Manhattan Bankruptcy Court Judge Martin Glenn has ruled that MF Global clients with likely over $3 billion of their OWN money stolen by MF Global do not deserve to be represented on the creditors' committee, unlike JP Morgan, with a $1.2 Billion lien on the bankrupt firm after LENDING MF Global money.
In other news, Judge Martin Glenn was later sighted in the coastal waters of the Bahamas on his new yacht.
MF Global Inc. brokerage customers, who may be missing more than $1.2 billion from their accounts, won’t be allowed to form a committee to represent their interests in bankruptcy court, a judge ruled.
Judge Martin Glenn, overseeing a hearing today in Manhattan Bankruptcy court, said he will deny commodity customers’ request to form an official committee. He urged the trustee to work closely with commodities customers.