Commodity Customer Coalition Update
March 13th, 2012
Yesterday the Commodity Customer Coalition (CCC) gave all members a timely update on the ongoing legal and legislative fight to have MF Global customer property returned as promptly as possible. While the call is privileged, I will give some highlights via email and if you have any specific questions feel free to call me directly.
James Koutoulas once again called on members for financial support. The CCC is almost entirely operated by volunteers though the group’s legal counsel is compensated at a substantially reduced rate. The amount of progress our little group has made in returning MF Global customer property is truly amazing. Below is the donation information provided by the CCC:
Wiring instructions for the CCC:
The Northern Trust Company
50 S. La Salle St
Chicago, IL 60603
ABA # 071000152
SWIFT CODE: CNORUS44 (if foreign)
A/C # 3801078590
A/C Name: Commodity Customer Coalition, Inc.
You can also mail donations to the address below or use PayPal:
Make Checks Payable to “Commodity Customer Coalition, Inc.”
Commodity Customer Coalition, Inc.
125 South Wacker Drive, STE 300
Chicago, IL 60606
Determination of Claims
Many former MF Global customers have started to receive the Determination of Claim letters from the Trustee. Those who have not yet received the letter please understand that the Trustee will be sending these out as they process your claim. There are tens of thousands of claims to individually process. I have heard unconfirmed reports of this taking up to 60 days to completely process.
If you have received your determination and do not object to the amount allowed make sure you sign and return the determination to the Trustee’s office. You also need these letters notarized.
MF Global 2011 1099s
On February 15, 2012 the Trustee requested a 30 day extension on mailing 1099-Bs to customers. If you have not received a 1099 please contact the Trustee’s office at 866-692-5639.
Class Action Update
The CCC has been working with the Collett Legal Group to help CCC members be represented in a class action lawsuit against Jon Corzine and others at MF Global. There are no fees under the retainer agreement. You can reach Collett Legal at 212-618-1278. The retainer agreement can be downloaded here: http://commoditycustomercoalition.org/wp-content/uploads/2012/03/MFG-Customer-Retainer-Letter.docx
As I was writing this today I received a note from Royal Bank of Scotland (RBS) with a bid of 91cents on the dollar for 4d US segregated accounts. From what I am told there is more than one buyer at this price. It appears the “street” is willing to bet on the side of a high payoff for former MF Global customers with US funds.
If you have any questions in the meantime please feel free to contact either me directly or our office.
All the best!
Great Pacific Wealth Management