Bloomberg News

MF Global Parent Receives 71 Claims Totaling $188.7 Million

February 03, 2012

(Updates with largest claim in second paragraph.)

Feb. 1 (Bloomberg) -- MF Global Holdings Ltd., the bankrupt parent of the commodity brokerage, received 71 claims totaling $188.7 million from Nov. 4 to Jan. 31, according to a claims register.

The largest of the claims was from former employees Todd Thielmann and Pierre-Yvan Desparois, who sued the parent company in November to recover 60 days’ wages and benefits for themselves and other employees. They filed an unliquidated claim of $25 million.

American Bullion Exchange Abex Corp. filed two claims totaling about $7.7 million, and Blackrock Financial Management Inc. claimed $4 million. MF Global Holdings previously published a list of its largest known unsecured creditors that was topped by bondholder trustees JPMorgan Chase & Co. and Deutsche Bank AG, each guarding more than $1 billion of bonds.

Separately, the liquidator of broker-dealer MF Global Inc. is counting “thousands of claims” that were filed by yesterday’s deadline and expects to have a preliminary report tomorrow on the type and number of claims filed, spokesman Kent Jarrell said. An estimate of the amount of payment requests may be ready next week, he said in an e-mail today.

Brokerage trustee James Giddens has returned about $3.8 billion to customers after estimating that $1.2 billion or more is missing from their accounts.

‘Actionable Intelligence’

“We are pressing our investigative team to now come up with actionable intelligence that the trustee can use to determine the location of remaining customers assets, and most importantly, if we can get those assets back under the trustee’s control for return to customers,” Jarrell said. “The trustee will use all appropriate and legal means to get those assets.”

The MF Global parent filed for bankruptcy with almost $40 billion in debt on Oct. 31 after making bets on European sovereign debt and getting margin calls.

The employee suit is Thielmann v. MF Global Finance USA, 11-02880, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

--Editors: Stephen Farr, Glenn Holdcraft

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net


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