Trustee spining the claime of
missing funds, and his inability to get MF Globalassets under his control to then steal from citizens and businesses around the country and secureinto the MF Global estate. .)
This next step is subject to Bankruptcy Court approval,
(Uh oh!This is the big out. Yes, the court must approve every step, but the Trustee is making filingmotions fast and furiouly to reduce both the standing and voice of client and customer representation. Why? Because he risks being ordered by the court to return client property. And remember, the estate pays for the work on these motions that have little or nothing to dowith the work of a liquidator and seemingly more to do with getting rid of pesky customers and clients who demand return of their titled property.
See motion yesterday
and will be done inclose cooperation with the
CFTC, SIPC, and the CME.
(The CFTC already abdicated their roleby allowing the responsibility of customer funds to go to SIPC. The Chairman of the CFTC isn
t answering questions and
ignoring demands for answers from the Senate
. CFTC staff is
and running for cover. The SIPC has nothing to do with commodity accounts and no knowledge of the industry. And the CME has already demonstrated that they just
follow court orders
, no matter how nonsensical or ludicrous.)
The Trustee expects this transfer tooccur in early December, once the current transfer is complete and books and records arereconciled to allow it to happen.Efforts to collect other funds from US depositories continue around the clock, and it is expectedthat the US funds available to the Trustee will increase in the coming weeks.
(What is theexact sum of funds at US depositories? This figure must be known. )
At present, however, the Trusteedoes not have access to other funds beyond the $1.6 billion on hand, and he is very close to
exhausting the funds under his control.
(What does that have to do with return of customer assets?)
Further complicating matters, assets located in foreign depositories for customers that