Welcome to the CCC’s information center for MF Global customers. This page will link you to CCC posts regarding developments in the case, RSS feeds from news outlets and the RSS feed for the case docket.
At this time, the SIPA Trustee in charge of the MFGI liquidation is pursuing claims against counterparties, as well as defending customer property against claims from MFGI’s parent (MF Global Holdings, Inc. or MFGH) and affiliates. Information regarding additional distributions, the class action suit and other developments will be posted here.
The CCC remains committed to the timely return of customer property from MF Global.
Please signup for email updates to receive timely information.
CCC Files Discovery Motion in MFGI case to depose Corzine & Co
Read the story from Reuters here Read the full motion filed 11/26/2012 with the SDNY Bankruptcy court here … [Read More...]
Why Hasn’t NFA Barred Jon Corzine?
More than a year after MF Global's demise, why hasn't the National Futures Association taken action against Jon Corzine? For his malpractice Mr. Corzine should be permanently barred from NFA membership, associate membership and from acting as a principal of an NFA member. He should receive the maximum NFA fine as well. Customers of MF Global have tied themselves into knots trying to convince authorities to pursue criminal charges against its CEO, Jon Corzine. The Commodity Customer … [Read More...]
Petition to add CCC Co-Founders Koutoulas & Roe to Ballot for NFA Board
Despite the contributions the CCC has made to the futures industry over the last year and numerous nominations being cast for John and James, the NFA's nominating committee refused to place them on the ballot. The nominating committee did the same thing last year to Doug Bry and Ernest Jaffarian who had to petition to be placed on the ballot, but wound up winning. For John and James to be placed on the ballot, 50 CTA/CPO members need to send the following email to us to be forwarded to Tom … [Read More...]
The Case Against Corzine
As the one year anniversary of the MF Global Bankruptcy is upon us, the WSJ has now joined the NY Times in writing a ‘woe is me’ piece on behalf of Jon Corzine. The WSJ continues bemoaning the pitiable situation of “restlessness and frustration” of the former CEO of Goldman Sachs, former Governor of New Jersey, and former Senator from New Jersey who apparently isn’t content with being “confident about the likelihood that he will avoid any criminal charges related to MF Global.” … [Read More...]
Rep Schakowsky First Dem to Formally Respond to CCC RE MFG Ind. Counsel
A CCC member and constituent of Illinois' 9th congressional district received the first formal response from a House Democrat regarding the May 2012 campaign for an Independent Counsel to investigate MF Global. In the letter posted below, Rep. Jan Schakowsky (D-IL) explains she felt that the letter Rep. Michael Grimm (R-NY) circulated "did not accurately reflect the facts of the case and was more of an effort to drum up an appearance of impropriety on the part of the Obama … [Read More...]
Are You A Victim Of MF Global or PFG Best? James Koutoulas Interview Today On CFRN
Koutoulas, who runs commodity trading advisory firm Typhon Capital Management in Chicago, saw about 50 of his clients affected in the aftermath of the discovery of the fund shortfall — when MF Global Trustee James Giddens immediately froze all customer accounts and no one one was allowed to make withdrawals. Altogether, Koutoulas' customers had roughly $55 million held up at MF Global. Read More at PRLOG- … [Read More...]
Law Firms Ready Class-Action Suit for Peregrine Clients
Executives whose companies fall into bankruptcy tend to be targets of such class-action lawsuits, as bankruptcy proceedings typically prevent such firms from being sued, Mr. Collett said. The class-action lawsuits can target individuals, their assets and entities related to the collapsed company. The effort has the backing of the Commodity Customer Coalition, an ad hoc group of asset-management firms and commodity traders formed following the downfall of MF Global in October 2011 to assert the … [Read More...]
JAMES KOUTOULAS LIVE ON CFRN – FRIDAY 07/13/12 12:45 EDT
Koutoulas, who runs commodity trading advisory firm Typhon Capital Management in Chicago, saw about 50 of his clients affected in the aftermath of the discovery of the fund shortfall — when MF Global Trustee James Giddens immediately froze all customer accounts and no one one was allowed to make withdrawals. Altogether, Koutoulas' customers had roughly $55 million held up at MF Global. Full article at CFRN- … [Read More...]
Peregrine clients angry about alleged shortfall
John Roe, a CCC co-founder with Mr. Koutoulas, estimated that at least 100 of the clients impacted by the demise of MF Global were also affected by the freeze in assets at Peregrine this week. Typhon Capital Management LLC, led by Mr. Koutoulas, and Chicago-based commodity trading adviser Arctic Asset Management LLC, led by Andreas Diessbacher, were among firms that had millions of dollars in client money at both MF Global and PFGBest. Read more: … [Read More...]
FBI probes Cedar Falls investment firm
“Regulations are only as good as the regulators,” said John Roe, co-founder of the Commodity Customer Coalition, a nonprofit group set up in the wake of the MF Global fallout. “We have a complicated regulatory scheme set up now to oversee commodities futures trading. But it’s very clear they can be subverted by the simplest measures imaginable, like falsifying a bank report.” Read more at DesMoinesRegister- … [Read More...]
Futures Broker Freezes Accounts
Reached by email late Monday, Bart Chilton, a commissioner with the CFTC, said "we continue to witness circumstances which make a futures insurance fund a needed option. Such a fund is critically important. Futures customers should be protected like banking and security customers are protected." The comments were echoed by James Koutoulas, chief executive of Typhon Capital Management. Typhon, a futures-trading firm, routed business through both MF Global and PFGBest. Full article at the … [Read More...]
PFGBest mess raises systemic issues for futures industry
John Roe co-founder of the Commodity Customer Coalition said “here we go again.” In an e-mailed statement Roe says, “Yesterday’s revelations regarding PFGBest should dispel the notion that serious reforms are not merited in the wake of MF Global’s collapse. Since the year 2000, four of the 15 largest bankruptcies in U.S. history included firms who had FCM operations (Enron, Refco, Lehman, MF Global). The list would be larger had Merrill Lynch and Bear Stearns not been forcibly … [Read More...]
A Loophole Big Enough to Lose a Billion
Apart from people working at the firms themselves and their regulators, few seem to have known about such an alternative calculation, even as trading on foreign exchanges has exploded. “I didn’t know it existed,” James Koutoulas, chief executive of Typhon Capital Management, a commodity trading adviser in Chicago, told me this week. “And we’re pretty sophisticated traders. I had no idea they were allowed to make a report that was so different from reality. No one ever told us a thing … [Read More...]
Congress asking Dimon the wrong questions
Two weeks ago on CNBC Commodity Customer Coalition co-founder James Koutoulas claimed that someone inside JP Morgan indicated to him the bank is still holding approximately $600 million is former MF Global customer money. We also know that CCC member Stanley Haar has been reminding them where this money likely is and about efforts by JP Morgan as the largest creditor of MF Global to gain priority over customers. Read more at Futures Mag- … [Read More...]
CCC founder takes industry to task
The Managed Funds Association (MFA) may be regretting inviting Commodity Customer Coalition (CCC) co-founder James Koutoulas to speak at its recently concluded Forum 2012 conference in Chicago this week. See Koutoulas took MFA and other industry leaders to task for failing to represent the interests of its members, leaving it up to CCC’s small team to advocate on behalf of traders despite MFA’s larger budget and defined mission. Koutoulas asked those in the audience what they were … [Read More...]
Download: Commodity Customer Coalition whitepaper on MF Global’s bankruptcy and the implications on commodity futures
James Koutoulas, Chief Executive Officer of Typhon Capital Management and Co-Founder of the Commodity Customer Coalition, kindly provided this whitepaper on the ‘Background, impacts & solutions to MF Global’s bankruptcy.’ Read more and download the white paper at High Frequency Trading: http://www.hftreview.com/pg/blog/thetrader/read/54262/download-commodity-customer-coalition-whitepaper-on-mf-globals-bankruptcy-and-the-implications-on-commodity-futures … [Read More...]
MF Global trustee’s law firm bills $17 mln so far
Customer advocates lately have shifted their criticism away from Giddens specifically, and onto the overall compensation system under U.S. bankruptcy laws. "The dude deserves to get paid and he's done a good job," said James Koutoulas, leader of advocate group the Commodity Customer Coalition. "But the system for bankruptcy fees is ridiculous. Bankruptcy lawyers are probably the most overpaid group of lawyers in the country. I'd feel a little more comfortable if it was around, say, $12 … [Read More...]
Call for independent counsel in MF Global probe
John Roe, co-founder of the CCC, says, “Given the continuing political influence of Jon Corzine, it is incumbent on Attorney General Holder to ensure that politics does not prevent justice from being done. The CCC believes that the current investigation has stalled. The key witnesses we have spoken to have yet to even begin the proffer process by which an immunity deal could be reached.” Full article at Futures Mag: … [Read More...]
MF Global trustee to report on payback efforts
John Roe, co-founder of the Commodity Customer Coalition, a customer advocacy group, said he hopes the Giddens report addresses an estimated time frame for the return of additional funds. He also wants to see a list of counterparties that may become targets of clawback lawsuits. Freeh and Giddens could be at odds over whether certain assets belong in the parent's estate or in the hands of the broker-dealer -- another topic the trustees would do well to address in their reports, Roe … [Read More...]
Preview: MF Global trustee to report on payback efforts
John Roe, co-founder of the Commodity Customer Coalition, a customer advocacy group, said he hopes the Giddens report addresses an estimated time frame for the return of additional funds. He also wants to see a list of counterparties that may become targets of clawback lawsuits. Freeh and Giddens could be at odds over whether certain assets belong in the parent's estate or in the hands of the broker-dealer -- another topic the trustees would do well to address in their reports, Roe … [Read More...]
CCC Group Conference Call- Monday June 4th, 5:30pm EDT
We will be having a group call at the above time. Dial-in info will be sent via the CCC mailing list in the near future. … [Read More...]
MF Global trustee fails to make a claim
This was an important distinction to most customers and the SIPA trustee James Giddens did not seem to understand as he was working to set-up a lengthy claims process as soon as the initial customer positions and margin was transferred out of MF Global to other brokers in the first weeks of the crisis. This was their money that was illegally moved out of segregation and they did not like the fact that the trustee was referring to them as claimants as if they were some utility collecting a bill. … [Read More...]
