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Corzine $8Mn Pay Day, Before 'The Fall'
May 22, 2012
[ by Melanie Gretchen ]
Former MF Global CEO Jon Corzine had a good year before his firm collapsed in bankruptcy. In a court document filed on Friday by Louis J. Freeh, the trustee unwinding the company's bankrupt estate, Corzine received more than $8 million in pay and stock options from the futures brokerage in the year before it went bankrupt. Other former MF Global executives were also listed in the document.
The Filing. Between November 2010 and October 28, 2011, the former New Jersey governor was awarded $3 million in cash, as well as $5.35 million in stock options. It took more than 6 months for Mr. Freeh to file MF Global financial data containing Corzine's pay. Going forward, a coalition of former MF Global customers asked last week that the case be streamlined and sped up to cut down on fees charged by the legal team winding down the estate for the customers receive more.
The bankruptcy: In re MF Global Holdings Ltd, U.S. Bankruptcy Court, Southern District of New York, No. 11-15059
The broker-dealer liquidation: In re MF Global Inc, U.S. Bankruptcy Court, Southern District of New York, No. 11-2790.
For further details, go to [Reuters, 5/21/12].

