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 "yet."
While the CCC filed a letter of support for Sapere's motion, our legal team felt that while the outcome of the motion if granted would obviously be a positive one, their filing was premature at this stage in the case. We actually filed a brief prior to their filing that is still awaiting hearing, but makes sound arguments for the priority of funds that can be traced to MFGH or any other entities. Please give it a read, as we think it has a good chance of success, and it also contains signed letters of support from two FCM's: Dorman and PFG. CCC Brief in Response to Trustee Distribution Memorandum
So please, take a breathe and rest assured that the CCC has been very busy behind the scenes lately and has some big things coming soon.