• February 21, 2012-For access to the MFGI Customer Claims Register, please click here.
• February 20, 2012-Update to Former MFGI Commodities Customers Who Traded on Foreign Exchanges




Excerpt: : “The Trustee would like to assure former MF Global Inc. commodities customers who traded on foreign exchanges that he is pursuing those funds vigorously and is taking the necessary steps to bring those funds under his control so that they can be returned to customers.”

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. On February 15, 2012, the Trustee requested a 30-day extension for the filing and mailing of Forms 1099-B.

The Trustee will issue an announcement on his website on the date that Forms 1099 are mailed.

If you have a question about a Form 1099, you may contact the Trustee’s 1099 call center hotline at 1-866-692-5639.

The IRS offers guidance for persons who wish to file a tax return in the absence of one or more Forms 1099 at http://www.irs.gov/newsroom/article/0,,id=106530,00.html.

• February 20, 2012-Update to Former MFGI Commodities Customers Who Traded on Foreign Exchanges
• February 20, 2012-February 20, 2012 – Presentation to the Illinois Grain and Feed Association
• February 15, 2012-Message Regarding Forms 1099
• February 10, 2012-Update on Estimated Commodities Deficiency and Claims Process
• February 6, 2012-Trustee Press Release Regarding Status Update on Trustee’s Investigation
• February 6, 2012-Slides Related to Status Update on Trustee’s Investigation
• February 6, 2012-Trustee’s Preliminary Report on Status of His Investigation and Interim Status Report on Claims Process and Account Transfers
• February 1, 2012-Message Regarding Claims Trading
• January 27, 2012-Letter Regarding Physical Assets
• January 23, 2012-Notice to Former MFGI Customers for Whom the Trustee Is Still Holding Physicals
• January 12, 2012-Presentation to MFGI Customers and Creditors

For access to the MFGI Customer Claims Register, please click here.

The January 31, 2012 deadline has now passed for the submission of claims to the Trustee for the liquidation of MF Global Inc. (MFGI) by former MFGI commodity futures customers and former MFGI securities customers seeking to receive maximum protection under the Securities Investor Protection Act.

Claims are now under review, and determination letters are being issued to claimants on a rolling basis. The determination letter will acknowledge the claim and provide a determination as to whether the claim has been allowed, denied, reclassified, or is subject to further reconciliation or information requests. It is not known at this time when additional distributions will take place.

The Trustee's staff is working with claimants at all stages of the process in an attempt to reconcile and resolve claims matters.

All securities customer and general estate claims must be received by the Trustee on or before the June 2, 2012 deadline.

If you have a question about your claim, please e-mail the Trustee's staff at MFGITrustee@hugheshubbard.com or call the Trustee's call center at 1-888-236-0808.

• For more information regarding the Commodities Customer Claim Process, click here.
• For more information regarding the Securities Customer Claim Process, click here.
• For more information regarding the General Creditor Claim Process, click here.

Individuals not represented by counsel may complete and return the Pro Se Notice of Appearance Form if they wish to receive via email copies of all filings made by the Trustee.

Pro Se Individuals may file correspondence and other papers with the Court via facsimile transmittal, e-mail at (mfg@nysb.uscourts.gov), or mail, for the attention of the chambers of the Honorable Martin Glenn. All such papers should be clearly labeled as pertaining to In re MF Global Inc., Case No. 11-2790 (MG) SIPA.

This is the website for information pertaining to the U.S. Securities Investor Protection Act of 1970 (SIPA) liquidation of MF Global Inc. (MFGI), the U.S. broker-dealer of MF Global. James W. Giddens was appointed Trustee for the liquidation, and Hughes Hubbard & Reed LLP was appointed as counsel to the Trustee.

The liquidation has been referred to, and is now being administered under, the auspices of The Honorable Martin Glenn, United States Bankruptcy Court for the Southern District of New York (Case No. 11-2790 (MG) (SIPA). The liquidation of MFGI is overseen by James W. Giddens, as the Trustee appointed by the United States District Court for the Southern District of New York. The Trustee fulfills public duties assigned under SIPA. The Main Case Docket can be accessed through the website maintained by the United States Bankruptcy Court (http://www.nysb.uscourts.gov). An unofficial version of the Docket is accessible by selecting the "Docket" link at the top of this page.

The Trustee's primary goal is to fulfill the SIPA mandate to identify and marshal assets available to satisfy customer claims and to maximize the estate for all stakeholders in an orderly and fair process. The Trustee, in coordination with the Securities Investor Protection Corp. and federal regulators, is taking steps to protect customers of the brokerage.

Please continue to check this website for the most up-to-date information regarding the liquidation.

The information on this website does not apply to any other MF Global entity, including separate insolvency proceedings involving MF Global Holdings Ltd. (MFGHL) and MF Global Finance USA Inc (MFGFUI). For inquiries regarding those proceedings, please visit http://www.mfglobalcaseinfo.com.

At present, the vast majority of funds secured for US commodities customers who traded on foreign exchanges remain abroad under the exclusive control of UK Special Administrators. All foreign affiliates of MF Global Inc. that received funds from customers of MF Global Inc. agreed to secure and protect those funds as required by Commodity Futures Trading Commission Rule 30.7 (“CFTC Rule 30.7”).

The Trustee would like to assure former MF Global Inc. commodities customers who traded on foreign exchanges that he is pursuing those funds vigorously and is taking the necessary steps to bring those funds under his control so that they can be returned to customers.

