IBS Granted Access to October Commission Runs

Steven P. Pherson

January 20, 2012

NIBA is pleased to announce that its efforts to gain the release to IBs of their October Commission Runs have been a success. In our ongoing efforts to represent our Members interests in the MF Global bankruptcy, Melinda Schramm worked with NIBA legal counsel Schuyler, Roche & Crisham (“SRC”) to send correspondence dated January 3, 2012, to the Trustee and the Bankruptcy Judge with copies to CFTC, NFA, CME and ICE (view full copy of the letter sent by SRC to the Trustee). The correspondence outlined the importance to the IB community of obtaining the October Commission Runs, for among other reasons, to facilitate the filing of accurate Proof of Claim forms with the bankruptcy court, an act necessary to recover any earned commission revenue. SRC reports that the Trustee’s attorneys understood the importance to our Members of the Commission Runs and were responsive and accommodating to NIBA’s request.

Any IB may request a copy of the October Commission Run as follows:

1. Send an email to: mfgitrustee@hugheshubbard.com, Attention: Erin Diers;
or
2. Send a written request to:

Hughes Hubbard & Reed LLP
Attn: MF Global – Introducing Broker Commission Run Request
One Batter Park Plaza
New York, NY 10004

By either method, the request should include the IB’s full business name and their office designation identifier while associated with MFG.

Finally, NIBA reminds its Introducing Broker Members that they are categorized “general creditors” in the bankruptcy proceeding and may be able to recover some of their unpaid commission revenue, to the extent funds remain after the processing of customer claims. IBs have until June 2, 2012 to file their Proof of Claim forms. Requesting and obtaining a copy of the October Commission Runs should help greatly with this process. Click here for a copy of the MFGI General Creditor Claim Form and Instruction Packet or it can be found at www.mfglobaltrustee.com under the "Claim Forms" section.

Steven P. Pherson
Attorney at Law
SPherson@SRCattorneys.com
312.565.8373 tel / 312.565.8300 fax
Schuyler, Roche & Crisham, PC
www.SRCattorneys.com

MF Global Updates