Comments for Commodity Customer Coalition

Comment on Tell Us YOUR Story by DianeN

DianeN — Fri, 18 May 2012 07:11:17 +0000

Hi Liverpool, can you tell me the name and number of who’s offering the 93 bid on 4d funds? I would very much appreciate it. Thanks.

Comment on RELEASE: Rep. Grimm Leads 64 House Members Calling on A.G. Holder to Appoint Special Counsel in MF Global Investigation by leo

leo — Thu, 17 May 2012 18:45:40 +0000

Hubris it’s a gas…………..
Tihink you’re master of the universe when you should
Be watching your ass
Hubris it’s a sign………….
You’ve screwed us enough
Now it’s time to resign
Hubris it’s a thing…………
Mock the folks steal their dough
Now you feel the sting
Hubris it’s his style……….
Back off retreat and
And get your hands off of our pile

Comment on RELEASE: Rep. Grimm Leads 64 House Members Calling on A.G. Holder to Appoint Special Counsel in MF Global Investigation by leo

leo — Thu, 17 May 2012 18:03:04 +0000

Goliath goes down! Struck by lighting out of clear blue sky. Davids

prediction

comes true . Everyone is awestruck. Was it an act of God?

Comment on RELEASE: Rep. Grimm Leads 64 House Members Calling on A.G. Holder to Appoint Special Counsel in MF Global Investigation by F A

F A — Tue, 15 May 2012 09:17:57 +0000

Are there any Democrats among the signers?

Comment on RELEASE: Rep. Grimm Leads 64 House Members Calling on A.G. Holder to Appoint Special Counsel in MF Global Investigation by leo

leo — Tue, 15 May 2012 06:52:01 +0000

Dear Attorney General Holder,
I’m a MFG victim who just wants his money back. The entire industry told me over and over that I was secure because of segregated accounts. Now I appear to be in the position where some fraud has to proved for me to get my money back.Nobody in authority seems to be pursuing this with any success or determination.Are the laws so constructed so that 1.6 B can be taken from secure segregated accounts and just said to be vaporized.
I have no political agenda. Can you please help me and the 38,000 others just like me

Comment on CCC Objects to Louis Freeh’s request for yet another extension to file schedules of assets and liabilities by leo

leo — Tue, 15 May 2012 06:07:16 +0000

Fearless Superman defender of truth justice and the American way takes on the bankers man who has no shame.You are a brave man JK reminds me of another brave man with those initials.Horray!

Comment on RELEASE: Rep. Grimm Leads 64 House Members Calling on A.G. Holder to Appoint Special Counsel in MF Global Investigation by drewallin83

drewallin83 — Tue, 15 May 2012 02:57:18 +0000

Comment on RELEASE: Rep. Grimm Leads 64 House Members Calling on A.G. Holder to Appoint Special Counsel in MF Global Investigation by drewallin83

drewallin83 — Tue, 15 May 2012 02:57:02 +0000

TdJpWdLs1ubf

Comment on Interview on the Capital Account discussing special counsel and JPMorgan by leo

leo — Fri, 11 May 2012 22:21:14 +0000

James, now is the time to press JPM .The media is looking for stuff to continue the big 2 billion story. Write a release showing that JPM is always doing whatever it likes. In our situation JPM might be responsible for the entire MFG debacle by unreasonably keeping MFG cash when it should have turned it over.Also JPM has been taking huge risks in the commodity markets with it’s huge short positions. JPM was.probably down billions on this position last year.JPMs weak spot is shareholders and customers deposits that it seem to gamble with!

Comment on Koutoulas Statement at Capitol Press Conference by Commodity Customer Coalition

Commodity Customer Coalition — Wed, 09 May 2012 22:40:59 +0000

[...] 1. Koutoulas Statement at Capitol Hill Press Conference [...]

Comment on Tell Us YOUR Story by Trysail

Trysail — Wed, 09 May 2012 19:08:04 +0000

Has anybody seen an acceptable form of assignment for selling a claim? I was attempting to sell to a fund that was bidding 93 but their document essentially left me holding the bag for 100% of the risk other than the payments received (i.e. any claim disallowance, setoff, reduction, etc. etc.).

Comment on Tell Us YOUR Story by liverpool

liverpool — Tue, 08 May 2012 21:12:13 +0000

for anyone who is interested. 4d funds are 93 bid with some room. 30,7 funds are 66.5 bid with room.