• On January 6, 2012 the Trustee filed claim forms (for voting purposes only) with the MF Global UK Special Administrators. Among other things, the forms provided information supporting MF Global Inc.’s claim to $639,918,174 in client funds held by MF Global UK pursuant to CFTC Rule 30.7 (the “30.7 Funds”).
• The UK Special Administrators preliminarily objected to the classification of a significant portion of these 30.7 Funds as being either client money or client assets under relevant Financial Services Authority (FSA) rules.
• The Trustee actively sought and secured a seat as a client representative on the MF Global UK creditors’ committee. The Trustee has executed a Nondisclosure Agreement as regards his participation on the committee. The Trustee intends to participate vigorously on the committee.
• The Trustee continues to negotiate for the prompt return of all 30.7 Funds directly with the Special Administrators and their legal counsel.
• In a report filed with the UK Court on February 3, 2012, the UK Special Administrators asserted that the 30.7 Funds were not, at the time of insolvency, segregated as either client assets or client monies under applicable FSA rules. Accordingly, the Special Administrators have further asserted that the Trustee’s claim for the 30.7 Funds should be admitted only as a general creditor claim. The Trustee disputes the Special Administrators’ position that an agreement to secure client funds pursuant to CFTC Rule 30.7 does not require client funds to be segregated under the FSA rules or that such property would not be regarded as segregated under a proper interpretation of UK law in light of the circumstances and the dictates of European requirements as well as principles of international comity.
• The Trustee is actively engaged in discussions with the UK Special Administrators as both parties work toward resolving this dispute. However, the Trustee cannot now estimate how long these negotiations will take or whether they can be resolved without the need for litigation, and it is unknown when he will be able to make distributions to former commodities customers who traded on foreign exchanges.
• The Trustee has retained the firm of Slaughter & May as his principal English legal advisors, as well as a team of English barristers. If negotiations do not prove fruitful, the Trustee is prepared to litigate his claim.

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 under the Trustee’s control. This reconfigured estimate is expected to change over time as claims are processed and assets recovered, and depending on claims reconciliation and the ultimate outcome of claims the Trustee may contest, the estimated deficiency may rise or fall in significant amounts. The estimate applies to claims from commodities customers who traded on US exchanges, as well as commodities customers who traded on foreign exchanges, including approximately $700 million that the Trustee is disputing with the Joint Special Administrators of MF Global UK Limited.

The Trustee has returned approximately $3.9 billion in property from US depositories to former commodities customers in three bulk transfers since MF Global went into bankruptcy on October 31, 2011. Currently, the Trustee has approximately $1.4 billion in assets under his control, which is being held in reserve.

The Trustee and his staff continue to review and tabulate claims made by former MF Global Inc. commodities customers against the MF Global Inc. estate, which were submitted prior to the January 31, 2012 claims deadline.

Early estimates of the analysis of commodities claims show approximately 40% of the US commodity claims came from five states: California, Florida, Illinois, New York and Texas. Approximately 91% of all commodities claims seek less than $100,000, taking into account the previous return of 72% of the US segregated customer property to former retail customers with US futures positions.

Claims will be verified for accuracy and duplicate claims will be identified. Determination letters are being issued to former customers on a rolling basis. The determination letter will acknowledge receipt of the claim and provide information on whether the claim has been allowed, denied, reclassified or requires further reconciliation or information.

The Trustee is eager to make additional distributions to former MF Global Inc. customers as soon as possible. However, the Trustee is required by law to hold an appropriate reserve of funds until disputed claims are resolved either through negotiation or by the Court. At this time, the Trustee anticipates significant disputed claims against the MF Global Inc. estate by MF Global Holdings Ltd., MF Global UK Limited, and other entities. The Trustee will move to attempt to resolve these claims as quickly as possible, but it is uncertain how long resolution will take. Therefore, it is not known at this time when the Trustee will be legally able to make additional distributions.

While securities customers seeking to receive maximum protection under the Securities Investor Protection Act were asked to file claims by January 31st, the claim registration period for securities customers does not close until June 2, 2012. The gap between securities claims values and assets under the Trustee’s control cannot be accurately estimated at this time.

Both commodities futures and securities customer claims and general creditor claims may be transferred in the MFGI SIPA liquidation proceeding. To receive notices and distributions with respect to a transferred claim, notice of a claim transfer (if any is required to be filed with the bankruptcy court) must be provided in accordance with Bankruptcy Rule 3001(e).

The Trustee neither encourages nor discourages claims trading. Potential transferors and transferees of claims should make their own independent evaluation of whether to enter into a claims trade based upon the public record in this case. The Trustee notes that a properly transferred claim merely provides the transferee with the right to pursue distributions on account of such claim. It is not a determination of the validity, amount or priority of such claim, nor of any claim or defense that the Trustee may have with respect to that claim or as against the transferor or transferee of such claim.

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. On February 15, 2012, the Trustee requested a 30-day extension for the filing and mailing of Forms 1099-B.

The Trustee will issue an announcement on his website on the date that Forms 1099 are mailed. If you have a question about a Form 1099, you may contact the Trustee’s 1099 call center hotline at 1-866-692-5639.

The IRS offers guidance for persons who wish to file a tax return in the absence of one or more Forms 1099 at http://www.irs.gov/newsroom/article/0,,id=106530,00.html.

Notice to those former MFGI customers for whom the Trustee is still holding warehouse receipts or other certificates of title (“Physicals”) who (i) have not been in contact with the Trustee’s office regarding their instructions for distribution of the Physicals; or (ii) believe there may be a discrepancy as to what Physicals the Trustee still holds for them:

PLEASE review the Order from Judge Martin Glenn, issued January 23, 2012 – you must contact the Trustee’s office immediately to discuss options for the distribution of your Physicals

On January 12, 2012 at 10:00 a.m., the Trustee for the liquidation of MF Global Inc. will meet with former MF Global Inc. customers and other creditors at the New York Marriott Downtown, 85 West Street, New York, NY 10006. At this meeting, the Trustee will provide information about the customer claims process and an update on the progress of the court-mandated liquidation of MF Global Inc.

Former customers of MF Global Inc. who have immediate questions are encouraged to seek information on this website, e-mail the Trustee's staff at MFGITrustee@hugheshubbard.com, or call the Trustee's call center at 1-888-236-0808.

As set forth in the Court-approved order for the third bulk transfer, and consistent with previous transfers, the Trustee used MF Global Inc. records and valuations to transfer roughly $1.7 billion in customer property as he seeks to return approximately 72 percent of the net equity in U.S. segregated customer accounts. MF Global Inc.'s systems reduced the valuation of securities deposited as margin by a designated percentage, which could have potentially decreased the net liquidating value of an account. With the initial transfers of the third bulk transfer now complete, the Trustee intends to revalue margin collateral accounts without applying MF Global Inc.'s valuation "haircut" and will consider upward adjustments to the estimated net liquidating values of customer accounts. If possible, the Trustee will make supplemental transfers in the next two to four weeks, as the systems and books and records of MF Global Inc. allow.

This week, counsel for the Trustee liquidating MF Global Inc. met with several dozen former MF Global Inc. customers and customer groups, as well as their counsel. Through this productive meeting, the Office of the Trustee identified some common questions on the claims process. Below, please find information that addresses these common questions. In addition, more information pertaining to filling out the Commodity Customer Claim Form is available here. The Trustee's goal is to make claims forms as efficient to access and to complete as possible for all former customers of MF Global Inc.

