Release remaining cash balances of former MF Global customers
  • Petitioned Petition to US Bankruptcy Court, Honorable Martin Glenn

This petition was delivered to:

Petition to US Bankruptcy Court, Honorable Martin Glenn

Release remaining cash balances of former MF Global customers

    1. NIBA National Introducing Brokers Association
    2. Petition by

      NIBA National Introducing Brokers Association

      Chicago, IL

The National Introducing Brokers Association (NIBA) submits this Petition urging you to exercise your authority and immediately, to the extent it does not hinder the bankruptcy process, permit the release of the remaining cash balances of liquidating and transferred customers of MF Global, and of customers who were included in the bulk transfer process. To the extent there are sufficient “segregated” funds available, they are the assets of the customers. Further, those funds are absolutely vital for the marketplace to function fully. The result of withholding these funds is affecting the ability of customers to maintain and trade their positions, and will impact liquidity and trading volume - absolutely necessary for an efficient market.

...

Customers and futures professional alike are suffering under the current scheme. We urge you to heed this Petition and release these funds. We want to get back to work.

Respectfully, The National Introducing Brokers Association (www.theniba.com)

Recent signatures

    News

    1. Petition Presented in Court on Thursday, Nov. 17, 2011

      NIBA's legal advisor, Schuyler, Roche & Crisham (SRC) was present in court Thursday morning when US Bankruptcy Judge Glenn approved a plan submitted from the MF Global trustee to begin a distribution of approximately $520 million, or about 60% of customers cash collateral. Neal Stevens, an attorney with SRC, confirmed that the definition of "cash equivalents" includes T-bills. Mr. Stevens had earlier hand-delivered NIBA's online petition containing over 700 signatures collecting in only about 72 hours.

      The transfer of funds back to customers may begin by November 24. Some groups had objected to this method of distribution saying it was "inequitable," but the trustee indicated that that there is a third transfer of funds being considered.

      NIBA's online petition requested return of the customers segregated funds as quickly as possible.

    2. Petition being sent to the judge soon. Sign now!

      The NIBA will be sending a petition to the judge on Thursday, November 11th. If you would like your name included in the hard copy being sent, please sign ASAP! Please share with anyone else and thank you for your support.

    3. Reached 500 signatures

    Supporters

    Reasons for signing

    • Margaret Rose Werd FAIRFIELD, IA
      • almost 3 years ago

      Cavalier attitudes and stealing from segregated accounts should not be tolerated on any level. What happened to enforcing the rules and regs here?! Clients should absolutely receive their funds back immediately. Without them Corzine would have had nothing to pilfer in the scheme to leverage very bad trades and judgement.

      REPORT THIS COMMENT:
    • Steven Wood CHESAPEAKE, VA
      • almost 3 years ago

      Reason for signing...Oh, I dunno, call me old-fashioned. I merely seek justice after being maliciously wronged while under the supposed protections of Federal Laws and Regulations.

      REPORT THIS COMMENT:
    • Curtis White RALEIGH, NC
      • almost 3 years ago

      I did not have any accounts with MF Global but the clients in this case are completely innocent and should be first-in-line to receive 100% of their rightful funds. Failure to do this expediently would further the injustice.

      REPORT THIS COMMENT:
    • Michael Davis RIVER FOREST, IL
      • almost 3 years ago

      Please return our money. Don't let them take it a second time. Is there any justice out there?

      REPORT THIS COMMENT:
    • Dean Graham CAMARILLO, CA
      • almost 3 years ago

      There will be no confidence in brokers, banks, or the legal system if JP Morgan is allowed to steal our money like this.

      REPORT THIS COMMENT:

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