MF Global trustee James Giddens gathered with more than 100 customers today who were hoping to learn more about $1.2 billion in missing client funds.  But many left the meeting frustrated by a lack of fresh news on the whereabouts of the money and uncertainty about whether they would ever get their money back. Giddens outlined the current state of his investigation into MF Global’s missing money, where he stressed that the inquiry was ongoing and complex, requiring combing through more than the equivalent of 950 miles of pages stacked together. Out of an estimated $5.9bn in commodities customer claims, his office has returned about $3.8bn representing about 72% of customers’ accounts. Mr. Giddens still controls more than $1.4bn, much of which has already been claimed by other MF Global entities.  About $815mn in customer money is still held overseas, most of which he said is controlled by the administrator of MF Global’s British unit and is at the center of disputes between the two sides. Some of the answers by the trustee’s office did not sit well with customers in the audience, including an assertion by Mr. Giddens that he is unlikely to seek a “claw back” of assets that were transferred out of MF Global five to six months ago. Mr. Giddens did not say whether he would pursue funds that were transferred from MF Global in the days or weeks before it filed for bankruptcy.  Mr. Giddens and his team cautioned that the full amount of any shortfall won’t be known until the customer claims process has been completed. Customers have until Jan. 31 to file their claims. Not everyone was pessimistic.  James Koutoulas, the head of the Commodity Customer Coalition, a group of MF Global clients, said that he believed Mr. Giddens and his team were making sincere and commendable efforts in returning customer money. For further details, go to and read:  [Giddens’ presentation]   [Dealbook 1/12/11]