• Commodities customer claims must be received by the Trustee on or before January 31, 2012.
• Customers are encouraged to fill out claims forms to the best of their ability with as much information as possible. More is better, but missing or incomplete information does not mean the claim will be automatically denied.
• Claims forms are required to be consistent with CFTC regulations. The Trustee has worked with claimants to make the forms as customer friendly as possible, and the Trustee's staff will continue to work with customers directly to assist in filing their forms as needed.
• The Trustee has mailed paper forms to former customers of MF Global Inc., in addition to placing PDF claims forms on the Trustee's website.

Claims will be reviewed promptly, and once the Trustee's staff has finished reviewing your claim, a determination will be made regarding your claim. You will then receive a determination letter in the mail. The Trustee's staff will work with claimants at all stages of the process, including answering any questions about a determination, in an attempt to reach a fair conclusion. It is not the wish or desire of the Trustee to engage in litigation with individual claimants.

The Trustee has made important and significant progress in identifying and returning assets of the US segregated customer property, now under the Trustee's control, for customers who were trading in US positions. Many customers, in addition to trading through US derivative clearing organizations, also held positions in foreign commodities traded through foreign depositories, which are called secured 30.7 accounts.

It is estimated that these accounts could have a value of less than one billion US dollars. These assets are now under the control of foreign bankruptcy trustees, and the Trustee will use all means available to gain control of those assets held by foreign entities for the return to customers. However, it has been the Trustee's experience that recovery of these foreign assets may take significant time. At this time, the Trustee does not have control of these assets and it is not known when, or if, the assets will become available to the Trustee. However, all customers of MF Global Inc. are strongly urged to file, before the January 31, 2012 deadline, any claim they believe they have for US and/or foreign positions they believe they had in their accounts.

James W. Giddens, the Trustee for the liquidation of MF Global Inc., and his staff are working closely with the Securities Investor Protection Corporation (SIPC), the Commodities Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and also with the Chicago Mercantile Exchange (CME) and other exchanges. Since the liquidation process was initiated on October 31, 2011, the Office of the Trustee has made significant progress.

The Trustee's team is working to get money back to customers as quickly as possible following the failure of MF Global Inc., and is facing several circumstances as it works toward that goal: there was no single purchaser for MF Global Inc.'s commodities or securities accounts, the books and records require further analysis and reconciliation, and there is an apparent shortfall of segregated customer property.

Nevertheless, distributions to nearly all of the 38,000 MF Global Inc. former commodities clients will have been made within weeks of the bankruptcy filing.

• OPEN POSITION ACCOUNT TRANSFERS: The Trustee obtained court approval for and moved 14,500 accounts with 3 million open positions, along with $1.5 billion in collateral, approximately 60% of collateral for those positions. Customers, upon notification of transfer, had immediate access to their accounts.
• CASH-ONLY ACCOUNT TRANSFERS: The Trustee obtained court approval for a second bulk transfer, currently underway, to move a percentage of deposits in 23,300 accounts holding cash-only as of the filing date of the bankruptcy. As previously noted, the process is underway and its success requires finding Futures Commission Merchants to process the transfers.
• NEXT TRANSFERS: The Trustee is planning a third phase of transfers to "true-up" the value of all claimants' distributions to 60% of the "net equity" of their accounts, including a few hundred accounts not included in the first two bulk transfers. Distributions may be made by bulk transfer, if feasible, and through an individual claim process.
• SECURITIES CLAIMANTS: Ever since his court appointment, the Trustee and his staff have continued to explore a bulk transfer of all securities accounts. This is dependent on identifying another broker-dealer willing to take the accounts. To date, several broker-dealers have and continue to conduct due diligence, but unfortunately no transferee has agreed to take the accounts. The Trustee is continuing to seek a willing transferee.
• CLAIMS PROCESS: The Trustee moved within two weeks of his appointment to establish an expedited claims process. The Trustee recently held a meet-and-confer session with counsel for parties who had specific suggestions for the expedited claims process. To assist in the prompt processing of claims, the Trustee is working with his professionals to establish an online claims form, and, in the meantime, the Trustee will be making PDF claims forms available on his website (www.mfglobaltrustee.com) and will be mailing paper forms to former customers of MF Global Inc. The Trustee is seeking court approval of the claims process and a hearing on the matter will be held in the U.S. Bankruptcy Court of the Southern District of New York on Tuesday, November 22, 2011, at 3 PM.
• INVESTIGATION: The Trustee's staff is also working to understand the apparent shortfall in customer funds. This includes a deliberate, thorough, and independent investigation of the complex cash movements made by MF Global Inc. prior to its liquidation. All efforts are conducted under the supervision of the Bankruptcy Court and are coordinated with the United States Department of Justice, the CFTC, the SEC, and SIPC.
• TRUSTEE'S STAFF: The Trustee has assembled a professional staff consisting of experienced legal counsel, forensic accountants and other expert consultants with liquidation experience. The Trustee's staff includes professionals from Hughes Hubbard & Reed, all of whom have broker dealer liquidation experience. They are overseeing and supervising 100 Deloitte consultants and 60 Ernst & Young forensic investigative accountants and consultants, and a staff of 190 former MF Global employees. This team shares vast experience in commodities brokers and stockbroker liquidations, forensic accounting, and technology consulting.
  
  In addition, the Trustee's expert staff has also been working side-by-side with the SEC, SIPC, the CFTC, the CME, and other self-regulatory organizations and derivative clearing organizations. The staff of these organizations has been providing additional industry knowledge and assisting the Trustee in structuring and completing the bulk transfers. The Trustee has also welcomed suggestions and advice from other knowledgeable parties in the futures, options and commodity industries.

The Trustee understands the frustration of many former MF Global Inc. customers. The Trustee and his staff have responded to thousands of phone calls, letters and other correspondence from customers and creditors, and will continue to do so. The Trustee's goal remains returning as much customer property as possible, as quickly as possible, in a manner that is fair to all customers and that is consistent with the law.

Customers and others are urged to continue visiting the website, www.mfglobaltrustee.com, which will remain the primary and most efficient means of providing timely and accurate information concerning this liquidation.

