The UK-based special administrator charged with sorting out the mess left behind by the bankruptcy of MF Global claims to have found about 82% of the $1.2 billion that MF Global, ahem, misplaced. The accounting firm KPMG, the court-appointed administrator, today released a progress report in advance of a scheduled meeting of creditors and clients on January 12th.
The KPMG staff claims that things aren’t as bad as press reports imply:
All but a tiny handful of MF Global UK’s 1.61m open client positions have been closed or transferred since the UK business was placed into administration on Monday 31 October. …
As at 12 December 2011, KPMG had recovered:
- £594 million [about $920 million] of client monies held by clearing houses, exchanges and Brokers. This represents 82% of the segregated funds
- £201 million of company monies …
We are pleased with progress in the collection of both client and company monies, and are working hard to prepare to make an interim distribution of client money as soon as reasonably practicable.
KPMG has not yet figured out how much of the found money came from the US. The firm has received more than 600 written claims forms and a total of 7,000 claims forms have been downloaded from the company’s website.
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