Instant Cash for MF Global Claims Is Proving Hard to Get
The experience of a group advocating for MF Global customers, the Commodity Customer Coalition, illustrates the challenges with claims-selling. The group earlier this year spent weeks negotiating a deal with banks and trading firms for customers interested in selling. In March, it was close to an exclusive deal with Barclays BCS +0.00% offering 90 cents on the dollar for U.S. claims, said James Koutoulas, president of the group. The proposed deal ultimately fell through, he said. "They just … [Read More...]
James Koutoulas Says JP Morgan Is Still Hiding Large Amount of MF Global Customer Money
Interviews with Mr. Koutoulas are so rare that any deserve to be shared, even if the interviewer steps all over the interview with selective outrage. The extended corporate infomercial is what passes for financial journalism in the States these days, and in much of the 'straight news' as well unfortunately. Read full article and watch the interview at Jesse's Cafe Americain- http://jessescrossroadscafe.blogspot.com/2012/05/james-koutoulas-claims-jp-morgan-hiding.html … [Read More...]
My CNBC appearanced today was bumped, new time- Tuesday 5/29 at 11:20am EDT
Facebook getting sued and all... … [Read More...]
MF Global civil suits consolidated
Five of the law firms representing the 22 cases applied for lead counsel status. This was later pared down to three before a decision was made. The ruling states, "The Consensus Plaintiffs have already begun to create the infrastructure necessary to effectively and efficiently conduct the commodities action by organizing a leadership structure to include other plaintiff's counsel in decisionmaking and work assignements." The Commodity Customer Coalition had supported attorney's representing … [Read More...]
MF Global to get $168 mln back from JPMorgan
JPMorgan was the lead lender on MF Global's $1.2 billion loan, and was also one of its primary clearing banks. Customer advocates, primarily Commodity Customer Coalition leader James Koutoulas, have expressed suspicion that customer money could be at JPMorgan. Full article at Thomson Reuters: http://newsandinsight.thomsonreuters.com/New_York/News/2012/05_-_May/MF_Global_to_get_$168_mln_back_from_JPMorgan/ … [Read More...]
MF Global clients bash fat fees, seek quick wind-down
The legal team winding down MF Global's bankruptcy estate, led by former FBI director Louis Freeh, has racked up nearly $25 million in estimated fees since its Nov. 25 appointment. Now a customer group is planning to ask that the case be streamlined so that Freeh and his team receive less and customers receive more. On Friday, a coalition of former MF Global customers plans to argue in U.S. Bankruptcy Court in Manhattan that the Chapter 11 liquidation of the MF parent entity should be … [Read More...]
“Jon Corzine – What’s Going On?”
Incredibly, no one has been arrested. Republican Congressman Michael Grimm from New York City has asked for an independent counsel to take over the federal criminal probe being conducted by the Department of Justice (DOJ.) James Koultas, the leader of the Commodity Customer Coalition, an advocacy group for former MF Global clients recently noted the obvious: “I don’t think the DOJ is going to go up against one of the President’s biggest bundlers without an independent counsel being … [Read More...]
Turner Wants MF Global Investigated By Independent Counsel, Not DOJ
“It is paramount that lawmakers on both side of the aisle to support his proposition to bring about justice to the 38,000 customers of MF Global who have had over $1.6B of their property taken from them and to restore some much-needed integrity to the American financial system,” said James Koutoulas, President of the CCC. Read more at BaySide Patch: http://bayside.patch.com/articles/turner-wants-mf-global-investigated-by-independent-counsel-not-doj … [Read More...]
RELEASE: Rep. Grimm Leads 64 House Members Calling on A.G. Holder to Appoint Special Counsel in MF Global Investigation
For Immediate Release Contact: Carol Danko, 202-225-3371 Rep. Grimm Leads 64 House Members Calling on A.G. Holder to Appoint Special Counsel in MF Global Investigation Send letter to DOJ asking for outside counsel to restore confidence in government WASHINGTON, DC – Today, Representative Michael G. Grimm (R-NY) led 64 of his House colleagues in sending a letter to Attorney General Eric Holder, asking him to … [Read More...]
Rep. Grimm, 64 others ask Holder to name independent counsel
The letter failed to gain bipartisan support despite efforts by the Commodity Customer Coalition to bring on some Democrats. The Justice Department was aware of the effort and declined to comment. Read full article at Futures Mag: http://www.futuresmag.com/2012/05/14/rep-grimm-64-others-ask-holder-to-name-independent … [Read More...]
CCC Objects to Louis Freeh’s request for yet another extension to file schedules of assets and liabilities
Louis Freeh has no problem filing for over 20M in fees, but can't manage to file Schedules of Assets and Liabilities more than 6 months after the bankruptcy (standard time is 90 days). Full objection is here: Objection to Extension … [Read More...]
CCC Releases Updated White Paper
In support of Congressman Grimm's drive to collect the signatures of his colleages on Capitol Hill, I updated our White Paper to reflect the developments of the last several months. Please distribute this widely to help aid those who are seeking information on the MF Global collapse. DOWNLOAD THE WHITE PAPER … [Read More...]
Koutoulas Statement at Capitol Press Conference
A lot of people say the American legal system is broken and that our government doesn't work for the people, but for giant corporations and Wall Street. And a lot of the time, it seems that those people are right. But, in response to the system failing in MF Global, a handful of volunteer commodity brokers, traders, and farmers like Dean Tofteland, a soybean and hog farmer from Laverne Minnesota, formed the Commodity Customer Coalition. And together, we have taken on a slew of $1,000 dollar an … [Read More...]
Rep Grimm, Congressmen & CCC to Hold Press Conference at 11 AM EST
May 9, 2012 For Immediate Release Contact: Carol Danko, 202-225-3371 ***MEDIA ADVISORY*** Rep. Grimm Leads Colleagues in Calling for an Independent Counsel in MF Global Investigation Congressmen, MF Global Victims call on AG Eric Holder to appoint outside prosecutor WASHINGTON, DC – Rep. Michael G. Grimm (R-NY) will be joined by Members of Congress and MF Global victims calling on Attorney General Eric Holder to appoint an independent counsel to investigate MF Global. Many unanswered … [Read More...]
Independent counsel request to shine light on MF Global
"Given the continuing political influence of Jon Corzine, it is incumbent on Attorney General Holder to ensure that politics does not prevent justice from being done," says John Roe, co-founder of the CCC. "The best way to do that is by authorizing an Independent Counsel to take over the investigation of MF Global. The CCC believes that the current investigation has stalled. The key witnesses we have spoken to have yet to even begin the proffer process by which an immunity deal could be … [Read More...]
Independent Counsel for MF Global Is Sought
James Koutoulas, a lawyer representing MF Global customers, said an independent counsel is "much needed due to the conflicts in the case." Mr. Grimm's letter was earlier reported by Fox Business Network. Read full article at the Wall Street Journal: http://online.wsj.com/article/SB10001424052702303877604577380890614867810.html?mod=googlenews_wsj … [Read More...]
Independent counsel sought for MF Global probe
The Commodity Customer Coalition, an advocate group for former MF Global clients, supports the effort to push the DOJ aside as customers remain without full access to their money. "There's 38,000 MF Global customers still missing property," James Koutoulas, the coalition's leader, told Reuters. "I don't think the DOJ is going to go up against one of the president's biggest bundlers without an independent counsel being appointed." Read full article at Thomson Reuters: … [Read More...]
MF Global trustees square off
The trustee may have been emboldened by a memo sent from the Commodity Customer Coalition to the Department of Justice, U.S. Attorneys for the New York and Chicago districts and representatives of all the pertinent congressional committees, stating it believes there is sufficient evidence of an intent to commit fraud by various MF Global employees to support criminal charges. Read more at Futures Mag: http://www.futuresmag.com/2012/05/01/mf-global-trustees-square-off … [Read More...]
FRAUD SLIPPING PAST CANADIAN REGULATORS
No case against the brokerage firm has been successful as yet and John Roe, leader of the Commodity Customer Coalition and introducing broker at BT Trading in Chicago, fears people will continue to misuse customer funds and have no criminal liability if nothing happens in terms of a criminal case. The situation is also eroding market sentiment and customer confidence. … [Read More...]
MF Global: “This Was a Massive Theft”
John Roe, leader of the Commodity Customer Coalition, a customer group, and an introducing broker at BT Trading in Chicago, a firm that had all $15m or so of its client funds at MF Global, says his members would be “beyond dejected” if there were no prosecution. “There should be a criminal consequence,” he says. “The system itself is at risk if there isn’t.” “Someone at MF Global made the decision to swipe customer money,” Mr Roe adds. “They need to pay a price for that. … [Read More...]
The Other John in the MF Global Story
John Roe has what Jon Corzine should fear most: he’s an industry executive and former insider at the predecessor firm of MF Global — Refco, Inc. — and understands how its accounting technology works. He’s not buying the “official” story that $1.6 billion of customer money just innocently fell into the wrong hands during the last week of the firm’s existence. John Roe, Co-Founder, Commodity Customer Coalition Since MF Global filed for Chapter 11 bankruptcy on October 31, … [Read More...]
NFA Supports CCC’s positions on JPMorgan and Criminal Investigation
Today the National Futures Association published two letters supporting the CCC's positions. The first echoes our demands that JPMorgan disgorge MF Global customer property, while the second encourages the US Attorneys office to vigorously pursue potential criminal conduct surrounding the collapse of MF Global. We thank the NFA for their support and continue to value what has become a close working relationship with them. You may download the letters here: NFA Ltr to JPMorgan and … [Read More...]
MF Global customer group asks for bankruptcy conversion
The Commodity Customer Coalition (CCC) called on the Senate Committee on Banking, Housing and Urban Affairs to persuade MF Global Holding Ltd. Trustee Louis Freeh to convert the MFGH bankruptcy proceeding from Chapter 11 to Chapter 7. The letter, sent yesterday to the members of the committee, stated, “…we contend that Mr. Freeh is keeping an administratively insolvent firm in Chapter 11. Whatever his motives for doing so, Mr. Freeh's actions are adversely affecting the prospects of … [Read More...]
LIVE FEED: Senate Banking Hearing on MF Global
Click below: http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.LiveStream … [Read More...]
CCC Letter to Senate Banking Committee
On Monday April 23, 2012, the CCC sent the following letter to members of the Senate Banking Committee. The letter requests that Members of the Committee question US Trustee Louis Freeh as to why MF Global's holding company remains in a Chapter 11 bankruptcy. April 23, 2012 The Honorable Tim Johnson Chairman United States Senate Committee on Banking, Housing and Urban Affairs 136 Hart Senate Office Building Washington, D.C. 20510 The Honorable Richard … [Read More...]
