Update on MF Global Bankruptcy

Lawmakers, MF Global Trustees and Others Urge Release of Customers’ Funds

Unfortunately, some members of the Ohio AgriBusiness Association (OABA) have been affected by the recent bankruptcy of MF Global, Inc., which is now under a court-ordered liquidation. In the last few weeks, MF Global trustees, lawmakers and other agribusiness stakeholders have urged the timely release of customer funds.

As of October 31, 60 percent of cash-only balances were returned, but client cash balances initiated after that date still remain frozen. On November 15, James W. Giddens—the court-appointed Trustee for the liquidation of MF Global Inc.—filed an expedited application with the United States Bankruptcy Court for the Southern District of New York seeking approval of a claims process for former customers of MF Global Inc. On November 16, U.S. Senator Pat Roberts (R-Kan.) and Senator Debbie Stabenow (D-Mich.) urged the chair of the Commodity Futures Trading Commission, Gary Gensler, to move quickly on the investigation to ease the burden on former MF Global customers.

OABA will continue to monitor the issue and keep our members abreast of the situation as it unfolds. If you are reading this story for the first time, please see the first article OABA ran about the bankruptcy. If you would like additional information regarding this issue, we encourage you to visit the National Grain and Feed Association’s website; they have established a web page as a resource for their members. To view NGFA’s MF Global bankruptcy page, click here.