All forms related to the MFGI claims process will be posted to this website once the Court approves the Trustee's Expedited Application for Entry of an Order Establishing Parallel Claims Processes for Commodity Futures Customer and Securities Customer Claims; Approving Form and Manner of Publication and Mailing of Notice of Commencement; Specifying Procedures and Forms for Filing, Informal and Formal Determination, and Adjudication of Claims; Fixing a Meeting of Customers and Other Creditors; and Fixing Interim Reporting Pursuant to SIPA.

James W. Giddens, the Trustee for the liquidation of MF Global Inc., stated that his primary goal and aspiration is to pay commodities claimants and securities customers 100% of the amounts in their accounts as promptly as permitted by the governing regulations of the Commodities Exchange Act and the Securities Investor Protection Act and authorization by the US Bankruptcy Court. Ultimate distributions are, of course, dependent upon assets available and there is no assurance of a 100% return.

The plan for resolution of commodities claims is to make permissible distributions through "bulk transfers" to Future Commission Merchants (FCMs) willing to accept such transfers. The first transfer was aimed at avoiding forced liquidations of future positions held by claimants and severe market disruption. There were more than 3 million positions with a notional value of $100 billion. Upon approval by Judge Martin Glenn, the positions of approximately 14,500 customers were transferred successfully to other FCMs and 60% of the collateral at the CME and other DCOs supporting such positions were transferred to the FCMs. Customers, upon notifications, had immediate access to their accounts.

The second bulk transfer to approximately 23,000 claimants holding cash only in their accounts as of the filing date of the bankruptcy, October 31st, was authorized by the Bankruptcy Court on November 17th. The process is underway and its success requires finding FCMs to process the transfers. It is expected that funds will be accessible within a week or so.

The third phase of distributions is a proposed additional bulk transfer for all claimants to "true-up" the value of their distributions to 60% of the "net equity" in their accounts, including some estimated few hundred not included in the first two bulk transfers. The complex accounting data to reflect the first bulk transfer has only recently been compiled. The feasibility of any bulk transfer is dependent upon finding FCMs to receive such assets.

Distributions may be made by bulk transfer if feasible and through an individual claim process. Procedures for this claims process are before the Bankruptcy Court for consideration.

At present, the assets the Trustee has control of in commodities segregation are substantially less than the estimated allowed commodities claims. Efforts are on-going to analyze the cause of the "short-fall" and to seek to remedy it in coordination with multiple regulators and law enforcement officials.

• "Shortfall"
  
  

  Until an investigation into complex cash movements at MF Global is completed by the Department of Justice, the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Trustee's staff in cooperation with the Securities Investor Protection Corporation, we will not know the extent of any deficiency in funds which should have been segregated by MF Global for your benefit. While the investigation is proceeding around the clock we are unable to estimate when it will be complete. The Trustee's investigation will be deliberate, thorough, and independent.

• Individual transfers
  
  

  While we have received many requests for individual transfers, we must treat all customers equally and fairly and do not have authority to make such transfers.

• Distributions
  
  

  MF Global is now in a court supervised liquidation. It has ceased to do business, and it will not reorganize. The law requires that all commodities customers be treated fairly, and on a pro rata basis. Under applicable law, we can only distribute an amount of collateral estimated with the relevant commodities exchanges, the CFTC and SIPC, that will not exceed the contemplated pro rata shares of each commodity customer's claim to the amount of funds segregated for commodities customers. Thus, we need to determine the amount of all claims before any distribution may be made. We are developing an expedited claims process to accelerate this process and to enable us to make additional distributions as soon as possible. If your pro rata share of the segregated pool produces a deficiency in your claim, you also have a claim as an unsecured creditor against the general assets of MF Global, along with other unsecured creditors.

• Inquiries of the Trustee's Staff
  
  

  The process is being expedited as quickly as possible. While we understand your dismay at MF Global's failure, we are and will continue to be responsive to the thousands of inquiries and we will continue to post relevant information when available promptly on this website.

• General
  
  

  The process governing claims under the Securities Investor Protection Act requires filing of claims with the Trustee and, after allowance, the distribution of cash and securities in one's account as of October 31, 2011. Any deficiency in an allowed customer claim, subject to certain exceptions, is covered by the Securities Investor Protection Corporation up to $250,000 in cash or up to $500,000 for securities, not to exceed $500,000 in total. The claims process must be approved by the United States Bankruptcy Court, and we are working to expedite that process.

• Bulk Transfer
  
  

  We are also endeavoring to effect a bulk transfer of securities customer accounts, if a willing purchaser can be found. This process is underway, but there is no assurance of a successful transfer. The Trustee would seek court approval of any transfer.

• Inquiries of the Trustee's Staff
  
  

  The process is being expedited as quickly as possible. While we understand your dismay at MF Global's failure, we are and will continue to be responsive to the thousands of inquiries and we will continue to post relevant information when available promptly on this website.

On October 31, 2011, James W. Giddens was appointed as the trustee ("Trustee") in the liquidation of MF Global Inc. ("MFGI") pursuant to the Securities Investor Protection Act ("SIPA"), by the Honorable Paul A. Engelmayer, United States District Court for the Southern District of New York, as set forth in the Order commencing liquidation. A copy of the Order is available on the Trustee's website, www.mfglobaltrustee.com, which was quickly set up to communicate with customers and others about the unfolding developments.

The Trustee and his staff are working closely with the Securities Investor Protection Corporation (SIPC), the Commodities Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and also with the Chicago Mercantile Exchange (CME) and other exchanges. During the first week of the liquidation process, the Trustee quickly made significant progress in fulfilling his mandate to protect the customers of MFGI:

• On November 2, the Trustee obtained an emergency order from the Bankruptcy Court for the Southern District of New York authorizing the transfer of thousands of commodity customer account positions to other futures commodities merchants and worked with Designated Clearing Organizations and regulators through the first week and weekend of the liquidation to effectuate the transfers.
• By November 4, the end of the first week of the liquidation, the Trustee had established a process for the potential transfer of MFGI's customer securities accounts to another SIPC member firm.
• On November 7, the Trustee filed a motion requesting authority to use a streamlined process to return misdirected wires sent to MFGI post-bankruptcy.
• As of November 7, approximately 17,000 customer account positions and approximately $1.5 billion in customer account funds have been transferred to other future commodities merchants. The Trustee and his advisors continue to facilitate the transfer of additional customer account positions and customer account funds.
• On November 4, the Bankruptcy Court issued a Memorandum Opinion confirming the Trustee's subpoena and authority to conduct an independent investigation.
• The Trustee's investigation into the business and affairs of MFGI is underway and will be thorough, deliberate and independent. The Trustee's staff has secured MFGI's offices in New York and Chicago. The Trustee has retained Ernst & Young forensic accountants, while Deloitte has been retained to assist in account transfers, claims processing and administration of the liquidation process.