MF Customers Press J.P. Morgan for Funds
The customer letter, written by a group led by James Koutoulas, a commodities investor and lawyer representing MF Global customers, also urges regulators to get tougher on misconduct related to customer funds kept at futures brokerage firms like MF Global. It calls for larger fines for violations of commodities rules that involve customer funds, which are required to be kept segregated from firms' own money. The group also wants bigger fines, $1 billion or more, for global banks and other … [Read More...]
MF customers press JP Morgan for funds
In a letter set to be sent to regulators and lawmakers on Monday, an MF Global customer group calls for JP Morgan to "return hundreds of millions of dollars in MF Global customer funds transferred" to JP Morgan in late October. The group, called the Commodity Customer Coalition, urged U.S. officials to "demand" that the New York bank "disgorge all MF Global customer property immediately". JP Morgan is cooperating with the ongoing investigation, has said it did nothing wrong and lost some … [Read More...]
The other MF Global money mystery: trustee’s fees
"Our attorneys just told us, 'No way, that's not going to happen,'" John Roe, a spokesman for advocate group the Commodity Customer Coalition, said on Tuesday. "It's just not the way bankruptcy works. Trustees have to be paid." The coalition is still trying to reduce the cost of the case by other means, most notably by pushing to convert it to a more streamlined liquidation under Chapter 7 of the bankruptcy code, Roe said. "Certainly we think we could have gone through Chapter 7 quickly … [Read More...]
Missing money leaves investors feeling fleeced
Haar and the Commodity Customer Coalition, a network of 8,000 victims, are aiding congressional investigators while goading the Justice Department to bring criminal charges. "It will be difficult, almost impossible, to call the money back for customers unless we can show there's criminality," Haar said last week. "My suspicion is that they [federal officials] are going easy on all this to avoid criminal charges. Or for political reasons, they want to just kick the can down the road past the … [Read More...]
CFTC orders JPMorgan to pay $20 million in Lehman case
Speaking about the fine in the Lehman case, James Koutoulas, who represents many those former MF Global customers, said in an e-mail, "it's yet another data point in JPMorgan's systematic disregard for the law and for the safety of client assets." Koutoulas heads the Commodity Customer Coalition, a group of former MF Global customers who lost money in the collapse of MF Global. Koutoulas also complained about the size of the fine. "$20 million will not deter JPMorgan from continuing the … [Read More...]
JPMorgan to pay $20 mln to settle Lehman case-CFTC
Speaking about the fine in the Lehman case, James Koutoulas, who represents many those former MF Global customers, said in an e-mail, "it's yet another data point in JPMorgan's systematic disregard for the law and for the safety of client assets." Koutoulas heads the Commodity Customer Coalition, a group of former MF Global customers who lost money in the collapse of MF Global. Koutoulas also complained about the size of the fine. "$20 million will not deter JPMorgan from continuing the … [Read More...]
Evidence of fraud at MF Global
This was disturbing to customers used to moving money by wire at a moment’s notice. Worse yet is that many of these checks—perhaps thanks to the delay—ended up bouncing. After last week’s hearing when it became clear that money was transferred out of customer segregated accounts the fact that MF Global purposely slowed down payment to customers is evidence of intent to commit fraud according to the CCC memo. “When you have abrupt changes in standard business practices that is a … [Read More...]
CCC Memo on Intent & Actual Fraud
Download the Full Memo Introduction Through information recently brought to light in Congressional hearings and documents provided to the Commodity Customer Coalition (“CCC”), we believe that sufficient evidence exists of intent to commit an actual fraud to support probable cause to arrest one or more employees of MF Global for several state and federal financial crimes. We are submitting this information, along with our theory of how intent is proven, to all investigative bodies who are … [Read More...]
Contact information for State Attorneys General & U.S. Attorneys
Please contact your local State Attorney General and U.S. Attorney to share the April 2, 2012 CCC Memo outlining a roadmap for pursuing criminal charges in MF Global. State Ag US Atty list 03.29.12 … [Read More...]
I will be on CNBC today at 11:30 EDT to discuss the CCC memo outlining a roadmap for criminal charges
The CCC memo was written by our co-founder John Roe and will be released on the site this afternoon. … [Read More...]
Clients Raise Questions About MF Global Checks
“We believe that sufficient evidence exists of intent to commit an actual criminal fraud,” according to a memo from the Commodity Customer Coalition, which represents farmers, grain elevator operators, hedge funds and other MF Global clients. The group is collecting documents from a wide array of customers. This week, it plans to send documents from one client, Steven Kaplan, to the Justice Department and to Congressional investigators. Read more at NY Times: … [Read More...]
MF Global’s Collapse, Treasurer’s Silence
Douglas Burns, a former federal prosecutor, and James Koutoulas, chief executive officer of Typhon Capital Management and president of the Commodity Customer Coalition, talk about the probe into MF Global Holdings Ltd.'s collapse. Edith O’Brien, assistant treasurer at MF's brokerage, invoked her constitutional right against self-incrimination yesterday at a congressional hearing. Burns and Koutoulas speak with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "InsideTrack." See … [Read More...]
Live Feed: House O&I Subcommittee MF Global Hearing Feed
HEARING DELAYED UNTIL 3 PM EST http://mfile.akamai.com/65722/live/reflector:36166.asx?bkup=36167&prop=n … [Read More...]
Corzine denials continue as MF Global scandal deepens
On March 23, John Roe — principal at BTR Trading Group and co-founder of the Commodity Customer Coalition (CCC), which is working to ensure MF Global customers are made whole — spoke with Farm Press. Roe, son of Tennessee Rep. Phil Roe, explained what is happening in the bankruptcy, what ex-FBI head Louis Freeh is doing in the case, and what regulatory actions Congress should consider. Read his comments and the full article at Western Farm Press: … [Read More...]
CCC Sends Letter to Neugebauer, Asks Members to do the Same
The CCC sent the following letter to Congressman Randy Neugebauer, Chairman of the Oversight and Investigations Subcommitte of the House of Representatives Committee on Financial Services. The letter sends our sincere thanks for Chairman Neugebauer, Members of the Committee and staff who have worked so hard to keep investigating the collapse of MF Global. We encourage you to do the same. Please send a short email, fax, tweet or letter to Chairman Neugebauer telling him how MF Global has … [Read More...]
MF Global Staffers Testify (Again) Over Bankruptcy
James Koutoulas, co-founder of the Commodity Customer Coalition, said account holders are only marginally closer to understanding where their money went. "For customers the leaks are probably a good thing 'cause they keep it in the news and they keep some public pressure on the investigation,” Koutoulas said. "But where you always run into problems with leaks and speculation is that you run the risk of having faulty information get out." Read full article at WNYC News: … [Read More...]
IRS Provides Penalty Relief to Farmers Affected by MF Global Bankruptcy
Please see http://www.irs.gov/newsroom/article/0,,id=255933,00.html … [Read More...]
MF Global clients see recovery prospects improving
The Seaport Group, which last week had offered 91.25 cents on the dollar, on Monday told the customer coalition it was upping its bid to 92.75 cents, according to a Seaport term sheet obtained by Reuters. "If one of them moves, the others follow suit," John Roe, a spokesman for the customer coalition, said. "That's what we've been seeing." Read full article at Reuters: http://www.reuters.com/article/2012/03/26/us-mfglobal-claims-idUSBRE82P12120120326 … [Read More...]
UPDATE 1-MF Global clients see recovery prospects improving
The Seaport Group, which last week had offered 91.25 cents on the dollar, on Monday told the customer coalition it was upping its bid to 92.75 cents, according to a Seaport term sheet obtained by Reuters. 'If one of them moves, the others follow suit,' John Roe, a spokesman for the customer coalition, said. 'That's what we've been seeing.' Read full article at London South East: … [Read More...]
MF Global Financial Collapse is Obama’s Hurricane Katrina
Yes, because of who is involved. How naive do they think the people are? If the individual customers had not banded together and taken proactive legal measures, the system would have had their way with them. Almost all the good that has come of this wretched affair is due to the actions of the people in the Commodity Customer Coalition, and not those sworn to protect them. Read the full Bill Black interview at The Market Oracle: http://www.marketoracle.co.uk/Article33784.html … [Read More...]
R.J. O’Brien donates to CCC legal fund
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. … [Read More...]
House Budget Chairman Targets Crop Insurance
“Coalition Wants MF Global Placed Under Chapter 7 Bankruptcy” Saying it would allow for a more streamlined liquidation process, the Commodity Customer Coalition, the primary advocate group for former MF Global customers, wants the U.S. Bankruptcy Court to handle the case under Chapter 7 of the bankruptcy code. Chapter 7 is designed specifically for liquidation of assets and would preserve more potential payback for customers. The coalition is hoping the CFTC will file the motion itself. … [Read More...]
MF Global customers seek to streamline liquidation
MF Global Holdings Ltd collapsed after it revealed exposure to risky European sovereign debt. With liquidation the only realistic option, the money being spent to keep it afloat in Chapter 11 serves no purpose, coalition spokesman John Roe said on Friday. Read more at Yahoo News: http://en-maktoob.news.yahoo.com/mf-global-customers-seek-streamline-liquidation-233115534.html … [Read More...]
Bank and Seaport Group separately grouping together claims from failed brokers’ clients
"Reuters claimed that Barclays and Seaport have been in talks with customer groups to acquire claims at more than 90 cents on the dollar. The groups are looking at ways to bundle smaller claims to make bigger bulk purchases, according to a term sheet from customer advocate group the Commodity Customer Coalition." Full article at CFO World: http://www.cfoworld.co.uk/news/financial-planning/3344966/barclays-attempts-acquire-mf-global-customer-claims/ … [Read More...]
Banks with Inside Track Take Advantage of MF Global Mystery
"The New York Times has reported that Barclays, the Royal Bank of Scotland and Seaport Group, a firm that specializes in distressed assets, "are all scrambling to buy MF Global customer claims." Barclays has agreed to purchase most claims for 90% of face value and RBS says it will pay 91% for the claims of institutions (but not those of individuals). Seaport is adding something else: $200,000 to help fund the Customer Commodity Coalition, a group of MF Global clients led by attorney James … [Read More...]
Trustee Files Motion for Additional Interim Distributions
MFGI Trustee James Giddens files a motion with the SDNY court seeking authority for additional distributions to MFGI customers. Key Points of the Motion: No timetable for distributions Would not be in bulk; would be made on a rolling basis to customers who filed claims by the January 31, 2012 deadline AND who have agreed to the Trustee's determination of their claim Gross distributions would be $600 million in 4d, $50 million in 30.7, $35 million for physicals class Goal of … [Read More...]
