But some MF Global claims, worth $m, switched hands in September, according to SecondMarket, which provides a trading platform and auction process for bankruptcy claims. That was claims. MF Global filed for bankruptcy on Monday morning in New York, after the Federal Reserve Bank of New York as well as the major exchanges suspended dealings with the broker-dealer led by Jon Corzine. Complaint: MF Global Inc., et al Filed by Commodity Futures Trading Commission, 06/27/ Order: MF Global Inc. Filed by Commodity Futures Trading Commission, 06/27/ Limited Opposition of the Commodity Futures Trading Commission to the Amended Thirteenth Omnibus Objection of Plan Proponents Seeking to Reclassify Certain Claims.
While we do not take a view on the trading of claims, we are prescribing the following approach in order to standardize the process. Although it is not impossible, we would generally not challenge any transfer made under such documentation.
The following two on-boarding forms are ONLY to be completed by debt and claims traders wishing to purchase claims against MFG UK who have not previously been on-boarded. If you are in doubt about whether you need to provide this information, please contact mfglobalclaims kpmg.
For the avoidance of doubt, when providing information related to the on-boarding process, electronic copies of the documents are sufficient:. Notice to buyers regarding know your customer and anti-money laundering obligations. As such, no monies will be paid on transferred claims to Buyers until all Know Your Customer and Anti-Money Laundering checks on the Buyer have been completed.
For a transfer of your claim to become effective, all fees with regard to such transfer must be paid in full, to MFG UK, with immediately available funds. Evidence of payment of fees must be submitted with any Transfer Notice. Bank details can be found in the Transfer Notice. Depending on the type of entity they are, Buyers will be required to pay the following one-off fees to cover the costs associated with the completion of all Know Your Customer and Anti-Money Laundering checks on the Buyer.
In order to complete the transfer of your claim, Buyers will be required to pay a standard per transfer fee as follows:. Such fee will be increased in instances of transfers to multiple Buyers to cover additional expenses. It is provided without any representation or endorsement made and without warranty of any kind, whether express or implied. Please be aware that the MFG UK Estate and KPMG LLP, hereby exclude all liability for any claim, loss, demands or damages of any kind whatsoever whether such claims, loss, demands or damages were foreseeable, known or otherwise arising out of or in connection with the use of this website or the information, content or materials included on this website, including without limitation, indirect or consequential loss or damage, loss of actual or anticipated profits, loss of revenue, loss of business, loss of opportunity, loss of anticipated savings, loss of goodwill or loss of reputation.
Nothing in this disclaimer excludes or limits the Joint Special Administrators', the Joint Administrators' or MFG UK Estate's liability for fraud or fraudulent misrepresentation or any liability which may not be limited or excluded by law.
The use of this website and any dispute or claim arising out of or in connection with this website including non-contractual disputes or claims is governed by English law and you irrevocably submit to the exclusive jurisdiction of the English courts. MF Global special administration. All rights reserved.
KPMG International provides no client services. This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK. Request for proposal. Save what resonates, curate a library of information, and share content with your network of contacts.
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