MF Global Holdings still can’t trace where some of the money went when its brokerage collapsed, including $1 billion that “vanished” into the brokerage unit MF Global Inc., an attorney told a bankruptcy court.
Brett Miller, a lawyer for MF Global Holdings’ Chapter 11 estate, told US Bankruptcy Judge Martin Glenn in Manhattan yesterday that court papers detailing the assets and debts of five of its six bankrupt units are likely to be filed today.
Details on the sixth, MF Global USA, which filed for bankruptcy in March, will take about another week, he added.
A report is due June 4 from Chapter 11 trustee Louis Freeh on the results of a probe into how the brokerage failed last October. Miller said key information is still unknown.
Separately, a trustee for failed brokerage MF Global Inc. said JPMorgan Chase & Co. has returned $168 million in cash and discussions with the bank are continuing regarding his other claims.
As MF Global Holdings unwinds in bankruptcy to repay creditors such as JPMorgan, its former operating unit, MF Global, is liquidating under the Securities Investor Protection Act to repay customers who are estimated to be out $1.6 billion.
MF Global Inc., MF Global Holdings, MF Global USA, JPMorgan Chase & Co., MF Global, US Bankruptcy Judge Martin Glenn, Louis Freeh, MF Global Holdings unwinds, brokerage
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