Barclays and Others Seeks Bulk Claim Purchases from MF Global Customers
Barclays and Seaport, which have been in talks with customer groups to acquire claims at more than 90 cents on the dollar, are looking at ways to bundle smaller claims to make bigger bulk purchases, according to a term sheet from customer advocate group the Commodity Customer Coalition. The coalition, which negotiated the offers, sent the term sheet to thousands of customer constituents this week, saying offers from Seaport and Barclays were contingent on the size of the claim. Read full … [Read More...]
MF Global customers may see more payback
One customer advocate said Giddens' willingness to part with a chunk of his reserve suggests that claims against the brokerage are meritless. "It tells me these claims are what we thought they were -- totally illegitimate," said John Roe, spokesman for the Commodity Customer Coalition. "No one has a legitimate claim on customer property." There would still be around $750 million in reserve, and foreign MF Global entities have asserted about $350 million in claims against the brokerage, … [Read More...]
Barclays, Seaport eye bulk buys of MF Global claims
A coalition spokesman said his group does not endorse any particular deal, but wants to give customers an idea of their options. "We think there will be higher recoveries than this, but we just wanted people to know they have an avenue to access their capital more quickly if they need to," spokesman John Roe said. Roe declined to comment on the information in the term sheet itself. Read full article at Reuters: … [Read More...]
MF Global class action litigation
The CCC is working with Collett Legal and Louis F. Burke PC on a class action suit against Jon Corzine, other senior managers of MF Global, and other entities who may be liable for customer losses. The suit is currently for any amounts that customers lost but don't receive from the bankruptcy proceeding. Note: If customers sell their claims, they will also sell their rights to receive any amounts recovered in the class action. Approximately ten law firms have filed suits on behalf of … [Read More...]
Barclays, RBS Offer to Buy MF Global Customers’ Claims
The offers from the banks, which customers can choose to accept or decline, offer a new avenue for MF Global customers, who have been awaiting the fate of their missing funds since the securities firm filed for Chapter 11 protection last October. The offers were negotiated with a group of representatives from the Commodity Customer Coalition, an umbrella group made up of MF Global customers and led by Chicago fund manager James Koutoulas. Full article at the Wall Street Journal: … [Read More...]
3/12/12: Trustee’s Stipulation addresses concerns in Release of Claims.
On March 12, 2012, Trustee Giddens entered into a joint agreement (stipulation) that addressed and resolved the 3/7/12 customer objections to the Assignment and Release of Claims (Docket #1004). CCC's legal team has reviewed the Stipulation. The CCC now recommends that customers sign the Assignment and Release of Claims. 3-12-2012 Joint NOP … [Read More...]
James Koutoulas: JP Morgan Insult Added to MF Global Injury
"Through my role as the co-founder of the Commodity Customer Coalition and pro bono counsel for some 8,000+ customers whose property it looks like your institution may be holding without their consent, I have loudly advocated for JPMorgan Chase to return this property. In response to this, rather than doing the right thing, you closed all of my personal and corporate bank accounts and my personal credit card. I have been told by multiple members of the media that JPMorgan Chase has called them … [Read More...]
An Open up Letter to Jamie Dimon Submitted by James Koutoulas
"I utilized to be one particular of your greatest fans. Again when I was 17 a long time outdated working at a Salomon Smith Barney branch in Ft. Lauderdale, you had been fired from Citigroup when everybody had you pegged as the heir to Sandy Weill’s burgeoning empire. Everyone at the branch was shocked, as we all knew you by popularity as a brilliant CEO-in-the-creating, and frankly, most of us have been dissatisfied as we truly had been all searching forward to functioning under your … [Read More...]
James Koutoulas Says American Financial Not Safe Post MF Global Unless Action Taken
See the video at : http://www.youtube.com/watch?v=aDlIpPceeC0 … [Read More...]
After MF Global Collapse, Customers Struggle With Changed Worldview
James Koutoulas is the co-founder and lead attorney for the Commodity Customer Coalition, established after the collapse to advocate for customers. He says the missing funds are no accident. "In 200 years, no one ever lost money in a segregated account," Koutoulas says. "You've got fraud here." Read more at the Motley Fool: http://www.fool.com/investing/general/2012/03/06/after-mf-global-collapse-customers-struggle-with-c.aspx#.UBAozLTbCgY … [Read More...]
I’ll be talking about MF Global on the Capital Account today at 4:30est
Live stream link is here: http://t.co/EL1xbRZe … [Read More...]
James Koutoulas On RT’s Capital Account 2/29/12 Discussing The MF Global Collapse
Watch the video at : http://www.truthinourtime.com/2012/03/james-koutoulas-on-rts-capital-account.html … [Read More...]
CCC Request Tax Relief from IRS, Geithner
On February 16, the CCC sent a letter to Secretary of the Treasury Timothy Geithner and IRS Commissioner Douglas Shulman. I requested guidance on applicable rules for victims of MF Global, as well as an optional 'safe harbor' treatment for taxpayers similar to what was made available for Madoff victims. We are still awaiting a response to the letter. Read the full text of the letter here … [Read More...]
James Koutoulas interview at Benzinga Radio
James Koutoulas: The WSJ came out with a report saying that JP Morgan -- surprise, surprise -- had received more customer money right before the bankruptcy than originally reported. For people who aren't following this closely, JP Morgan was not only the largest lender to MF Global, but they were also the custodian for the customer-settled funds and they were clearing and settling MF Global's trades. It's very similar to AIG. If you look at what Jon Corzine was doing with the shadow banking … [Read More...]
Blistering comments about JPM’s role in MF Global fiasco
http://video.cnbc.com/gallery/?video=3000075178 … [Read More...]
MF Customers Begin Receiving Claim Determinations
Some MF customers have received their Determination of Claim and Release from the Trustee's office. Customers will continue to receive these determinations as the Trustee issues them. The determination lists the total amount of your claim which the Trustee is allowing, the amount already distributed to you and the remaining amount allowed. The determination notes that each customer will receive a separate claim determination for each of three account classes: futures accounts (4d funds), foreign … [Read More...]
MF Global failure creates tax crunch for farmers
The coalition asked Treasury Secretary Tim Geithner to direct the IRS to tell former MF Global customers how to account for assets still frozen in the bankruptcy. It has not yet received a response, said John Roe, the group's co-founder. Read more at Reuters: http://www.reuters.com/article/2012/02/21/us-mfglobal-taxes-idUSTRE81K1G520120221 … [Read More...]
MF Global Causing Farmers Tax Problems
"The Commodity Customer Coalition has asked Secretary of the Treasury Tim Geithner to direct the IRS to provide some guidance for MF Global customers on how to proceed concerning funds still frozen in the bankruptcy. Although nearly three-fourths of the money has been returned to customers, tax experts say that because there is the possibility the remainder may be returned, customers are unable to declare it as a loss." Read more at Farm Futures: … [Read More...]
No MF Global customer cash in JPM account: trustee
The most vocal of those customers, James Koutoulas, said Freeh's report applies only to one account, something he says many customers may not understand. "Everyone's freaking out today," Koutoulas told Reuters. "Customers, people calling me, or going on Twitter. I just want to make it very clear that it's just one account. This has nothing to do with the far greater picture of the shortfall." Read more at Reuters: … [Read More...]
New NFA Board Members Doug Bry and Ernest Jaffarian Write brief to NFA board re: MF Global
Doug and Ernest have taken an aggressive stance in advocating for customers of MF global and has presented the following brief to the NFA board outlining the case and the conflicts of interest that exist for JP Morgan. http://www.go2managedfutures.com/NFA-memo.pdf … [Read More...]
Trustee Releases Estimate of Deficiency & Claims Update
RELEASE FROM THE MFGI TRUSTEE UPDATE ON ESTIMATED COMMODITIES DEFICIENCY AND CLAIMS PROCESS The Trustee, relying on the books and records of MF Global Inc., the investigation that has traced a majority of the cash transactions during the last week before the bankruptcy of MF Global Inc., and the claims process, currently 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 … [Read More...]
Debtwire Report: MFG Reserve Fund could boost 4d recovery to 96% if distributed to customers
Debtwire released the following story noting that if the MFG reserve fund were distributed to customers, that would boost the recovery to 96% for customers in 4d segregation. Full text of the article below: (DW) MF Global reserve fund growth elevates recovery prospects for domestic customer claims The recent discovery that MF Global's reserve fund grew by 45% in January to USD 1.455bn could be a boon for the bankrupt broker dealer's domestic customer claimants in their hunt to maximize … [Read More...]
MFGI Hearing Update
MF Global Inc. Hearing - Agenda For all three items listed in the attached Agenda, Judge Glenn indicated that he would enter orders granting the requests. In fact, Orders approving each of those requests have already been entered on the docket. Then Judge Glenn went away from the Agenda and remarked about the briefing that had been submitted on the classification and treatment of customers and other creditors of MFGI (which he described as the "Distribution Rules"). He said that there … [Read More...]
Trustee Issues Report on Status of Investigation
TRUSTEE’S PRELIMINARY REPORT ON STATUS OF HIS INVESTIGATION AND INTERIM STATUS REPORT ON CLAIMS PROCESS AND ACCOUNT TRANSFERS Download the Report: http://goo.gl/ZD0i4 … [Read More...]
MF Global trustee says shortfall began on Oct. 26
“The Trustee's report shows clear fraudulent conveyance and that should help develop the legal framework for recovering customer funds from counterparties who received those funds to the MFGI estate,” says John Roe co-founder of the Commodity Customer Coalition (CCC). Roe is hoping this release will push the Bankruptcy judge to approve a CCC motion that would dictate that customer priority moves with the funds as they are transferred. Read full article at Futures Mag: … [Read More...]
House Hearing Live Feed
http://financialservices.house.gov/Calendar/EventSingle.aspx?EventID=276489 Click the live webcast link for video. … [Read More...]
Our interpretation of Judge Glenn’s decision on Sapere’s Motion
I've seen a lot of panic today from customers who are very concerned with regards to Judge Glenn denying Sapere's motion asking for discovery and priority over MF Global Holdings assets. Granted, everyone is on edge in light of this week's see-saw-like news where we were told 1.2B in cash mystically "vaporized" by the WSJ, then the NY Times refuted it saying most of the money has been traced, then today that customers don't have priority over Holding company assets yet. The key word is … [Read More...]
