UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

In re

MF GLOBAL INC.,

Debtor.

Case No. 11-2790 (MG) SIPA

ORDER GRANTING MOTION OF JAMES W. GIDDENS, SIPA TRUSTEE FOR 

LIQUIDATION OF MF GLOBAL INC., TO APPROVE FIRST INTERIM 

DISTRIBUTION FOR ALLOWED COMMODITY FUTURES CLAIMS

Upon consideration of the Motion1(ECF No. 1086) dated March 15, 2012, of 

James W. Giddens (the “Trustee”), as Trustee for the liquidation of the business of MF Global 

Inc. (“MFGI” or the “Debtor”) under the Securities Investor Protection Act (“SIPA”), pursuant 

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

“Bankruptcy Code”), and 17 C.F.R. sections 190.01 through 190.10 (the “Part 190 

Regulations”), for entry of an order approving the First Interim Claims Distribution of MFGI’s 

former commodity futures customers’ property to customer claimants who have received and 

agreed to the final determination of their claim; and the 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 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, 

 

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

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that the 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 (the “MFGI Liquidation Order”), and are appropriate exercises of the 

Trustee’s authority 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 based upon the 

factual findings and legal conclusions set forth in the Court’s memorandum opinion, dated April 

24, 2012 (the “Memorandum Opinion,” ECF No. 1421); and after due deliberation and sufficient 

cause appearing therefore, it is hereby

ORDERED that the Motion is hereby approved; 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 effect

distributions of up to approximately $600 million of Segregated Funds, approximately $50

million of Secured Funds, and to establish a Delivery Class and distribute approximately $35 

million of Delivery Funds to claimants with allowed claims for property within the Delivery 

Class (the Segregated Funds, Secured Funds, and Delivery Funds each comprising a separate 

“Class” of customer property, and collectively, the “Classes”), while maintaining an appropriate 

reserve in each of the Classes; and it is further

ORDERED that the Delivery Class, pursuant to the Part 190 Regulations, shall include 

Delivery Credits, Frozen Proceeds, Delivery Debits and Physical Customer Property in the 

definition of specifically identifiable property; and it is further

ORDERED that the First Interim Claims Distribution is a necessary step to implement 

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

of execution of the MFGI Liquidation Order; and it is further 

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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 distributions contemplated by this Order; 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 distributions; and it is further

ORDERED that all objections to the Motion or the relief requested therein that have not 

been withdrawn, waived, or settled, and all reservations of rights included therein, are overruled 

on the merits or otherwise resolved for the reasons set forth in the Memorandum Opinion; 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 

that the Trustee’s implementation of the distributions be approved in their entirety; 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: April 26, 2012

New York, New York

_____/s/Martin Glenn_______

MARTIN GLENN

United States Bankruptcy Judge

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