MF Global trustee looks to distribute $295 million on allowed claims

By Kali Hays

New York, Aug. 26 – MF Global Inc. trustee James W. Giddens asked for approval from the U.S. Bankruptcy Court for the Southern District of New York to distribute $295 million to holders of secured, administrative, priority and unsecured general claims, according to a Tuesday news release.

Specifically, the distribution will cover 100% of allowed general secured administrative and priority claims and approximately 20% of general unsecured claims.

Giddens is also seeking the establishment of a $462 million reserve to allow for future distributions on unresolved claims that are still pending before the court.

Former public customers of MF Global with allowed claims have already received distributions totaling of $6.7 billion, according to the release.

MF Global Holdings, a New York-based commodity and derivatives broker, filed for bankruptcy on Oct. 31, 2011. Its Chapter 11 case number is 11-15059.

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