Comment on Rep Grimm Requests Independent Counsel for MF Global by jm

jm — Fri, 04 May 2012 16:36:59 +0000

Nice to see a representative actually representing the persons who elected him, as oppose to representing the persons who financed his campaign.

Comment on Today’s CNBC interview discussing Corzine and JPM by amrishkelkar

amrishkelkar — Wed, 02 May 2012 17:58:10 +0000

that sounded like an abrupt ending to the interview.

Comment on CCC Letter to Senate Banking Committee by leo

leo — Fri, 27 Apr 2012 18:45:38 +0000

Mfgh has no assets? What happened to the billions they had a few months ago? Good work John !

Comment on April 23, 2012 CCC Letter to Government Officials re: JPM by leo

leo — Fri, 27 Apr 2012 18:25:59 +0000

David also known as Superman strikes a clever slingshot blow against Golaith also known as The vampire squid .The common folk cheer and start chanting break them up ! The betting line on the winner ultimate moves two points in Davids favor .Trend followers take notice .The Phillestines appear confused.

Comment on CCC Letter to Senate Banking Committee by Commodity Customer Coalition

Commodity Customer Coalition — Tue, 24 Apr 2012 13:56:15 +0000

[...] 2. CCC Letter to Senate Banking Committee [...]

Comment on April 23, 2012 CCC Letter to Government Officials re: JPM by Commodity Customer Coalition

Commodity Customer Coalition — Tue, 24 Apr 2012 00:51:29 +0000

[...] 1. CCC Letter to JPM Demanding the Return of Customer Money [...]

Comment on Tell Us YOUR Story by liverpool

liverpool — Thu, 19 Apr 2012 14:59:15 +0000

litigation with the english courts over the 700 million 30.7 CUSTOMER MONEY. Sounds like a nightmare and a long drawn out process. i wonder what this event has done to the bankruptcy claims for foreign accounts. they were at 67 cent bid.

Comment on Tell Us YOUR Story by aquarian1

aquarian1 — Tue, 17 Apr 2012 23:37:03 +0000

I had an open short position which I left open. It was rolled over to another firm from MF Global with only part of my cash on deposit to a firm with higher margin rates- all without my knowledge. What was well-margined was now under margin an on Monday I received a call from my broker one hour before closing saying unless I wired more money my open position would be closed -which it was in the short squeeze.

No call on Thursday, or on Friday or even Monday morning.

This lack of notice caused considerable loss. I should have ended up with 10K on my trade instead I got back $2,300. However, the emotional cost is much greater. and has undermined my confidence in the USA futures regulators and market. My cash is not now, nor never was an asset of MFGlobal.

I have received a release document from the trustee. Though they state that I must sign it to get back the reminder of my cash. Judge Glen does not agree.
“He questioned whether Giddens has the authority to demand those releases, however.” (http://www.businessweek.com/news/2012-04-12/mf-global-creditors-say-brokerage-trustee-isn-t-helping)

Furthermore the release prevents we victims from suing the trustee amongst many others.

Thirdly, by signing the release you are, according to my reading, subjecting yourself to potential clawbacks of money you have had already returned to you for an unlimited time into the further.

I am not signing it.
————————-
Your liabilities stated in para 3 are to return ..
“(1)distributed in error
(2)to exceed the claimant’s pro rata share of the customer property,
(3) subject to liens or claims of the MFGI estate or other persons … and hold harmless the Released Persons (defined in para 2 to SPIC the trustee, MFGI and all others involved in this “liberation” of clients funds on deposit in places undisclosed – perhaps including JP Morgan the bankers of MFGI??).”

Comment on Tell Us YOUR Story by slumlordjim

slumlordjim — Thu, 12 Apr 2012 19:02:39 +0000

It’s vague in terms of the release time and the possible “shortfall”. We don’t know when or how much we can expect to receive.

Comment on Tell Us YOUR Story by aquarian1

aquarian1 — Thu, 12 Apr 2012 18:48:35 +0000

I am looking for the FAQ on this site.
For example more info on the release document.

Comment on Tell Us YOUR Story by DavidH

DavidH — Wed, 11 Apr 2012 19:58:47 +0000

Thanks for the heads up, Liverpool. I called 10 days ago and was told “not yet, but expect within 2 weeks”. I called agian today and got exactly the same answer………. So I will watch the mail.
Expect that the Judge and/or Trustee will iron out the Release issues in court tomorrow (April 12), so want to get my determination letter (and sign release) so I can be in the queue to get the upcoming distribution.

