Welcome to the TFC Commodity Trading Forum.
Please feel welcome to join in on these informative ongoing discussions about trading futures and commodities.

The Trading Forum is intended for the open discussion of commodities trading. The management of this Forum does not agree or disagree with the ideas exchanged, and does not exert editorial control over the message posted herein. Read and post at your own risk. The risk of loss in trading or commodities can be substantial. We discourage the use of this Forum to promote trading that is acknowledged to be risky. Please note: many links from the Forum lead to pages on other web sites. We cannot take responsibility for nor endorse the information presented on those sites.

TFC Commodity Trading Forum

Re: mfglobal
In Response To: mfglobal ()

Knoxtenn,

I have received a letter from Prime Shares and Contrarian Capital Management. Neither one gave a percentage, but gave contact information. I have recently received and email from ASM Capital which gave a percentage in your range, but it dependend on the account type and the size of the account. They all must have access to our claim forms, which includes are addresses and email addresses.

It appears the Trustee has control over 80% at this time and says he knows were the money went. That does not mean he can claw it back and give out to customers. Maybe some gets clawed back that ups the percentage. If we are not made whole then my understanding is that we automatically get a claim in the bankrucpty to fight over the money that is available after total liquidation of MF, and if there is something leftover we should get somemore. However I am not a lawyer, so what do I know?.

What I do know is that I use to work for a telecom equipment company that I was layed off 2 months before bankrucpty, and I filed a claim for a severance package that was not paid in full, and it is over three years since bankrucpty, and I talked to a layer about a month ago and he said he cannot tell me when it will end, but only that it was not eminent. I have received a number of letters on this claim also. It started at 54 cents on the dollar and the last one I received is at approximately 65 cents on the dollar.

I think it depends on everyones personal situation and thoughts on risk and if a bird in the had is worth two in the bush and wether one needs or wants the money now for other purposes. Bottom line is if they cannot claw the money back they there is a good chance this could draw out a fair amount of time.

I know I have not helped, but we make the best decision we can and then live with it.

I just wanted to let you know that I have received some letters, am in the same boat, and am trying to figure out the right decision for me.

Messages In This Thread

mfglobal
Re: mfglobal
Re: mfglobal
Re: mfglobal
Re: mfglobal