The Trustee will be establishing a claims process, which will need to be approved by the Court, for the customers and creditors of MFGI consistent to his duties under SIPA to identify and marshal assets available to satisfy customer claims and to maximize the estate for all stakeholders in an orderly and fair process.

Immediately after MFGI's bankruptcy filing, the Trustee established a website and a call center to facilitate communications with the customers and creditors of MFGI. The Trustee expects that the website, www.mfglobaltrustee.com, will be the primary method by which he will communicate important information and notices to customers and creditors of MFGI. Additionally, the Trustee plans to issue interim reports similar to the reports that have been issued in other major SIPA liquidations, such as the SIPA liquidation of Lehman Brothers Inc.

• NOTICE REGARDING SPECIFICALLY IDENTIFIABLE PROPERTY (11/23/2011)
• TRUSTEE'S PROTOCOL FOR TERMINATION OF SAFE HARBOR TRANSACTIONS WITH MF GLOBAL INC. (11/15/2011)
• NOTICE REGARDING ACCOUNT TRANSFERS (11/14/2011)
• NOTICE TO CUSTOMERS CONCERNING "SPECIFICALLY IDENTIFIABLE PROPERTY
• ADDITIONAL INFORMATION REGARDING NOTICE TO CUSTOMERS CONCERNING "SPECIFICALLY IDENTIFIABLE PROPERTY
• NOTICE REGARDING CLIENT ACCOUNT STATEMENTS FOR MF GLOBAL INC.
• NOTICE: NOVEMBER 3, 2011 NOTICE REGARDING ACCOUNT TRANSFERS

Notice to those former MFGI customers for whom the Trustee is still holding warehouse receipts or other certificates of title (“Physicals”) who (i) have not been in contact with the Trustee’s office regarding their instructions for distribution of the Physicals; or (ii) believe there may be a discrepancy as to what Physicals the Trustee still holds for them:

PLEASE review the Order from Judge Martin Glenn, issued January 23, 2012 – you must contact the Trustee’s office immediately to discuss options for the distribution of your Physicals

As set forth in the Court-approved order for the third bulk transfer, and consistent with previous transfers, the Trustee used MF Global Inc. records and valuations to transfer roughly $1.7 billion in customer property as he seeks to return approximately 72 percent of the net equity in U.S. segregated customer accounts. MF Global Inc.'s systems reduced the valuation of securities deposited as margin by a designated percentage, which could have potentially decreased the net liquidating value of an account. With the initial transfers of the third bulk transfer now complete, the Trustee intends to revalue margin collateral accounts without applying MF Global Inc.'s valuation "haircut" and will consider upward adjustments to the estimated net liquidating values of customer accounts. If possible, the Trustee will make supplemental transfers in the next two to four weeks, as the systems and books and records of MF Global Inc. allow.

This week, counsel for the Trustee liquidating MF Global Inc. met with several dozen former MF Global Inc. customers and customer groups, as well as their counsel. Through this productive meeting, the Office of the Trustee identified some common questions on the claims process. Below, please find information that addresses these common questions. In addition, more information pertaining to filling out the Commodity Customer Claim Form is available here. The Trustee's goal is to make claims forms as efficient to access and to complete as possible for all former customers of MF Global Inc.

• Commodities customer claims must be received by the Trustee on or before January 31, 2012.
• Customers are encouraged to fill out claims forms to the best of their ability with as much information as possible. More is better, but missing or incomplete information does not mean the claim will be automatically denied.
• Claims forms are required to be consistent with CFTC regulations. The Trustee has worked with claimants to make the forms as customer friendly as possible, and the Trustee's staff will continue to work with customers directly to assist in filing their forms as needed.
• The Trustee has mailed paper forms to former customers of MF Global Inc., in addition to placing PDF claims forms on the Trustee's website.

Claims will be reviewed promptly, and once the Trustee's staff has finished reviewing your claim, a determination will be made regarding your claim. You will then receive a determination letter in the mail. The Trustee's staff will work with claimants at all stages of the process, including answering any questions about a determination, in an attempt to reach a fair conclusion. It is not the wish or desire of the Trustee to engage in litigation with individual claimants.

The Trustee has made important and significant progress in identifying and returning assets of the US segregated customer property, now under the Trustee's control, for customers who were trading in US positions. Many customers, in addition to trading through US derivative clearing organizations, also held positions in foreign commodities traded through foreign depositories, which are called secured 30.7 accounts.

It is estimated that these accounts could have a value of less than one billion US dollars. These assets are now under the control of foreign bankruptcy trustees, and the Trustee will use all means available to gain control of those assets held by foreign entities for the return to customers. However, it has been the Trustee's experience that recovery of these foreign assets may take significant time. At this time, the Trustee does not have control of these assets and it is not known when, or if, the assets will become available to the Trustee. However, all customers of MF Global Inc. are strongly urged to file, before the January 31, 2012 deadline, any claim they believe they have for US and/or foreign positions they believe they had in their accounts.

• "Shortfall"
  
  

  Until an investigation into complex cash movements at MF Global is completed by the Department of Justice, the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Trustee's staff in cooperation with the Securities Investor Protection Corporation, we will not know the extent of any deficiency in funds which should have been segregated by MF Global for your benefit. While the investigation is proceeding around the clock we are unable to estimate when it will be complete. The Trustee's investigation will be deliberate, thorough, and independent.

• Individual transfers
  
  

  While we have received many requests for individual transfers, we must treat all customers equally and fairly and do not have authority to make such transfers.

• Distributions
  
  

  MF Global is now in a court supervised liquidation. It has ceased to do business, and it will not reorganize. The law requires that all commodities customers be treated fairly, and on a pro rata basis. Under applicable law, we can only distribute an amount of collateral estimated with the relevant commodities exchanges, the CFTC and SIPC, that will not exceed the contemplated pro rata shares of each commodity customer's claim to the amount of funds segregated for commodities customers. Thus, we need to determine the amount of all claims before any distribution may be made. We are developing an expedited claims process to accelerate this process and to enable us to make additional distributions as soon as possible. If your pro rata share of the segregated pool produces a deficiency in your claim, you also have a claim as an unsecured creditor against the general assets of MF Global, along with other unsecured creditors.