Comment on IRS Responds to CCC on Tax Issues by ukelkar

ukelkar — Fri, 06 Apr 2012 19:08:19 +0000

Using the check $#’s and trustee’s 1099-B.

Comment on IRS Responds to CCC on Tax Issues by ukelkar

ukelkar — Fri, 06 Apr 2012 19:06:29 +0000

If IRS is keeping a close eye on the proceedings of the trustee and knows thus that 72% of the account values were distributed, then, using the $ amount on the checks the trustee issued is enough to calculate the actual profit MF Global customers actually made.

If I am not in custody of profits, it is unethical for me to pay taxes on it. Period.

Having prospects of return be present at end of 2011 is a moot point – would we rather not have the prospect of money being returned? At end of the year, whether the prospect was alive or not, income taxes are to be levied on *income* up until year end.

There is another angle of illegality to this – for the taxes that I pay Govt on money not in my custody, I lose out on the interest that the money would’ve made – my hard earned money mind you. Will Govt. reimburse me?

Mr. Geithner’s response just shows me the pre-existing rules which does NOT address relief for tax payers who have been cheated once and will be once more when they are forced to pay taxes.

Comment on IRS Responds to CCC on Tax Issues by Commodity Customer Coalition

Commodity Customer Coalition — Thu, 05 Apr 2012 17:41:05 +0000

[...] 1. IRS Responds to CCC Letter [...]

Comment on CCC Statement to Senate Panel by F A

F A — Thu, 05 Apr 2012 02:55:46 +0000

You are precisely correct. Please call various congress critters and tell them. A good list of people (finance & ag committee members) you can call or fax or tweet can be found at http://fred93mfg.blogspot.com/2012/03/mf-global-victim-activists-guide.html

Comment on CCC Statement to Senate Panel by liverpool

liverpool — Wed, 04 Apr 2012 17:53:30 +0000

If MF customers are not made whole and some of these absolutely incompetent assholes see no jail time then new regulations, promises, and safety nets are completely useless. who is going to believe their money will ever be safe.

Comment on Tell Us YOUR Story by slumlordjim

slumlordjim — Wed, 04 Apr 2012 17:45:32 +0000

Well, I object to the determination letter after reading it. It waives any further rights to pursue MFG and is vague about the amount and timing of the release of funds.

Comment on Tell Us YOUR Story by liverpool

liverpool — Wed, 04 Apr 2012 17:31:31 +0000

i swear only people deep on the inside know ANYTHING. i called the number yesterday gave them my claim number to ask for a status and they told me nope your determination claim has not been processed give us a call in 2 weeks and check again. I received my determination letter at 1 pm today april 4.

Comment on CCC Statement to Senate Panel by Commodity Customer Coalition

Commodity Customer Coalition — Wed, 04 Apr 2012 14:30:30 +0000

[...] 1. CCC Statement to Senate Panel [...]

Comment on Tell Us YOUR Story by slumlordjim

slumlordjim — Wed, 04 Apr 2012 05:29:26 +0000

Has anyone else received the ‘”Declaration, Release and Assignment” with the response to their claim submission? Is there anyplace in/on CCC forums, etc. where this can be discussed?

Comment on Attorneys Koutoulas, Burns on MF Global, Corzine by Commodity Customer Coalition

Commodity Customer Coalition — Wed, 28 Mar 2012 15:45:45 +0000

[...] 4. Attorneys Koutoulas, Burns on MF Global, Corzine [...]

Comment on IRS Provides Penalty Relief to Farmers Affected by MF Global Bankruptcy by Commodity Customer Coalition

Commodity Customer Coalition — Wed, 28 Mar 2012 15:44:44 +0000

[...] 3. IRS Provides Relief to Farmers Affected by MF Global Bankruptcy [...]

Comment on CCC Sends Letter to Neugebauer, Asks Members to do the Same by Commodity Customer Coalition

Commodity Customer Coalition — Wed, 28 Mar 2012 15:44:09 +0000

[...] 2. CCC Sends Letter to Neugebauer, Asks Members to do the Same [...]