MF Global customers lose another round
John Roe, co-founder of the Commodity Customer Coalition (CCC), that supported the Sapere motion, was not surprised by the ruling but still holds out hope that the judge will support their request that “Customers’ first-priority right must follow customer funds to each and every entity to or through which customer funds flowed.” Read more at Futures Mag: http://www.futuresmag.com/2012/02/01/mf-global-customers-lose-another-round … [Read More...]
Trustee will comply with Form 1099 reporting
I received the following via e-mail this morning: The Trustee will comply with all required Form 1099 reporting. On January 31, 2012, the Trustee requested a 30-day extension for the filing and mailing of Forms 1099-MISC, 1099-INT, and 1099-DIV. Forms 1099-B are not required to be mailed to recipients until February 15, 2012. The Trustee will issue an announcement on his website on the date that Forms 1099 are mailed. Forms 1099 will include a telephone number for inquiries regarding the … [Read More...]
"Of course, that $200 million is only a piece of the missing money, and it's also only one aspect of JPMorgan's involvement in the mess. With the bank playing a wide variety of roles in the pre- and post-meltdown, there's plenty of reason for those involved to look askance at it -- and, in fact, Commodity Customer Coalition head James Koutoulas has called for a boycott of JPMorgan." Read more at the Motley Fool: … [Read More...]
CCC Files letter of support for Sapere’s Motion TO DIRECT THE DEBTORS’ ESTATE TO BE ADMINISTERED PURSUANT TO 11 U.S.C. §§ 761-767 AND 17 C.F.R. § 190
Please view our letter of support: Sapere Letter of Support v2 Sapere's original motion is here: Sapere Wealth.Motion.12.05.11 … [Read More...]
CCC Receives Formal Request from Senator Stabenow for Recommendations
The CCC received a formal letter from Senator Stabenow (D-MI) requesting that we "evaluate current policies and any recommendations" we would like to make to the Committee "that would create stronger, safer markets and provide customers with greater protections". Read Senator Stabenow Letter to the CCC From the NY Times: "She sent letters to consumer advocacy groups, including Americans for Financial Reform and the Commodity Customer Coalition, a group of MF Global clients hurt by the … [Read More...]
NIBA Gets Access for IBs to October Commission Statements
From the NIBA newsletter... NIBA is pleased to announce that its efforts to gain the release to IBs of their October Commission Runs have been a success. In our ongoing efforts to represent our Members interests in the MF Global bankruptcy, Melinda Schramm worked with NIBA legal counsel Schuyler, Roche & Crisham (“SRC”) to send correspondence dated January 3, 2012, to the Trustee and the Bankruptcy Judge with copies to CFTC, NFA, CME and ICE (view full copy of the letter sent by … [Read More...]
MF Global Customers Wrapped in Red Tape
An ad hoc advocacy group for MF Global customers, the Commodity Customer Coalition, has written a guide to the claims process and has held calls with hundreds of customers about the process, says John Roe, a spokesman for the group and a principal at BTR Trading Group, a Chicago futures brokerage. "We've had questions from customers in every situation you could imagine," he said. The guide is posted on the coalition's website. Read more at the Wall Street Journal: … [Read More...]
Group representing MF Global customers ‘optimistic’ about latest efforts to recover funds
“We are optimistic, we think we are right on the law. I think we’ve looked at it every which way and it is implicit in the law. We think the judge will set a precedent.” said CCC co-founder John Roe, adding that if the court denies the order he plans to take his case to Capitol Hill. “We will pressure Congress to stay on top of the Department of Justice to make sure the investigation is going forward the way it should.” Read the full article at Medill Reports: … [Read More...]
Group representing MF Global customers ‘optimistic’ about latest efforts to recover funds
The advocacy group on Monday filed a brief in Bankruptcy Court in New York arguing that all customers are entitled to their money - regardless of where it went - following the brokerage firm’s October collapse. “We are optimistic, we think we are right on the law. I think we’ve looked at it every which way and it is implicit in the law. We think the judge will set a precedent.” said CCC co-founder John Roe, adding that if the court denies the order he plans to take his case to Capitol … [Read More...]
1/12/12 Trustee Giddens’ MF Global Presentation
Trustee.MF Global Presentation - 1 12 12 … [Read More...]
Brash commodities trader shakes up MF Global case
If Wall Street power broker and politician Jon Corzine is the face of MF Global Holdings' collapse, commodities trader James Koutoulas has become the face of its customers. Koutoulas, a 31-year-old Chicago fund manager who has been in the markets for more than half his life, has become a vocal advocate for about 8,000 MF Global brokerage customers who are demanding full return of the money in their accounts. Read more at Thomson Reuters: … [Read More...]
CME Chairman Terry Duffy Supports CCC on CNBC
Terry Duffy went on CNBC today with Rick Santelli to discuss the MF Global bankruptcy and supported the CCC's position that customers have priority over holding company assets before any creditors or bondholders are paid. … [Read More...]
PRESS RELEASE: CCC Files Response Brief in MFGI Bankruptcy
Commodity Customer Coalition 125 South Wacker Drive, STE 300 Chicago, IL 60606 www.commoditycustomercoalition.org January 9, 2012 FOR IMMEDIATE RELEASE CONTACT: John L. Roe (jroe@btrtrading.com) 312-933-6564 CCC Files Response Brief in MFGI Bankruptcy, Seeks Order for Customer Priority Interest to Follow Funds to Any Entity to Which they Flowed; to be Joined by Brokerage Firms Commodity Customer Coalition (“CCC”) filed a Response Brief to the … [Read More...]
MF Global customer group seeks order for customer priority
John L. Roe, co-founder of the CCC, added: If the segregation rule that protects commodity customer funds can be undermined simply by transferring those funds to an affiliate, then the protection is a paper tiger. The segregation protection must follow customer funds wherever a broker sends them. Read more at Futures Mag: http://www.futuresmag.com/2012/01/09/mf-global-customer-group-seeks-order-for-customer … [Read More...]
Tokyo Takes from Japan Investor
"A substantial portion of MF Global's commodity clients cleared their transactions through the Chicago Mercantile Exchange and Comex, owned by CME Group (ticker: CME). The question now looming over CME's stock is whether the company will be liable for customer losses, as the Commodity Customer Coalition, a group that says it represents some 8,000 investors—including many hedge funds--with exposure to MF Global are not going down without a fight. " Read more at Japan Investor: … [Read More...]
How JP Morgan And George Soros Ended Up With MF Global Customer Money
"A substantial portion of MF Global's commodity clients cleared their transactions through the Chicago Mercantile Exchange and Comex, owned by CME Group (ticker: CME). The question now looming over CME's stockis whether the company will be liable for customer losses, as the Commodity Customer Coalition, a group that says it represents some 8,000 investors—including many hedge funds--with exposure to MF Global are not going down without a fight. " … [Read More...]
UPDATE 1/19/12: – CFTC RESPONDS – CFTC Amicus Brief on Customer Property in Sentinel Case
UPDATE 1/19/12 - CFTC Files Response Brief Asserting Customer Priority in MFGI Estate; MFGH Trustee Wrong On January 5th, the CCC publicly questioned why the CFTC hasn't filed a brief in support of the priority of customer claims in the MFGI estate. They had done so in the Sentinel case (see brief and original post below). They responded to a request from one of our members pointing out a weakly written letter they had filed with the court on on December 12, 2011. The letter made no … [Read More...]
Customer Protest of CME Group, JPMorgan Has Begun Read more: http://www.minyanville.com/businessmarkets/articles/mf-global-mf-global-bankruptcy-mf/1/4/2012/id/38681#ixzz21f171JPB
Thank God for James Koutoulos and the organized CCC, the Commodity Customer Coalition, which has risen like David against Goliath. Many of us who have endured this confidence-shaking ordeal suspect that JPMorgan, hedging its $1.2 billion unsecured credit exposure to MF Global, bears a great deal of responsibility in the difficulty regulators have had in locating such a large sum of stolen money. Then, there is the reported transaction where MF Global, after the parent company filed for … [Read More...]
Interview With Attorney James Koutoulas On The Legal Battle With MF Global And JP Morgan
Listen to the interview here at Financial Sense: http://www.financialsense.com/node/7250 … [Read More...]
JP Morgan fires customer before he leaves
JP Morgan Chase Bank has asked James Koutoulas, co-founder of the Commodity Customer Coalition (CCC) and CEO of Typhon Capital Management LLC,to change his bank as they no longer want his business. The point is basically moot as Koutoulas was already in the process of changing banks. In fact, a few days before he received the letter from JP Morgan VP Ann Stankiewicz asking him to move, Koutoulas called on all 38,000 former MF Global futures account holders to boycott JP Morgan. Read full … [Read More...]
CCC Officially Incorporated as a Non-Profit Entity
CCC Certificate of Incorporation Donations that have already been made to James L. Koutoulas, Esq. have been held in trust for the CCC and will be transferred over as soon as the bank account is opened. As a social welfare organization, donations to the Commodity Customer Coalition, Inc. are not eligible for deduction as charitable contributions. Depending on the circumstances of the donor, however, they may be deductible as business or investment-related expenses. Check with your tax … [Read More...]
Summary of call with Trusteee’s office Re: T-bIlls and 30.7 funds written up by a CCC member
Tbills The haircut of tbills was 3% that was what MFG used as far as valuations for margin purposes. This was always used in the event that the tbill was busted early and there was a loss of value. The haircut affected all tbills even if they matured at full value before the transfer. They are in the process of correcting the distributions and hope to have this done through the 3rd bulk transfer which is still ongoing. For tbills that matured they will look to pay out 72% of the 3% they … [Read More...]
James Koutoulas on CNBC regarding the MF Global Blowup- Boycott JP Morgan
Watch the interview here: … [Read More...]
You Want Real Change in the Financial Industry?
"With tens of millions of Typhon's assets sucked into the bizarre vortex of MF Global's multifaceted failure, both the company and James Koutoulas were automatic participants in the brouhaha over the supposedly segregated customer money. From day one there was a lot on the line for Koutoulas, but that hardly necessitated him taking on the role of William Wallace for thousands of others wronged by MF Global." Read full article at Daily Finance: … [Read More...]
