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 from several other players, including Tim and James, but appeared clearly ready to move on. The key victory of the day was that he wanted the Trustee to sit down with interested parties in order to try to hash out a better plan of distribution -- accounting for ratable distribution to customers to the extent of a shortfall. That meeting will take place tomorrow afternoon. We hope to have a pre-call with other coalitions in an effort to have a coordinated approach, which we are working on now.
Are you a customer of PFGBest? The CCC is working with regulators and monitoring the court on behalf of PFG customers. At this stage, we are advising customers to gather their statements and prepare for a claims or account transfer process.
Are you a customer of MF Global? The CCC formally represents more than 200 clients in the bankruptcy process of MF Global on a pro bono basis, and informally represents thousands more in the public domain.