|By PR Newswire||
|December 22, 2012 09:04 AM EST||
NEW YORK and LONDON, December 22, 2012 /PRNewswire/ --
MF Global Inc., MF Global UK Ltd. and MF Global Holdings Ltd. Reach Agreements to Resolve All Claims Among The Estates
James W. Giddens, Trustee for the Securities Investor Protection Act (SIPA) liquidation of MF Global Inc. (MFGI), and Richard Heis, a Joint Administrator of MF Global UK Ltd. (MFGUK), today jointly announced that they have reached an agreement to resolve all claims between the two entities, including the 30.7 client assets and repo to maturity valuation disputes currently before the High Court of England. Mr. Giddens has filed a motion with the United States Bankruptcy Court for the Southern District of New York, the Honorable Judge Martin Glenn presiding, seeking entry of an order approving the agreement.
Simultaneously, Mr. Giddens and the Chapter 11 Trustee for MF Global Holdings Ltd., et al, (MFGH), Louis J. Freeh, have agreed to resolve all claims between their respective estates. Further, MFGH and MFGUK have agreed to resolve the claims between their respective estates and the litigation commenced by MFGH against MFGUK, subject to the satisfaction of certain conditions.
Combined, the agreements are expected to benefit customers and creditors of the primary MF Global insolvency estates worldwide: MF Global Inc., MF Global UK Ltd. and MF Global Holdings Ltd. The agreements, which are subject to certain conditions being satisfied before they become effective, put in place the key conditions needed for these estates to make significant distributions by avoiding lengthy and costly litigation, providing additional certainty on the total value of claims against the estates and reducing required reserves held against such claims.
"These agreements are in the best interests of former customers and other creditors and allow us to request court approval for significant additional distributions for securities and commodities customers," said Giddens. "Resolving complex issues with these entities marks a critical milestone in administering the MF Global Inc. estate. The agreements could not have come about without cooperation from all parties and the involvement of the Securities Investor Protection Corporation, the Commodity Futures Trading Commission and the Securities and Exchange Commission. We are now focused on court approval, satisfying the conditions to the agreements and making additional distributions."
"Our agreement with MF Global Inc. will clear important obstacles and allow us to significantly reduce reserves that have blocked us from additional distributions to the former customers and creditors of MF Global UK," Heis said. "Mainly as a result of litigation, we have been able to distribute only some 10 percent of the approximately US$2.5 billion that we have collected. This settlement, if concluded, will allow a major escalation in this, and we will move quickly to get money in agreed claimants' pockets at the earliest opportunity."
MF Global Inc. and MF Global UK Ltd. Agreement
As a result of the agreement between MFGI and MFGUK, it is estimated that between US$500 million and US$600 million would be ultimately returned to the MFGI estate, depending on final payout rates from the MFGUK client money and general creditor estates. Mr. Giddens anticipates the possibility of 100 percent satisfaction of allowed securities customers' claims and significant additional distributions to commodities customers who traded on US exchanges (4d funds) and commodities customers who traded on non-US exchanges (30.7 funds). Mr. Giddens has filed an application for additional distributions with the Bankruptcy Court.
The Joint Special Administrators will early in January produce a further updated estimated outcome statement showing the projected position of MFGUK post-settlement and an estimate of the increase in the client money distribution percentage and the amount of an initial dividend. The Joint Special Administrators will seek to pay as soon as possible after the settlement becomes effective.
The Joint Special Administrators approached Mr. Giddens and his team with substantial relevant information developed by KPMG and the management and staff of MFGUK concerning the financial position of the MFGUK estate. This allowed Mr. Giddens to conduct a detailed review, which determined there is reasonable basis for the projected payments from MFGUK to MFGI, although the ultimate amounts recovered are not guaranteed.
The parties are grateful for the cross-border cooperation between the staffs of Mr. Giddens and the Joint Special Administrators at KPMG. The Joint Special Administrators also have welcomed the assistance the Financial Services Authority has provided throughout the special administration.
All currently pending litigation between MFGI and MFGUK will be temporarily suspended to allow for completion of the agreement. The agreement is not an admission of liability in relation to 30.7 issues before the High Court of England, or any comment upon the merits of the 30.7 litigation or the legal issues that arise in relation to it or in relation to the effect of Rule 30.7 of the United States Commodity Futures Trading Commission.
Conditions that must be completed before the agreement becomes effective include the Bankruptcy Court making an order that (i) approves the settlement, (ii) prohibits MFGI 30.7 customers from making or continuing claims against MFGUK that are duplicative of claims made by MFGI, and (iii) requires 30.7 customers with allowed claims with a value of greater than $12,000 to give a release in favor of MFGUK in respect of any duplicative claims as a condition to receiving further payment from MFGI. The agreement is also conditional upon MFGH withdrawing its litigation against MFGUK.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 16, 2017 05:00 PM EST Reads: 3,948
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 16, 2017 03:30 PM EST Reads: 4,811
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 16, 2017 03:15 PM EST Reads: 294
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 16, 2017 03:15 PM EST Reads: 378
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 16, 2017 02:30 PM EST Reads: 1,539
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 16, 2017 02:15 PM EST Reads: 5,243
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 16, 2017 01:45 PM EST Reads: 3,583
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 16, 2017 01:35 PM EST Reads: 247
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 16, 2017 01:30 PM EST Reads: 3,301
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Jan. 16, 2017 01:00 PM EST Reads: 1,020
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Jan. 16, 2017 01:00 PM EST Reads: 3,626
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 16, 2017 12:30 PM EST Reads: 3,348
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Jan. 16, 2017 12:30 PM EST Reads: 825
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 16, 2017 12:30 PM EST Reads: 5,462
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 16, 2017 12:30 PM EST Reads: 4,996