MF Global bankruptcy watchdog provides update
"At the time, Farm Press spoke with John Roe, principal at BTR Trading Group, about efforts by the newly-formed Commodity Customer Coalition to influence bankruptcy court proceedings and upcoming congressional hearings on behalf of MF Global customers." Read more at Delta Farm Press: http://deltafarmpress.com/markets/mf-global-bankruptcy-watchdog-provides-update … [Read More...]
MF Global Client Attorney Explains in 1 Sentence Why JP Morgan’s Involvement in MF Global Is Suspicious
James Koutoulas, one of the founders of the Commodity Customer Coalition—which represents the interests of over 8,000 MF Global customers, was just on CNBC to talk about the recent blitz of news on the investigation into MF Global's missing customer money. Read more: http://www.businessinsider.com/james-koutoulas-jp-morgans-involvement-in-mf-global-is-suspicious-2011-12#ixzz21f3IDgIP … [Read More...]
Congress Sends Letter of Support for MF Customers to SEC & CFTC
On behalf of customers of MF Global, five Congressmen from Illinois sent a letter to SEC Chairman Mary Shapiro and CFTC Chairman Gary Gensler in support of the immediate release of 100% of customer funds frozen in the MF Global bankruptcy. The letter states that "every effort should be made to reach this goal, including the liquidation of MF Global's holding company assets for the benefit of its commodity customers." It details their view that the CFTC should advise the Court that the failure … [Read More...]
MF Global US Trustee Pursuing $700 Million in UK Read more: MF Global US Trustee Pursuing $700 Million in UK
James Giddens, the court-appointed trustee liquidating the brokerage, told a teleconference with MF Global clients that he was trying to recover $70 million in cash and $630 million in T-Bills from MF Global UK, according to John Roe, co-founder of the Chicago-based Commodity Customer Coalition, which represents more than 8,000 MF Global customer accounts. Read more: MF Global US Trustee Pursuing $700 Million in UK … [Read More...]
Claims Form Information *Due Jan 31st*
NOTICE to CCC MEMBERS: ALL CUSTOMERS MUST FILE A CLAIM FORM. Otherwise, you risk having all funds and property you received via interim distributions taken back from you. If you have engaged an attorney, including James L. Koutoulas, Esq., you MUST provide your attorney a copy of your completed claim form and proof that you submitted it. Due to the limited resources of the CCC, the CCC cannot review or file individual claims. Claim preparation and filing is the responsibility of each … [Read More...]
New Jersey residents join fight for MF Global customer cash
“We’ve actually been able to move the needle toward customers in this process,” said John Roe, a principal at commodity trading adviser BTR Trading Group, which has roughly $15 million tied up at MF Global. Among other things, a court-ordered meeting between the bankruptcy trustee, James Giddens, and the coalition led to an agreement by the trustee to unfreeze 72 percent of commodity customer accounts, up from a previous pledge to release 60 percent, Roe said. Read full article at New … [Read More...]
Creative Accounting: How Fund Managers Squandered $ 1.2 billion in Commodity Investments
The tussle has been obscured by former CEO Jon Corzine’s appearances on Capitol Hill. But it’s a burning issue for the Commodity Customer Coalition, a group that says it represents some 8,000 investors—many of them hedge funds—with exposure to MF Global. “I’ve issued a declaration of war,” says James Koutoulas, lead attorney for the group, and CEO of Typhon Capital Management. … [Read More...]
MF Global: Who Knew What, and When?
James Koutoulas is CEO of Typhon Capital and lead counsel for the Commodity Customer Coalition, or CCC, which represents more than 8,000 MF Global customers. Koutoulas filed an objection to JPMorgan's request for super-priority status on behalf of the group. "We're simply asserting that if MF Global commingled funds from customer accounts, or cannot properly account for them, JPMorgan can't lay claim to those funds as if they were their own," Koutoulas says. Full article at the Motley Fool: … [Read More...]
Judge approves cash for MF Global bankruptcy
The sole remaining objection, which sparked Glenn's talk of an investigation, came from the Customer Commodities Coalition, the primary customer advocate group in the case. "Where is the customers' protection?" said James Koutoulas, the coalition's attorney and founder. "I know there's a reservation of rights, but if the money gets spent, you can't really un-spend it." Read the full article at Reuters: … [Read More...]
MF Global Customers Target JP Morgan
"James Koutoulas, the lawyer and futures trader who is representing MF Global customers in bankruptcy court, has a message for JP Morgan Chase Chief Executive Jamie Dimon: explain yourself. Koutoulas says he’s extending an “open invitation” to the head of the country’s biggest bank to meet with him, and he wants Dimon to tell him face-to-face why JP Morgan should get paid before farmers and other individual futures customers who are out money." Read full article at Forbes: … [Read More...]
Live Feed House MF Hearing
http://www.c-span.org/Events/Jon-Corzine-Testifies-on-MF-Global-Again/10737426329-1/ … [Read More...]
MF’s Corzine said to know of customer fund misuse
Typhon Capital Management CEO James Koutoulas, who is helping MF Global customers recover their funds, was at the hearing on Tuesday and said Duffy's testimony was a breath of fresh air after the panel with Corzine and the executives. "We'd listened to the three stooges say they knew nothing and it wasn't their responsibility and then somebody like Duffy came in. The reaction was great. He dropped a total bombshell," he said. Read more at Reuters: … [Read More...]
MF Global Wins Permission To Use JPMorgan’s Cash As Judge Suggests Probe
"Customers of the failed brokerage objected to the proposed use of cash in court papers, citing news reports that $200 million of the missing funds may have been transferred to JPMorgan accounts and that there had been commingling of customer segregated funds. In light of that, MF Global shouldn’t be allowed to commit more of its collateral, which is the property of customers, not JPMorgan, said James Koutoulas, a lawyer for the Commodity Customer Coalition, a group formed out of the … [Read More...]
BNN speaks with John Roe, BTR Trading Group and founding partner of the Commodity Customer Coalition
Watch the video at the Globe and Mail: … [Read More...]
Legality of MF Global Asset Transfer to JP Morgan Questioned
"Commodity Customer Coalition founder James Koutoulas is requesting that MF Global bankruptcy Judge Martin Glenn investigate three potential legal issues that are said to have occurred in transferring of MF Global assets. The key issues include the fact that JP Morgan was able to purchase MF Global bonds at a discount without any open bidding process and the assets were apparently sold without disclosure to or approval from the U.S. bankruptcy court or trustees. The third issue centers on JP … [Read More...]
CCC Salutes CME CEO Terry Duffy
Mr. Duffy approached us during lunch and told me that he was going to support customers and our priority over MF Global Holdings assets, his lawyers be damned. He did just that, and also dropped a bombshell in the senate that he has a source that says that Corzine knew about an improper loan from customer segregated funds to the broker dealer. Mr. Duffy's courage to stand up and tell the truth that he swore to tell was a refreshing change from the 3 cowardly MF Global executives who testified … [Read More...]
MFGI trustee affirms customer property and priority status
"Mr. Koutoulas and CCC co-founder John Roe will attend the hearing of the House Agricultural Committee today and are scheduled to appear on Bloomberg News at 10:20 AM EST. The two spent all day Wednesday meeting with members of Congress and staff regarding the frozen assets of MF Global customers." Read more at Futures Mag: … [Read More...]
Hearing entitled “The Collapse of MF Global”
Access the Hearing live: http://www.ag.senate.gov/hearings/investigative-hearing-on-the-mf-global-bankruptcy Thursday, December 15, 2011 1:00 PM in HVC-210 the Capitol Oversight and Investigations WITNESS LIST Panel I Mr. Daniel M. Berkowitz, General Counsel, Commodity Futures Trading Commission Mr. Robert Cook, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission Mr. Terry Duffy, Executive Chairman, CME Group Mr. Richard Ketchum, … [Read More...]
CC Seeking Industry Boycott of JPM–James Koutoulas Interview
Watch the interview at CNBC- http://video.cnbc.com/gallery/?video=3000063667 … [Read More...]
CME’s Duffy says MFGI moved customer funds
John Roe co-founder of the Commodity Customer Coalition says he would have liked to ask James B. Kobuk, counsel for the Securities Investor Protection Corp. (SIPC) liquidation trustee who testified earlier in the day, why the trustee didn’t demand the money Duffy testified that MF Global informed him and the CFTC it had moved. Read full article at Futures Mag: … [Read More...]
Friday Court Feed
Quick update on today's developments from the bankruptcy court (culled from @JamesKoutoulas tweets). Court starting off with Kobak, counsel for SIPA tstee giving status report. Reducing costs by moving MF into cheaper offices With respect to transfers, all have been made from 4d funds from customer funds designated for US exchanges Judge "not particularly sympathetic" to objectors of third transfer motion Kobak: 3rd transfer will include almost all accounts with US funds except those … [Read More...]
MF Global Client’s Counsel Blasts Jon Corzine Calling His Prepared Testimony ‘Cowardly’ And A ‘Cop-Out’
Koutoulas is working pro-bono advising around 8,000 MF Global clients. Read more and watch the interview: http://www.businessinsider.com/jon-corzine-cowardly-2011-12#ixzz21fBxoAaq … [Read More...]
Press Release: Trustee Files Omnibus Reply to Objections, Clearly Affirms Customer Property & Priority Status
The Trustee for MF Global's SIPA liquidation proceeding filed an omnibus reply to objectors yesterday in which he clearly defined customer property and affirmed the super-priority status of segregated customer funds that the CCC has sought since its inception. The reply defines customer property as not only “all segregated funds, but also all property that was unlawfully converted and is property of the debtor’s estate, and if there is shortfall in customer segregated assets, all other … [Read More...]
Judge Glenn signs CCC Member Mitch Fine’s ORDER DIRECTING SIPA TRUSTEE TO FILE FURTHER DISCLOSURES CONCERNING DISINTERESTEDNESS
Great work, Mitch! http://www.scribd.com/doc/75042430/Order-Signed-on-1272011-Directing-SI-Mg-Order-GENERIC … [Read More...]
Congressional Tweet Campaign
The following congressional members and/or their staffs were visited by John Roe and James Koutoulas in Washington today. Please send them a tweet expressing your gratitude to them for expressing an interest in getting our money back. Keep it positive and grateful in tone. The more tweets sent by our membership, the more the congressmen will understand just how many MF Global customers are affected by this debacle. Thank you for your support! Rep. Tim Johnson- … [Read More...]
John and James go to Washington
John Roe and I are flying to DC tonight to meet with members of Congress tomorrow and appear on Bloomberg TV Thursday morning ahead of the hearing. We still have a few meeting slots open for tomorrow afternoon and now is the time for CCC members to unleash the phone calls, emails, and tweets to their congressional representatives to meet with us. … [Read More...]
