1 

UNITED STATES BANKRUPTCY COURT 

SOUTHERN DISTRICT OF NEW YORK

In re 

MF GLOBAL INC., 

Debtor. 

Case No. 11-2790 (MG) SIPA 

ORDER GRANTING EXPEDITED MOTION TO APPROVE 

FURTHER TRANSFERS AND DISTRIBUTIONS FOR MF GLOBAL INC. 

UNITED STATES COMMODITY FUTURES CUSTOMERS 

Upon consideration of the Motion1 dated November 29, 2011, of James W. 

Trustee obal Inc. 

MFGI Debtor SIPA

SIPA section 78fff-1(b), sections 105(a) and 766(c) of title 11 of the United States Code (the 

Bankruptcy Code Part 190 

Regulations

FCMs

Court having jurisdiction to consider the Motion and relief requested therein pursuant to SIPA 

section 78eee(b)(4); and it appearing that due and proper notice of the Motion and the relief 

requested therein having been given, and no other further notice needing to be given; and SIPC 

supporting and approving the transfers and distributions as described in the Motion; and the 

Court having reviewed the Motion and determined that the legal and factual bases set forth in the 

Motion establish just cause for the relief granted herein, to wit, that the transfers and 

 

1. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Motion. 

         

    
2 

distributions described in the Motion and set forth below will effectuate the terms and purpose of 

the Order of the District Court entered on October 31, 2011 commencing this liquidation of 

MFGI Liquidation Order

pursuant to the MFGI Liquidation Order, SIPA section 78fff-1(b), Bankruptcy Code sections 

105(a) and 766(c), and the Part 190 Regulations; and after due deliberation and sufficient cause 

appearing therefore, it is hereby 

ORDERED that the Motion is granted in all respects; and it is further 

ORDERED that, under SIPA section 78fff-1(b), Bankruptcy Code section 766(c), and the 

Part 190 Regulations, the Trustee is authorized and shall use his best efforts to complete one or 

more transfers and distributions of approximately $2.2 billion of U.S. Segregated Customer 

Property to qualified FCMs that have agreed to accept such U.S. Segregated Customer Property 

Transferees while holding 

back approximately fifteen to twenty percent of the total U.S. Segregated Customer Property or 

approximately $800 million; and it is further 

ORDERED that the Physical Customer Property (as defined in the Motion), or the 

proceeds thereof, may be returned to customers on the same pro rata distribution basis applicable 

to accounts of U.S. Segregated Property Customers, without prejudice to any future 

determination of whether the Physical Customer Property or some subset thereof constitutes a 

separate class of customer property and is entitled to disparate treatment; and is further 

ORDERED that for the purposes of valuing the Physical Customer Property being 

distributed pursuant to this Order, the value of Physical Customer Property transferred to 

customers shall be established by reference to the settlement price for the futures contract for the 

commodity represented by the Physical Customer Property on the day before the transfer (or the 

         

    
3 

day before the first day of transfers, if transfers take place over multiple days) less any 

encumbrances associated with the Physical Customer Property; and it is further 

into account prior bulk transfers, if any) exceeds the True Up Amount, the Trustee shall, in 

consultation with the Facilitating DCO (as defined herein) and in conjunction with the transferee 

FCM (if one has been established for that customer), confer with that customer on an individual 

basis to determine the appropriate manner in which to proceed, including a distribution, that will, 

etermination, achieve the goals set forth in this Order, to the extent practicable, 

and on January 12, 2012 the Trustee and counsel for such customers so affected shall provide to 

the Court a status report on the implementation of this paragraph of the Order; it is further 

ORDERED that the Trustee upon advice and approval of SIPC will seek and may use 

the assistance of the Chicago Mercantile Exchange Group, Inc., and other registered derivatives 

DCOs ransfers (collectively, the 

Facilitating DCOs

providing accountings and other assistance already and continuing to do so; and it is further 

ORDERED that the Facilitating DCOs and participating FCMs are hereby authorized to 

consummate the transfers to the Transferees, and to take all other actions reasonably necessary in 

furtherance thereof to complete the transfers directed by the Trustee, and shall have no liability 

for any actions taken in furtherance of this Order consistent with and in accordance with 

applicable law; and it is further 

ORDERED that the automatic stay is vacated to the extent necessary to allow the 

Facilitating DCOs to take any of the actions described in the foregoing paragraph; and it is 

further 

         

    
4 

ORDERED that the completion of the transfers is a necessary step to implement the 

MFGI Liquidation Order and the purposes of this SIPA liquidation as described at the time of 

execution of the MFGI Liquidation Order; and it is further 

ORDERED that the Trustee is authorized to execute, deliver, implement and fully 

perform any and all obligations, instruments, documents, and papers, and to take any and all 

actions reasonably necessary to consummate the transfers; and it is further 

ORDERED that the Court shall retain exclusive jurisdiction to implement and enforce the 

provisions of this Order, including all disputes related to the transfers; and it is further 

ORDERED that the failure to specifically include any particular provision in this Order 

shall not diminish or impair the effectiveness of such provision, it being the intent of the Court 

and it is further 

ORDERED that any stay of this Order provided by the Bankruptcy Rules or other 

applicable law shall not be applicable to this Order, and this Order shall be effective and 

enforceable immediately upon entry. 

Dated: December 12, 2011 

New York, New York. 

_____/s/Martin Glenn_______ 

MARTIN GLENN 

United States Bankruptcy Judge 

         

    