Friday, December 2, 2011

MF Global - Trustee Giddens Sucks

Today I called the hotline run the the trustee of the MF Global liquidation, James Giddens, 888-236-0808 .

A nice fellow answered the phone. I told him I had submitted my claim (per the trustee's instructions, using the trustee's 17 page form) and I wanted to know if he could verify that they had received it.

His response: "We don't have that information. We have a more general sort of information."


I asked when we would be able to verify that our claims had been received.

"We don't have that information."

What a waste of time.

In a related story, Giddens is also the trustee for the liquidation of Lehman. You may recall that Lehman fell 3 years ago. Yesterday Giddens asked the court for permission to pay some money back to Lehman customers. Bloomberg Article
"Trustee James Giddens, ... asked a judge to approve the distribution yesterday, more than three years after the Lehman parent filed the biggest bankruptcy in U.S. history. He didn’t say how much money customers can expect, only that his goal was to make “a significant” payment."
Customers have been waiting three years. Giddens tells the judge that he has the money in hand, yet he refuses to tell customers how much money they can expect, sometime next year when he gets around to distributing it.

Giddens represents himself to the judge as experienced. I can see that he does indeed have lengthy experience holding on to customers' money.

PS: I highly recommend the only guys who appear to be working to get money back to MF Global customers: James Koutoulas and John Roe of the Commodity Customer Coalition. I've joined, and I suggest you do too