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MF Global Owns $25Mn Found at JPMorgan
December 13, 2011
[ by Melanie Gretchen ]
The trustee for MF Global Holdings claimed that $25.3 million in cash on account at JPMorgan Chase belongs to the firm, and is not related to the $1.2 billion in customer funds that presumed is missing from segregated accounts.
In papers filed in U.S. Bankruptcy Court in New York City, Chapter 11 trustee Louis Freeh defended the bankrupt company's bid to the use the cash collateral in its account, citing New York law which states that funds deposited in an account belong to the account holder. "The customers have failed to provide this court with any actual evidence in support of their position."
After MF Global declared bankruptcy on 10/31/11, JPMorgan granted a $1.2 billion loan to the company. At the outset, MF Global's largest lender agreed to let the company use $26 million of that money, subject to an agreement that gives the bank a lien on all of the company's assets.
[Bloomberg, 12/12/11]
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