• Inquiries of the Trustee's Staff
  
  

  The process is being expedited as quickly as possible. While we understand your dismay at MF Global's failure, we are and will continue to be responsive to the thousands of inquiries and we will continue to post relevant information when available promptly on this website.

This week, counsel for the Trustee liquidating MF Global Inc. met with several dozen former MF Global Inc. customers and customer groups, as well as their counsel. Through this productive meeting, the Office of the Trustee identified some common questions on the claims process. Below, please find information that addresses these common questions. In addition, more information pertaining to filling out the Commodity Customer Claim Form is available here. The Trustee's goal is to make claims forms as efficient to access and to complete as possible for all former customers of MF Global Inc.

• Commodities customer claims must be received by the Trustee on or before January 31, 2012.
• Customers are encouraged to fill out claims forms to the best of their ability with as much information as possible. More is better, but missing or incomplete information does not mean the claim will be automatically denied.
• Claims forms are required to be consistent with CFTC regulations. The Trustee has worked with claimants to make the forms as customer friendly as possible, and the Trustee's staff will continue to work with customers directly to assist in filing their forms as needed.
• The Trustee has mailed paper forms to former customers of MF Global Inc., in addition to placing PDF claims forms on the Trustee's website.

Claims will be reviewed promptly, and once the Trustee's staff has finished reviewing your claim, a determination will be made regarding your claim. You will then receive a determination letter in the mail. The Trustee's staff will work with claimants at all stages of the process, including answering any questions about a determination, in an attempt to reach a fair conclusion. It is not the wish or desire of the Trustee to engage in litigation with individual claimants.

The Trustee has made important and significant progress in identifying and returning assets of the US segregated customer property, now under the Trustee's control, for customers who were trading in US positions. Many customers, in addition to trading through US derivative clearing organizations, also held positions in foreign commodities traded through foreign depositories, which are called secured 30.7 accounts.

It is estimated that these accounts could have a value of less than one billion US dollars. These assets are now under the control of foreign bankruptcy trustees, and the Trustee will use all means available to gain control of those assets held by foreign entities for the return to customers. However, it has been the Trustee's experience that recovery of these foreign assets may take significant time. At this time, the Trustee does not have control of these assets and it is not known when, or if, the assets will become available to the Trustee. However, all customers of MF Global Inc. are strongly urged to file, before the January 31, 2012 deadline, any claim they believe they have for US and/or foreign positions they believe they had in their accounts.

• General




The process governing claims under the Securities Investor Protection Act requires filing of claims with the Trustee and, after allowance, the distribution of cash and securities in one's account as of October 31, 2011. Any deficiency in an allowed customer claim, subject to certain exceptions, is covered by the Securities Investor Protection Corporation up to $250,000 in cash or up to $500,000 for securities, not to exceed $500,000 in total. The claims process must be approved by the United States Bankruptcy Court, and we are working to expedite that process.

• Bulk Transfer




We are also endeavoring to effect a bulk transfer of securities customer accounts, if a willing purchaser can be found. This process is underway, but there is no assurance of a successful transfer. The Trustee would seek court approval of any transfer.

• Inquiries of the Trustee's Staff




The process is being expedited as quickly as possible. While we understand your dismay at MF Global's failure, we are and will continue to be responsive to the thousands of inquiries and we will continue to post relevant information when available promptly on this website.

• TRUSTEE PRESS RELEASE: FEBRUARY 6, 2012 (REGARDING STATUS UPDATE ON TRUSTEE’S INVESTIGATION)
• SLIDES: FEBRUARY 6, 2012 (REGARDING STATUS UPDATE ON TRUSTEE’S INVESTIGATION)
• TRUSTEE & SIPC PRESS RELEASE: JANUARY 23, 2012 (REGARDING CLAIMS FORM DEADLINE)
• TRUSTEE PRESS RELEASE: DECEMBER 23, 2011 (REGARDING UK ADMINISTRATORS' POSITION)
• CONGRESSIONAL TESTIMONY: DECEMBER 15, 2011 (HOUSE FINANCIAL SERVICES OVERSIGHT AND INVESTIGATIONS SUBCOMMITTEE HEARING)
• CONGRESSIONAL TESTIMONY: DECEMBER 13, 2011 (SENATE AGRICULTURE COMMITTEE HEARING)
• CONGRESSIONAL TESTIMONY: DECEMBER 8, 2011 (HOUSE AGRICULTURE COMMITTEE HEARING)
• TRUSTEE PRESS RELEASE: DECEMBER 9, 2011 (REGARDING JUDGE'S APPROVAL OF THIRD TRANSFER AND SECURITIES ACCOUNTS SALE)
• TRUSTEE PRESS RELEASE: NOVEMBER 30, 2011 (REGARDING MOTION FOR SALE OF RETAIL SECURITIES ACCOUNTS)
• TRUSTEE PRESS RELEASE: NOVEMBER 29, 2011 (REGARDING MOTION FOR THIRD BULK TRANSFER)
• TRUSTEE PRESS RELEASE: NOVEMBER 22, 2011 (REGARDING CLAIMS PROCESS)
• TRUSTEE PRESS RELEASE: NOVEMBER 21, 2011 (REGARDING PROPERTY UNDER TRUSTEE'S CONTROL & SHORTFALL)
• TRUSTEE PRESS RELEASE: NOVEMBER 18, 2011 (REGARDING DISTRIBUTION GOALS)
• TRUSTEE PRESS RELEASE: NOVEMBER 17, 2011 (REGARDING ORDER FOR BULK TRANSFER OF COMMODITIES CUSTOMER CASH)
• TRUSTEE PRESS RELEASE: NOVEMBER 16, 2011 (REGARDING NOV 16 COURT HEARING)
• TRUSTEE PRESS RELEASE: NOVEMBER 15, 2011 (REGARDING BULK TRANSFER OF COMMODITIES CUSTOMER CASH)
• TRUSTEE PRESS RELEASE: NOVEMBER 15, 2011 (REGARDING CLAIMS PROCESS)
• TRUSTEE PRESS RELEASE: NOVEMBER 11, 2011 (REGARDING TERMINATION OF EMPLOYEES)
• TRUSTEE PRESS RELEASE: NOVEMBER 4, 2011 (REGARDING JPMORGAN CHASE & CO.)
• TRUSTEE PRESS RELEASE: NOVEMBER 4, 2011 (REGARDING AUTHORITY TO ISSUE SUBPOENAS)
• TRUSTEE PRESS RELEASE: NOVEMBER 4, 2011 (REGARDING CORZINE RESIGNATION)
• TRUSTEE PRESS RELEASE: NOVEMBER 3, 2011 (REGARDING ACCOUNT TRANSFERS)
• TRUSTEE PRESS RELEASE: NOVEMBER 2, 2011 (REGARDING APPROVED ORDER)
• TRUSTEE PRESS RELEASE: NOVEMBER 2, 2011 (REGARDING EMERGENCY MOTION)
• TRUSTEE PRESS RELEASE: NOVEMBER 2, 2011 (REGARDING UPDATE FROM TRUSTEE)
• TRUSTEE PRESS RELEASE: OCTOBER 31, 2011 (REGARDING APPOINTMENT OF TRUSTEE)

