would encourage all of you to consider posting on the association Facebook group: MF global Clients Support Group - in addition (or instead of) to posting here.

With access to clients controlled solely by Deloitte (not even the Committee of Creditors has been given access to clients - and what a farce, considering they are supposed to be a representative body) our only chance to get heard as a group is to create momentum and build an association with thousands of clients.

The Facebook group is where the founding members of the association are concentrating their energy.
P-F
 
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