James W. Giddens, Trustee for the liquidation of MF Global Inc. (MFGI), the ill-fated brokerage that went insolvent in 2011, on Tuesday initiated the final, cumulative 95% distribution on all non-affiliate, non-subordinated, allowed general unsecured creditor claims.
The announcement comes after on August 19, 2015, a Bankruptcy court approved the distribution.
The final payment on non-affiliate, non-subordinated, allowed general unsecured creditor claims is worth approximately $40.9 million, which takes the overall amount distributed to MFGI creditors to about $1.04 billion.
“I am very pleased to initiate the final distribution of the MF Global Inc. liquidation proceeding today,” Giddens said. “When this distribution is complete, unsecured creditors will have received a near full recovery, while customers and secured creditors are already completely satisfied.”
Once the final unsecured creditor distribution is complete, the Trustee will have distributed more than $8.1 billion to MFGI customers and creditors.
The Trustee notes that claims against former officers, directors and other employees of MF Global, including former MF Global CEO Jon Corzine, are ongoing in the Multidistrict Litigation.
To view the official announcement, click here.