• SIPC RELEASE: 75,000 CUSTOMER CLAIM NOTICES DISTRIBUTED BY MF GLOBAL LIQUIDATION TRUSTEE
• SIPC RELEASE: BANKRUPTCY COURT APPROVES SIPA TRUSTEE MOTION TO TRANSFER COMMODITY ACCOUNTS
• SIPC RELEASE: LIQUIDATION PROCEEDING FOR MF GLOBAL INC. UNDERTAKEN BY SECURITIES INVESTOR PROTECTION CORPORATION

• TRUSTEE’S PRELIMINARY REPORT ON STATUS OF HIS INVESTIGATION AND INTERIM STATUS REPORT ON CLAIMS PROCESS AND ACCOUNT TRANSFERS (2/6/2012)
• LETTER TO THE HONORABLE MARTIN GLENN REGARDING PHYSICAL ASSETS (1/27/2012)
• ORDER REGARDING PHYSICAL ASSETS (1/23/2012)
• TRUSTEE’S SIXTY DAY REPORT ON STATUS OF LIQUIDATION (1/12/2012)
• LETTER REGARDING THE STATUS OF NON-LIQUID ASSETS BEING TRANSFERRED BY THIRD BULK TRANSFER (1/12/2012)
• MEMORANDUM OF THE SECURITIES INVESTOR PROTECTION CORPORATION REGARDING APPLICABLE LIQUIDATION PROCEDURES (12/12/2011)
• BRIEF OF THE COMMODITY FUTURES TRADING COMMISSION PURSUANT TO THE COURT'S NOVEMBER 17, 2011 ORDER (12/12/2011)
• TRUSTEE'S MEMORANDUM REGARDING THE LEGAL PRINCIPLES AND FRAMEWORK FOR THE ALLOCATION AND DISTRIBUTION OF CUSTOMER PROPERTY (12/12/2011)
• ORDER GRANTING EXPEDITED MOTION TO APPROVE FURTHER TRANSFERS AND DISTRIBUTIONS FOR MF GLOBAL INC. UNITED STATES COMMODITY FUTURES CUSTOMERS (12/12/2011)
• ORDER APPROVING SALE, TRANSFER AND ASSIGNMENT OF CERTAIN CUSTOMER SECURITIES ACCOUNTS (12/12/2011)
• MEMORANDUM OF THE SECURITIES INVESTOR PROTECTION CORPORATION IN SUPPORT OF THE TRUSTEE'S MOTION FOR AN ORDER AUTHORIZING THE SALE, TRANSFER, AND ASSIGNMENT OF CERTAIN CUSTOMER SECURITIES ACCOUNTS (12/02/2011)
• NOTICE OF HEARING TO CONSIDER MOTION OF JAMES W. GIDDENS, TRUSTEE FOR THE LIQUIDATION OF MF GLOBAL INC., FOR AN ORDER AUTHORIZING THE SALE, TRANSFER AND ASSIGNMENT OF CERTAIN CUSTOMER SECURITIES ACCOUNTS (11/30/2011)
• MOTION OF JAMES W. GIDDENS, TRUSTEE FOR THE LIQUIDATION OF MF GLOBAL INC., FOR AN ORDER AUTHORIZING THE SALE, TRANSFER AND ASSIGNMENT OF CERTAIN CUSTOMER SECURITIES ACCOUNTS (11/30/2011)
• NOTICE OF HEARING TO CONSIDER EXPEDITED MOTION TO APPROVE FURTHER TRANSFERS AND DISTRIBUTIONS FOR MF GLOBAL INC. UNITED STATES COMMODITY FUTURES CUSTOMERS (11/29/2011)
• MEMORANDUM OF THE SECURITIES INVESTOR PROTECTION CORPORATION IN SUPPORT OF THE TRUSTEE'S EXPEDITED MOTION TO APPROVE FURTHER TRANSFERS AND DISTRIBUTIONS FOR MF GLOBAL INC. UNITED STATES COMMODITY FUTURES CUSTOMERS (11/29/2011)
• EXPEDITED MOTION TO APPROVE FURTHER TRANSFERS AND DISTRIBUTIONS FOR MF GLOBAL INC. UNITED STATES COMMODITY FUTURES CUSTOMERS (11/29/2011)
• PRO SE NOTICE OF APPEARANCE (11/22/2011)
• ORDER PURSUANT TO SECTION 105(A) OF THE BANKRUPTCY CODE AND BANKRUPTCY RULES 1015(C) AND 9007 IMPLEMENTING CERTAIN NOTICE AND CASE MANAGEMENT PROCEDURES AND RELATED RELIEF (11/22/2011)
• ORDER GRANTING EXPEDITED MOTION OF JAMES W. GIDDENS, TRUSTEE FOR THE LIQUIDATION OF MF GLOBAL INC., FOR AN ORDER APPROVING FURTHER EMERGENCY TRANSFERS AND DISTRIBUTIONS TO CUSTOMERS (11/17/2011)
• EXPEDITED MOTION OF JAMES W. GIDDENS, TRUSTEE FOR THE LIQUIDATION OF MF GLOBAL INC., FOR AN ORDER APPROVING FURTHER EMERGENCY TRANSFERS AND DISTRIBUTIONS TO CUSTOMERS (11/15/2011)
• NOTICE OF HEARING ON EXPEDITED MOTION OF JAMES W. GIDDENS (11/17/2011)
• MEMORANDUM OF THE SECURITIES INVESTOR PROTECTION CORPORATION IN SUPPORT OF TRUSTEE'S EXPEDITED MOTION (11/16/2011)
• TRUSTEE'S EX PARTE MOTION FOR ORDER SHORTENING TIME FOR NOTICE OF THE HEARING TO CONSIDER TRUSTEE'S EXPEDITED MOTION FOR AN ORDER APPROVING FURTHER EMERGENCY TRANSFERS AND DISTRIBUTIONS TO CUSTOMERS (11/15/2011)
• TRUSTEE'S EXPEDITED APPLICATION FOR ENTRY OF AN ORDER ESTABLISHING PARALLEL CLAIMS PROCESSES (11/15/2011)
• MEMORANDUM OF THE SECURITIES INVESTOR PROTECTION CORPORATION IN SUPPORT OF TRUSTEE'S EXPEDITED APPLICATION (11/15/2011)
• STATEMENT OF THE COMMODITY FUTURES TRADING COMMISSION IN SUPPORT OF TRUSTEE'S EXPEDITED APPLICATION FOR ENTRY OF AN ORDER ESTABLISHING PARALLEL CLAIMS PROCESSES FOR COMMODITIES AND SECURITIES CLAIMS AND EXPEDITED MOTION FOR AN ORDER APPROVING FURTHER EMERGENCY TRANSFERS AND DISTRIBUTIONS TO CUSTOMERS (11/16/2011)
• ORDER SHORTENING TIME FOR NOTICE OF THE HEARING TO CONSIDER TRUSTEE'S EXPEDITED APPLICATION (11/16/2011)
• NOTICE OF HEARING ON TRUSTEE'S EXPEDITED APPLICATION (11/16/2011)
• TRUSTEE'S EX PARTE MOTION FOR ORDER SHORTENING TIME FOR NOTICE OF THE HEARING TO CONSIDER TRUSTEE'S EXPEDITED APPLICATION (11/15/2011)
• TRUSTEE'S MOTION FOR AN ORDER PURSUANT TO SECTION 105(A) OF THE BANKRUPTCY CODE APPROVING AND AUTHORIZING THE ESTABLISHMENT OF PROCEDURES TO RETURN MISDIRECTED WIRES (11/7/2011)
• MEMORANDUM OPINION GRANTING SIPC TRUSTEE'S MOTION FOR AN ORDER GRANTING AUTHORITY TO ISSUE SUBPOENAS FOR THE PRODUCTION OF DOCUMENTS AND THE EXAMINATION OF THE DEBTOR'S CURRENT AND FORMER OFFICERS, DIRECTORS, AND EMPLOYEES AND OTHER PERSONS (11/4/2011)
• ORDER GRANTING AUTHORITY TO ISSUE SUBPOENAS FOR THE PRODUCTION OF DOCUMENTS AND THE EXAMINATION OF THE DEBTOR'S CURRENT AND FORMER OFFICERS, DIRECTORS, AND EMPLOYEES AND OTHER PERSONS (11/4/2011)
• ORDER GRANTING EMERGENCY MOTION OF JAMES W. GIDDENS, TRUSTEE FOR THE LIQUIDATION OF MF GLOBAL INC., FOR AN ORDER APPROVING THE TRANSFER OF CERTAIN SEGREGATED CUSTOMER COMMODITY POSITIONS AND EXTENDING THE TRUSTEE'S AUTHORIZATION TO OPERATE THE BUSINESS OF MF GLOBAL INC. IN THE ORDINARY COURSE (11/2/2011)
• COMMODITY FUTURES TRADING COMMISSION STATEMENT IN SUPPORT OF TRUSTEE'S EMERGENCY MOTION (11/3/2011)
• EMERGENCY MOTION OF JAMES W. GIDDENS, TRUSTEE FOR THE LIQUIDATION OF MF GLOBAL INC., FOR AN ORDER APPROVING THE TRANSFER OF CERTAIN SEGREGATED CUSTOMER COMMODITY POSITIONS AND EXTENDING THE TRUSTEE'S AUTHORIZATION TO OPERATE THE BUSINESS OF MF GLOBAL INC. IN THE ORDINARY COURSE (11/2/2011)

