Salaries for terminated employees will be paid through Nov. 15, and the company will keep between 150 and 200 employees to assist in winding down operations of the firm, which filed for bankruptcy Oct. 31.
"The broker-dealer is not conducting business and will not be reorganized, in accordance with the court-ordered liquidation of MF Global Inc.," said the office of court-appointed liquidation trustee James W. Giddens, in a statement.
"The Trustee has made significant progress in ending the business operations of MF Global Inc. Approximately 17,000 customer account positions and approximately $1.5 billion in customer account funds have been transferred to other future commodities merchants."
Giddens is currently exploring how MG Global can "immediately" vacate the firm's New York offices, adding that the "office will be closed as soon as possible."
MF Global was forced into bankruptcy last month when investors fled rapidly from equity in the once-giant financial firm after it disclosed large positions in the shaky sovereign debt of several cash-strapped eurozone nations.
After the bankruptcy filing, news emerged that hundreds of millions of dollars were missing from customer accounts.
Banking regulators hunting for about $600 million in customer money have said they are being stymied by the poor condition of the securities firm's records, according to The Wall Street Journal.
Posts
No comments:
Post a Comment