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MF Global trade claim sellers get guaranteed CRT auction recoveries
By Caroline Salls
Pittsburgh, July 10 - Sellers of some MF Global trade claims will receive guaranteed recoveries in CRT Special Investments LLC's weekly auctions, according to a CRT news release.
Specifically, CRT Special Investments said its weekly auctions will provide holders of 4d, 30.7, securities account and U.K. claims the opportunity to auction their claims for the highest price, while guaranteeing minimum recoveries.
The guarantee is subject to acceptable documentation, including a Notice of Determination, and weekly limits on total claim guarantees.
CRT said holders of 4d domestic customer account claims will receive $0.93 for claims less than $100,000 and $0.945 for claims greater than $100,000.
Holders of 30.7 foreign account claims will receive $0.74 for claims less than $100,000 and $0.75 for claims greater than $100,000.
Meanwhile, holders of U.K. non-segregated account claims will receive $0.62, and holders of U.K. segregated account claims will receive $0.84.
"No other auction of MF Global trade claims has guaranteed a minimum price for claims holders," CRT Special Investments managing director Joe Sarachek said in the release.
"Our aim is to leverage the auction process, together with our insight into the claims trading market and thorough understanding of the ongoing bankruptcy proceedings, to provide guaranteed recoveries and liquidity for MF Global customers."
MF Global Holdings, a New York-based commodity and derivatives broker, filed for bankruptcy on Oct. 31, 2011 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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