CCC Files Amended Objection to JPM Proposed Order for Use of Cash Collateral
To be (finally) heard on Friday. http://www.typhoncap.com/amendedobjectionjpmorder.pdf … [Read More...]
Among the 7,000-strong coalition, members include Rosenthal Collins, MB Financial Bank, and Clara Vista Capital Management. Typhon Capital’s James Koutoulas is a vocal member of the group, providing pro bono legal work alongside law firm Barnes & Thornburg. Read more at Great Pacific Wealth Management: … [Read More...]
"It's a long overdue, necessary step to protect customer assets," John Roe, principal of BTR Trading Group and cofounder of the Commodity Customer Coalition, told DTN. "However, it falls short of addressing the core problem: the unnaturally low interest rate environment has led firms to take on more risk in search of revenue. While banning the use of customer property in repurchase agreements helps, more will be required to prevent future FCM bankruptcies and increase the standard of protection … [Read More...]
Fortune: The Boy Wonder of the MF Global Nightmare
Fortune: "The boy wonder of the MF Global nightmare" "My goal is real simple: getting everybody's money back," he says. "And I think we have a very high likelihood of doing just that." In early November, Koutoulas, along with fellow Chicago futures trader, John Roe – son of Tennessee Republican congressman Dr. Phil Roe – founded the Commodity Customer Coalition, a grassroots group that seeks to represent the complex legal interests of MF Global's former clients. read more.. … [Read More...]
The Boy Wonder At The Heart Of A Disaster
“When I got up the first day in bankruptcy court and saw the look on the judge’s face, I couldn’t blame him,” he says. “Bankruptcy court is a rich man’s club where everyone is old, so I stood out. Honestly, when I’m shaved, I look like I’m about 12.” Yet Koutoulas, 30, may be one of the only former customers of MF Global, the now-defunct futures brokerage house, with the gumption to publicly object to the way they are being treated. Since filing for bankruptcy Oct. 31, MF … [Read More...]
Updated White Paper
Updated to included developments of the last month. Send to everybody, including Santa Claus ;) Revised White Paper … [Read More...]
Interview With Commodity Customer Coalition Founder James Koutoulas
"The efforts are received just very positively from the firm's customers. I cannot tell you how emails and tweets I am getting every day just thanking us for our efforts. However, members of the "bankruptcy club," I do not think are so positive. Usually, these other attorneys and banks can just rush into the bankruptcy court before anybody knows what is going on and get liens and super-priorities slapped on stuff, get money paid out to their clients, and get their legal fees accruing. So, not … [Read More...]
“MF Global – Hoisted on a Petard of Arrogance” by Sydney M. Williams
“MF Global – Hoisted on a Petard of Arrogance” by Sydney M. Williams The opinions expressed in my Thought of the Day are my own, not my firms, and may include factual errors. I try to check everything, but I cannot guaranty that I have. Wall Street has a maze of rules and, despite the hoots and hollers from “occupiers” and populist politicians, most are designed to protect investors. Perhaps the most fundamental of these is thou shalt not comingle customer cash with company cash. … [Read More...]
LIVE FEED: SENATE HEARING
Click below to watch Senate Ag Committee Hearing live: http://www.cnbc.com/id/24596546 … [Read More...]
Dialogue with CFTC Commissioner Chilton
My original letter: http://wp.me/p217h1-aY From: "Chilton, Bart" Date: December 1, 2011 8:48:33 AM EST To: James Koutoulas Subject: Re: Tomorrow: MF Global Hearing and Press Appearance "Top Priority" Statement of Commissioner Bart Chilton Regarding the Importance of Protecting Customer Funds December 1, 2011 One of the most important functions of my job is to ensure that customer funds are protected--when something like the MFGlobal debacle happens, I go into high gear. … [Read More...]
Meeting with trustee today 4:30est
Agenda: 1. Bounced checks (we understand this is being addressed in the third transfer motion). 2. Customers had their options and futures transferred or closed out on different days-November 1 versus November 3. 3. Options were transferred without the premium. 4. Where positions remained open after filing date, treatment of postpetition profits? 5. Once the customer bar date has passed, will the Trustee make rolling distributions to customers as their claims … [Read More...]
Ex-FBI chief pledges independence in MF Global case
The deal has met with criticism from at least one lawyer representing customers of MF's commodities brokerage. Attorney James Koutoulas said the bank should not be entitled to any lien on property that could end up belonging to customers. Koutoulas on Wednesday voiced concern that his objection has been postponed with each extension of the deal, saying the terms of the agreement could leave open "the possibility thatcontinues the very sovereign debt trades that caused the bankruptcy to begin … [Read More...]
LIVE FEED: Koutoulas on CNN International @ 2PM EST
Click below for CNN International Live Feed: http://www.rentadrone.tv/cnn-international/ … [Read More...]
PRESS RELEASE: CCC Reacts to Trustee’s Motion to Increase True-Up to 75% in December
CCC Reacts to Trustee's Motion to Increase True-Up to 75% in December The Trustee for MF Global's SIPA liquidation proceeding filed a motion today to perform another interim distribution of commodity customer segregated funds by early December, increasing the 'true-up' amount to 75% for all accounts. A copy of the motion is available at the following link: http://goo.gl/uPrmF. CCC Attorney and Co-founder James Koutoulas issued the following statement: It appears that the Trustee finally … [Read More...]
BREAKING: Trustee files expedited motion to true-up all customers to 75%
More information to follow … [Read More...]
CCC Update for 11-29-11
* Amended to reflect latest development from Trustee regarding his motion for a third distribution of funds November 29, 2011 We hope that you were able to enjoy the Thanksgiving holiday and a brief reprieve from the MF Global quagmire. We would like to update you as to the most recent developments and actions underway which concern you and your accounts. TRANSFER OF UNENCUMBERED CASH ASSETS As of Friday November 28th, MF Global customers whose accounts held 'unencumbered' … [Read More...]
Letter Sent to CME Chairmen and CFTC Commissioners
Dear All, This Wednesday, November 30, I will be objecting to JPMorgan’s order for the use of cash collateral in the MF Global Holdings, Ltd. case on behalf of the Commodity Customer Coalition. The CCC has over 8,000 members. I have been formally engaged to represent approximately 200M in assets held at MF Global, and informally represent many multiples of that. In their order, JPM attempts to gain super-priority rights over customers. Additionally, the way JPMorgan’s order is written, it … [Read More...]
Clients reporting T-bills and FX positions not being transferred
This is contrary to initial indications given by the Trustee. Please let us know if you receive the value of t-bills or FX positions at your new FCM. James … [Read More...]
MF Global Customers Form Commodity Customer Coalition to Reclaim Their Money
"John L. Roe, a principal at commodities futures broker BTR Trading Group Inc. in Chicago, is the spokesman for the group. He said that the group wants to ensure that the customers recover all their money quickly from their commodity trading accounts, irrespective of whether there is a shortfall or not. A bankruptcy trustee overseeing liquidation of the failed company said that the shortfall could be in excess of $1.2 billion." Full article at Finance Enquiry: … [Read More...]
"John L. Roe, a principal at commodities futures broker BTR Trading Group Inc. in Chicago, is spokesman for the group, which wants to ensure customers get back all the money from their commodity trading accounts and get it back quickly, whether there is a shortfall or not. The shortfall could exceed $1.2 billion, according to bankruptcy trustee overseeing liquidation of the failed brokerage." Full article at Chicago Tribune: … [Read More...]
Commodity Customer Coalition forms to reclaim MF Global funds
"John L. Roe, a principal at commodities futures broker BTR Trading Group Inc. in Chicago, is spokesman for the group, which wants to ensure customers get back all the money from their commodity trading accounts and get it back quickly, whether there is a shortfall or not. The shortfall could exceed $1.2 billion, according to bankruptcy trustee overseeing liquidation of the failed brokerage." For full article go to Northwestern Law: … [Read More...]
CME Increases Guarantee to $550M – wants return of 75%
CME Group Increases Guarantee to $550M to Accelerate Return of 75 Percent of MF Global Inc. Segregated Funds to All Customers CME Group confident reports of significantly larger shortfalls are incorrect Distribution would result in return of roughly $4 billion total cash returned READ MORE … [Read More...]
Hammering Out a Solution for Marooned MF Global Customers
By John L. Roe and James Koutoulas, on behalf of the Commodity Customer Coalition When all you have is a hammer, every problem looks like a nail. That seems to be the approach taken by the SIPC Trustee in hammering out his plan to deal with the black hole left by MF Global’s supernova. On Wednesday, the Trustee proposed sending securities and commodities clients down the same long and winding road to file their claims. He believes that MF’s books cannot be trusted and he needs time to … [Read More...]
CCC Reacts to Trustee’s Moving Target on Shortfall, Presses for Its Claims Process & Ad Hoc Committee at Hearing Tuesday
November 22, 2011 FOR IMMEDIATE RELEASE CONTACT: John L. Roe (jroe@btrtrading.com) 312-933-6564 PRESS RELEASE: CCC Reacts to Trustee's Moving Target on Shortfall, Presses for Its Claims Process & Ad Hoc Committee at Hearing Tuesday … [Read More...]
CCC reacts to MFGI trustee’s moving target on shortfall
Mr. Koutoulas issued the following statement in response to the Trustee's revelation: Now that it's clear that the shortfall is much greater than MF Global initially reported, it only reinforces the need to pierce the corporate veil and pay customers back from the $41 billion in MF's estate. The Trustee claimed in his release that he has brought about $3.7 billion under his control. Since there were $5.4 billion in segregated funds, we know the shortfall can't be greater than $1.7 billion. … [Read More...]
MF Global to get new oversight as Congress probes
"With CME, we want to say in one word, 'finally!'" said John Roe, a spokesman for the Commodity Customer Coalition, which represents more than 7,000 former MF Global customers. "If they had done it on Oct 31, things would not have locked up." Full article at Thomson Reuters: … [Read More...]
Trustee Releases Amended Application for a Claims Process
Download the entire motion: OMNIBUS REPLY TO VARIOUS FORMAL AND INFORMAL LIMITED OBJECTIONS TO TRUSTEE'S EXPEDITED APPLICATION TO ESTABLISH PARALLEL CLAIMS PROCESSES AND RELATED RELIEF. Download the PROPOSED Claims Forms for Commodities Accounts (this is just a proposal - please do not file) PROPOSED COMMODITY CUSTOMER CLAIMS FORMS … [Read More...]
