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JPMorgan agrees to buy MF Global UK London Metal Exchange shares
By Caroline Salls
Pittsburgh, Nov. 23 - MF Global UK Ltd. special administrators Richard Fleming, Richard Heis and Mike Pink of KPMG LLP announced that JPMorgan Chase & Co. has agreed to purchase all of MF Global's shareholding in the London Metal Exchange (LME), according to a news release.
The JPMorgan agreement came after a competitive bidding process, the administrators said.
The LME shareholding includes 600,000 ordinary A shares and 25,000 ordinary B shares.
The transfer of shares is subject to confirmation by the board of the LME.
"We received a great deal of interest in the LME shares and are pleased to be in the final stages of concluding a sale," Heis said in the release.
"The sales process for various aspects of the MF Global UK business continues apace and we are in negotiations with several parties to this end."
"In the mean time, we have prepared a timeline for the return of client assets and client monies. This is currently being finalized and will be communicated to clients shortly," Heis added in the release.
"The principal features of the timeline include the setting of a bar date in respect of client assets (as provided for within the special administration regime) and an expedited process for returning those assets where ownership issues are less complex."
"It will also set out a proposed timetable for agreement of creditor balances and distribution of client monies."
MF Global Holdings Ltd., a commodity and derivatives broker based in New York, filed for bankruptcy on Oct. 31 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 11-15059.
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