MF Global Initial Meeting of Clients and Creditors – 9 January 2012 at 11 a.m.

more+
less-

The initial meeting of client and creditors of MF Global UK Limited ("MFG UK") took place yesterday, 9 January 2012, at 11 a.m. The meeting was chaired by Richard Heis (the "Chairman"), one of the joint special administrators of MFG UK, and we attended on behalf of a number of customers of MFG UK. The purposes of the meeting were to discuss and vote on the special administrators' proposals and to vote on the constitution of a client and creditors' committee.

The meeting was well attended by many customers of MFG UK and their advisers, and tensions in the room often ran quite high. A lot of anger was directed at the special administrators by customers of MFG UK at the perceived lack of transparency in the special administration, and in the difficulty that customers had in getting accurate information on trading positions that had been closed out or transferred as a result of the administration.

The Chairman opened the meeting by setting out the objective of the special administration, the background which led MFG UK to entering into special administration regime, and a brief description of the special administration regime.

Please see full Alert below for further information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Reed Smith | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×