This week, counsel for the Trustee liquidating MF Global Inc. met with several dozen former MF Global Inc. customers and customer groups, as well as their counsel. Through this productive meeting, the Office of the Trustee identified some common questions on the claims process. Below, please find information that addresses these common questions. In addition, more information pertaining to filling out the Commodity Customer Claim Form is available here. The Trustee's goal is to make claims forms as efficient to access and to complete as possible for all former customers of MF Global Inc.

• Commodities customer claims must be received by the Trustee on or before January 31, 2012.
• Customers are encouraged to fill out claims forms to the best of their ability with as much information as possible. More is better, but missing or incomplete information does not mean the claim will be automatically denied.
• Claims forms are required to be consistent with CFTC regulations. The Trustee has worked with claimants to make the forms as customer friendly as possible, and the Trustee's staff will continue to work with customers directly to assist in filing their forms as needed.
• The Trustee has mailed paper forms to former customers of MF Global Inc., in addition to placing PDF claims forms on the Trustee's website.

Claims will be reviewed promptly, and once the Trustee's staff has finished reviewing your claim, a determination will be made regarding your claim. You will then receive a determination letter in the mail. The Trustee's staff will work with claimants at all stages of the process, including answering any questions about a determination, in an attempt to reach a fair conclusion. It is not the wish or desire of the Trustee to engage in litigation with individual claimants.

The Trustee has made important and significant progress in identifying and returning assets of the US segregated customer property, now under the Trustee's control, for customers who were trading in US positions. Many customers, in addition to trading through US derivative clearing organizations, also held positions in foreign commodities traded through foreign depositories, which are called secured 30.7 accounts.

It is estimated that these accounts could have a value of less than one billion US dollars. These assets are now under the control of foreign bankruptcy trustees, and the Trustee will use all means available to gain control of those assets held by foreign entities for the return to customers. However, it has been the Trustee's experience that recovery of these foreign assets may take significant time. At this time, the Trustee does not have control of these assets and it is not known when, or if, the assets will become available to the Trustee. However, all customers of MF Global Inc. are strongly urged to file, before the January 31, 2012 deadline, any claim they believe they have for US and/or foreign positions they believe they had in their accounts.