MF Global: The mess that keeps getting messier
"Led by a sense of outrage -- as well as the conviction that if they don't look out for themselves, no one else will -- investors have been pooling information and banding together to defend themselves for weeks. The most prominent group has been the Commodity Customer Coalition, spearheaded by James Koutoulas, chief executive of Typhon Capital Management, who's representing a few thousand former MF Global clients. Traders have also taken to the blogosphere, including Andrew Abraham of Abraham … [Read More...]
Transfers of cash only accounts have begun. No need for claim forms. Sources at trustee claim they open to working with #CCC
Transfers of cash only accounts have begun. No need for claim forms. Sources at trustee claim they open to working with #CCC on next step of transfer process … [Read More...]
Updated Objection to Trustee’s Claims Process
Download a Copy of the Updated Objection … [Read More...]
Forbes: Benzinga Radio interviews James Koutoulas
http://www.forbes.com/sites/benzingainsights/2011/11/18/benzinga-talks-to-mf-global-customer-counsel-james-koutoulas/ "He even suggested to the vice-Chairman of the CME that he could argue in front of the court that the judge grant a lien to CME on the MF Global holding company assets if the exchange were to put up a temporary fund to make MF customers whole. At this point, the CME has already agreed to put up $300 million to get customers their money back, so in order to back the entire … [Read More...]
News Update
CFTC Struggles To Gain Foothold Amid MF Global Meltdown Law360, New York (November 17, 2011, 8:39 PM ET) -- With reports Thursday that MF Global Inc. borrowed cash from customers without telling them or backing the loans, the unceasing revelations about the brokerage's collapse continue to sour investors' confidence in the reeling U.S. futures market and the ability of its chief regulator to handle the crisis, traders say. Already struggling to assert itself in the messy MF Global meltdown, … [Read More...]
Benzinga Talks to MF Global Customer Counsel James Koutoulas
"Benzinga Radio recently had the opportunity to speak with James Koutoulas about the MF Global missing funds saga. Mr. Koutoulas is the CEO of Typhon Capital Management and recently founded the Commodity Customer Coalition (CCC), which is comprised of over 7,000 customers of MF Global. In his role as an attorney and spokesperson for the CCC, Koutoulas was able to provide Benzinga with an insider perspective on the legal maelstrom that has been unleashed in the wake of the futures brokerage’s … [Read More...]
Congressman Huelskamp Statement on Missing MF Global Client Funds
We are happy to report that one of the Representatives we contacted has taken action in the MF Global situation. We applaud Congressman Huelskamp for being both receptive and proactive. We would encourage you all to contact your Representative’s office and urge them to address your concerns. To write, call and contact your State Senator, search here. Congressman Huelskamp Calls on CFTC, Courts to “Not Rest Until Missing MF Global Funds Are Restored to … [Read More...]
Press Release 11/17 1:44pm CST
Commodity Customer Coalition 125 South Wacker Drive, STE 300 Chicago, IL 60606 www.commoditycustomercoalition.org info@commoditycustomercoalition.org November 18, 2011 FOR IMMEDIATE RELEASE CONTACT: John L. Roe (jroe@btrtrading.com) 312-933-6564 CCC Agrees with CFTC's O'Malia & Judge for Quick Asset Release, Outlines Plan to Trustee Commodity Customer Coalition (“CCC”) agrees with bankruptcy Judge Martin Glenn and the CFTC Commissioner Scott D. O'Malia that the plan to release … [Read More...]
Press Update – Futures Magazine
MFGI liquidation trustee motions spark commotion DANIEL P. COLLINS Published 11/17/2011 There was a flurry of activity following recent motions by the MFGI liquidation trustee late on Wednesday after MF Global Holdings Ltd. bankruptcy judge Martin Glenn pushed back a hearing on the trustee’s expedited claim to next week and ordered trustee James Giddens to meet with its objectors. James Koutoulas, co-founder of the Commodity Customer Coalition, noted, “Customers finally have a … [Read More...]
Press Release
Commodity Customer Coalition 125 South Wacker Drive, STE 300 Chicago, IL 60606 www.commoditycustomercoalition.org info@commoditycustomercoalition.org November 16, 2011 FOR IMMEDIATE RELEASE CONTACT: John L. Roe (jroe@btrtrading.com) 312-933-6564 Bankruptcy Judge Sympathetic to Objections of CCC & Others, Orders Trustee to Meet with Representatives for MF Global Customers Commodity Customer Coalition (“CCC”) attorney James Koutoulas argued an objection to the application of … [Read More...]
Engagement Letter
Engagement Letter If you are an MF Global customer and wish to be represented to the court by James Koutoulas, please download and complete the following engagement letter. Please send the letter to info@typhoncap.com. Engagement Letter: Download in Microsoft Word | Access in Google Documents … [Read More...]
MFGI liquidation trustee motions spark commotion
"James Koutoulas, co-founder of the Commodity Customer Coalition, noted, “Customers finally have a seat at the table. We are grateful to Judge Glenn for the opportunity to present our case directly to the Trustee and effect a faster, more equitable distribution of customer assets.” Full article at Futures Mag: … [Read More...]
Summary of Proceedings by our Co-Counsel
The judge heard a short status from the major players -- Skadden, Dewey, trustee, CFTC, etc. He was very interested to know whether anyone knew where the segregated funds went and when money would be distributed. He pushed the timing and the question of what types of investments could be distributed when. He was very sympathetic to the plight of folks who have lost money they need to live -- to the point of eagerly responding to James' concerns about the cash collateral at holdco. He then heard … [Read More...]
Tweets today from CCC co-founder, James Koutoulas
Judge Glenn giving passionate argument favoring Prompt return of as much money to customers ASAP #CCC #MFGlobal Judge Glenn not happy with Tim #CCC #MFGlobal urges compromise with imperfect solutions Judge Glenn holding up a huge folder of faxed letters. Reminds clients represented by a lawyer to have lawyer file electronically for them Judge Glenn instructs Trustee to meet with objectors tomorrow afternoon. I will be there. #CCC #MFGlobal Judge Glenn sympathetic to the several objections … [Read More...]
MFGI customer group not satisfied
"The Commodity Customer Coalition applauds the Trustee’s recent motion to release 60% of assets held in cash on October 31, 2011. However, that simply isn’t good enough. This only represents a very small portion of the total assets frozen in the bankruptcy. Additionally, the Trustee has proposed a snail mail approach to collecting claims. He says they cannot use the books of MF Global to verify customer claims, but his process will only result in customers mailing him statements based on … [Read More...]
Commodity Customer Coalition Press Release- Nov 15
Commodity Customer Coalition 190 South La Salle Street, Suite 3000 Chicago, IL 60603 www.commoditycustomercoalition.org info@commoditycustomercoalition.org November 16, 2011 FOR IMMEDIATE RELEASE CONTACT: John L. Roe (jroe@btrtrading.com) 312-933-6564 Commodity Customer Coalition to Object to SIPC Trustee’s Claims Process for MF Global Bankruptcy, Propose Faster Alternative Claims Process In response to the SIPC Trustee’s expedited application for an order from the court to put … [Read More...]
Welcome to the Commodity Customer Coalition
This is the area where you can find recent news and updates on the Commodity Customer Coalition. … [Read More...]
MF Global trustee seeks to charge additional fees
“What is clear is that the trustee is trying to make as much money as possible,” says James Koutoulas, co-founder of the Commodity Customer Coalition. Koutoulas is representing a group of former MF Global customer and brokers and is looking for the trustee to return all customer segregated fund to their rightful owners." Full article at Futures Mag: … [Read More...]
MF steps ‘nefarious or illegal’: regulator
James Koutoulas, the lawyer for the 7,000 MF clients, known as the Commodity Customer Coalition, criticized the move, saying it will subject clients to months or even years of clawback actions. Koutoulas wants his MF clients to be first in line to be repaid in MF’s rancorous Chapter 11. Currently, JP Morgan Chase is the top creditor. Read more: … [Read More...]
MF Global Continues to Spin
"Meanwhile, the lawsuits are piling up. One group, the Commodity Customer Coalition, a group representing more than 2,500 clients of MF Global's broker-dealer, filed an objection in U.S. bankruptcy court to what it perceives as JPMorgan's trying to lay claim to their assets." Full article at Fins Finance: … [Read More...]
MFGI trustee doesn’t know amount of seg fund shortfall
"The argument of groups representing customers, like the Commodity Customer Coalition, is that their money is segregated by law from assets of the firm and while there may be a shortfall in those segregated customer funds, the remainder of those funds should be returned to customers immediately." Read the full article at Futures Mag: … [Read More...]
MF Global clients cry foul over JPMorgan tactics in bankruptcy recovery
"Some MF clients are planning to file a motion in Manhattan bankruptcy court today, led by James Koutoulas, chief executive of a Chicago commodities trading firm, in a bid to boost their chances of recovery from the eighth-largest bankruptcy in US history. At issue is a lien and other protections given to JPMorgan, MF’s largest lender, in exchange for an $8 million loan the bank gave to MF on its first day of bankruptcy." Read more: … [Read More...]
MF Global customer group joins battle
"James L. Koutoulas has formalized his group advocating on behalf of former MF Global customers and brokers and given it a name: The Commodity Customer Coalition, which is more than 2,500 strong and growing. And on Monday Koutoulas filed an objection to JP Morgan’s interim order that he claims could put JP Morgan interests ahead of MF Global customers whose funds are still frozen by the liquidation trustee." Full article at Futures Mag: … [Read More...]
Dear MF Global Clients, Here’s Why You’re Not Getting Your Money Back Anytime Soon
"James Koutoulas, a commodity trading advisor and lawyer, said he is working pro-bono advising MF Global clients. One goal is to lobby to remove Giddens from the trustee position or for the court to pay Giddens a fixed-fee, Koutoulas told Business Insider. Koutoulas said he thinks Giddens is prolonging the process in order to make more money." Read more: … [Read More...]
CTA wants to fill industry leadership void
James L. Koutoulas, CEO of Typhon Capital Management, is upset at the handling of the MF Global bankruptcy and wants to give a voice to the thousands of customers who don’t have a seat at the table. Koutoulas, who is also an attorney, is informally representing approximately 200 clients and brokers affected by the bankruptcy on a pro-bono basis in conjunction with the Northwestern Law Investor Protection Clinic. Full article at Futures Mag: … [Read More...]
