Reuters reported that brokerage firm MF Global effectively ended its bankruptcy when, according to the article, the firm’s court-appointed trustee Louis Freeh will step down and hand over wind-down duties to a new three-member board.
The WSJ reported that the leadership of MF Global Holdings, former executive Jon S. Corzine and two of his top lieutenants, is to blame for the brokerage firm’s demise.
Reuters reported that MF Global Holdings will seek court approval of a plan to liquidate its assets and repay creditors.
JPMorgan and the creditor co-proponents of the MF Global Holdings amended Joint Plan of Liquidation have reached an agreement to modify the Plan to resolve JPMorgan’s objections.