Freeh is concerned that “an inappropriate interpretation” of the law may lead Giddens to deny the rights of creditors to recover from property that was never deposited by them. The holding company has “substantial intercompany claims” against the broker-dealer unit on account of former intercompany loans, and any recoveries of that money shouldn’t be “diverted” to customers, giving them a priority at the expense of creditors of the parent company, Freeh said.  The conflict is “not whether certain estate property can be distributed to customers, but whether estate assets that would otherwise be available for distribution to MF Global Inc.’s creditors can be reallocated to the customer pool,” Freeh said.  [Bloomberg 1/10/12]