Comment on IRS Provides Penalty Relief to Farmers Affected by MF Global Bankruptcy by liverpool

liverpool — Tue, 27 Mar 2012 03:59:13 +0000

PLease As far as your claim goes don’t panic!!! If you need the capital US SEG FUNDS are going now for over 92 cents on the dollar. MOst MF Global customers fit in that category! If you wait it out my guess is 100% is probable!!! The 30.7 accounts which customers have been totally fcked on is a different story!!! These are the claims that the REOG guys want to buy!! My last estimate was 67 cents on the dollar!!. Honestly they feel these claims have the better upside potential. When US SEG gets to mid 90′s it really doesn’t pay anymore to be a buyer or a seller. Either you wait it out, which I think you do or sell to these guys if you need the capital. IN either scenario, I have been through 3 bankrupt FCM’s Barings Refco and This disaster!!! Obviously Mf global has been a nightmare since neither of the previous have invaded customer funds and we were made whole within weeks! This last scenario is a disgrace and disgust to the industry! Please do not tell the public that the money vanished. It did not, someone knows exactly what happened!!! Please give Edith Obrien Immunity and let her nail the big dogs!!! I believe this issue should be in the media on a daily basis!!! why is it not?

Comment on IRS Provides Penalty Relief to Farmers Affected by MF Global Bankruptcy by liverpool

liverpool — Tue, 27 Mar 2012 03:26:18 +0000

please everyone be aware this is not Bernie Madoff!!! We did not invest in this company!!!!! This seems to be a something the media does not understand!!!Our money was stolen plain and simple! An example is if you went to your bank with your ATM card and it said “my golly there is no money here” and we have no idea where it went!!!!THis is MF global !!!!!

Comment on R.J. O’Brien donates to CCC legal fund by Dactuck

Dactuck — Sun, 25 Mar 2012 04:48:59 +0000

Distrust, is a natural response to injustice. As a former MFGI client, I truly believe, we will all be made whole. RJO needs the publicity and “forced liquidations”, to be relevant. JP Morgan, just wants “it” all to go away.

Comment on R.J. O’Brien donates to CCC legal fund by F A

F A — Sat, 24 Mar 2012 18:49:01 +0000

Is RJO still using JP Morgan for custody etc?

Comment on R.J. O’Brien donates to CCC legal fund by tjsmith

tjsmith — Fri, 23 Mar 2012 12:52:40 +0000

That great! Thanks RJ. It also reminded me to send in the puny amount I had planned to give but forgotten.
Incidently, what was the typo in the release letter?

Comment on R.J. O’Brien donates to CCC legal fund by US: R.J. O’Brien donates to CCC legal fund | MF Global UK Clients

US: R.J. O’Brien donates to CCC legal fund | MF Global UK Clients — Fri, 23 Mar 2012 11:06:16 +0000

[...] The CCC thanks Gerry Corcoran and R.J. O’Brien for a generous donation to the legal fund assisting MF Global customers in the recovery of customer segregated funds. Link [...]

Comment on MF Global class action litigation by docwatson

docwatson — Sun, 18 Mar 2012 23:44:41 +0000

The claim form release that came as a recent surprise caused me to wonder if it may have been drafted, at least in part, to protect Hughes Hubbard from suits based on their inequitable distributions to customers. Now, I don’t know whether the release can be construed to include them, but it would be interesting to get a lawyer’s perspective on it.

Comment on MF Global class action litigation by KJacobs

KJacobs — Sun, 18 Mar 2012 18:07:48 +0000

docwatson,
If what you report is accurate (and I’m sure it is)–and the overpaid sum is a meaningful amount–that is actually good news for us when looking at the math before us. It means that MORE than 72% has been distributed; but the $ amount remains $3.9B. Which would also mean that the total claims are LESS than $5.4B. For example, if by error the $3.9B distributed to date equals a net 74% due to overpayments to some, then the total claims equal $5.27B–which means that there is enough remaining ($1.3B) in Trustee’s control to make everyone more than 98% whole (rather than 96%). Still, there is no arguing that some customers being overpaid is grossly and inexcusably unfair; and, of course, has harmed the rest of us. I’m simply saying that it makes the remaining math more favorable than earlier assumptions, not less. In any case, one thing is for sure: “the math never seems to tie together” so we are just left guessing.

Comment on Trustee Files Motion for Additional Interim Distributions by Dactuck

Dactuck — Sun, 18 Mar 2012 05:08:18 +0000

Lucky? A Game changer? How has your family suffered under German hegemony?

Comment on MF Global class action litigation by docwatson

docwatson — Sat, 17 Mar 2012 17:15:46 +0000

One of the reasons the Trustee’s math never seems to tie together is that the “true-up” to 72% is inaccurate. Trustee and staff returned to some customers more than 72% – up to 100%, in fact, in an unknown number of cases. It was a function of the customers’ account composition. That is, customers whose positive options value was greater than 72% of their net account value at transfer effectively received more than 72% when positions were moved. “True-up” is a false way of describing the third bulk distribution.

Despite Josiah Trager’s tough talk and assurances during the December conference call / video hookup that customers of the same class would be equalized and that no one would be getting away with anything not properly due him, Trustee failed to correct the situation and staff now says there are no plans to claw back the excesses. So, they are responsible for having overpaid some customers (number not disclosed), and the overpaid amount (number of millions not disclosed) came from the pool of money that was supposed to be distributed fairly and equitably among all members of the 4d class. (Close readers of Trustee’s releases and filings will notice the recent inclusion of language indicating that some of the unrecoverable shortfall is in the hands of counterparties and customers. “Customers” – understand?)

Customer 4d funds were in the hands of the Trustee, and yet they were given out, irretrievably, it appears, in an improper fashion. Similar to what Corzine did, but on a smaller scale, you might say. This means that the majority of 4d customers have, without knowing it, subsidized a minority of the members of the same class. (By the way, that’s why some of those customers never filed claims. They have nothing left to recover.)

Check it out with the Trustee’s staff.

Comment on MF Global class action litigation by KJacobs

KJacobs — Fri, 16 Mar 2012 18:00:35 +0000

That makes sense, liverpool. Best of luck w/ your 30.7 account. That is a tough one.

Comment on MF Global class action litigation by liverpool

liverpool — Fri, 16 Mar 2012 14:10:46 +0000

kjacobs
i took into account the claims by the uk against the 700 million that the trustee remains in control of after the distribution. my gut feeling is 4d customers will be made whole. it’s the 30.7 customers who really have to sweat it out and decide. the 1.6 billion shortfall that’s thrown around is poppycock as well. 800 million is sitting in the UK and other foreign banks.

Comment on MF Global class action litigation by KJacobs

KJacobs — Fri, 16 Mar 2012 04:34:50 +0000

Thx DavidH.

Agreed; the Trustee fails to tie the math together and some statements seem to contradict the math.

James, can you weigh-in on this? Would love to know your take on it…

Comment on MF Global class action litigation by DavidH

DavidH — Fri, 16 Mar 2012 01:29:15 +0000

Your math is clearly correct. However, I believe there is still some uncertainty because of the vague way the Trustee presents numbers without tying them together. Two examples:
• Equating $3.9B to 72% exactly to estimate total 4d claims makes perfect mathematical sense. HOWEVER, I do not believe the Trustee actually categorically states anything that would support such a precise assumption.
• Last I heard the Trustee was still talking about a $1.6B gap which flies in the face of these seemingly logical calculations. Specifically on February 10 the Trustee said that he “….believes there is at least a $1.6 billion gap between the value of the Trustee’s estimate of potentially allowable commodities claims and the assets that are currently under the Trustee’s control” (sic).
Personally, drawing a parallel with Trustee’s prior statements/actions (the statement “equal to or greater than 67%” turned into an action resulting in “72% for all 4d”), I believe that the greater than 80% will be closer to 85% than 80%. Just my reading of the tea leaves!
As the numbers get up there, buyouts seem to be less attractive (for both seller and buyer). Another personal opinion is that 30.7 distributions will run as 4d in the end. It’s just a question of timing of “the end”.

Comment on MF Global class action litigation by KJacobs

KJacobs — Thu, 15 Mar 2012 21:56:06 +0000

Liverpool,
It seems to me that Trustee holds approx. 96% of 4d money. He has distributed $3.9B; which is equal to 72%. That means the total estimated claims are a little less than $5.42B. As of today, he seeks to distribute an additional $600M; while holding back $700M for contingencies and (mostly) disputes by affiliates, etc. So, the total in hand is $5.2B of $5.42 = 96%.

Others pls comment on my math, and either confirm or correct; as we are all trying to decide whether to sell our claims or stay on board for the ride. Thx much.