Open Letter to MF Global Trustee James W. Giddens to Resign

FOR IMMEDIATE RELEASE
Tamarac, Florida, United States of America (Free-Press-Release.com) November 10, 2011 -- Case # 11-2790
Case # 11-15059
Mr. Giddens you were appointed to represent the interests of the clients of MF Global. I am one of those clients that has been violated. Besides myself Representative Ed Royce and Representative Scott Garrett and countless others have expressed severe concerns regarding your abilities & motivations. For three years you billed over $160 million dollars yet countless Lehman customers have not been returned anything.

Does the longer the MF Global Bankruptcy proceed mean the more you can bill at $890+ from the eventual (if there are any left) proceeds of the bankruptcy? Rules 1.20(a) and 1.264 describe those conditions, including requirements that: (1) the FCM deposit customers’ funds under an account name which clearly shows that they are customers’ funds; and (2) an acknowledgment be obtained from each depository that the depository was informed that the deposits represent customers’ funds. The funds are clearly in our names, titled to the futures clients. What are you doing with them? Are your true motivations in line with the clients of MF Global (mostly agricultural and industrial hedgers, farmers, elevator operators, food producers and others vital to the well being of the US economy)?

Do the bankruptcy laws allow you to sweep titled segregated client accounts into the assets of MF Global? Is it ethical that you have the authority to hire any services you want, to do your job? Is it ethical to utilize the services of a major Washington lobby group to present your case and bill from the proceeds of the bankruptcy? Is it ethical to use well placed reporters to control the public message that the FCM customers (including farmers & hedgers) have to share in MF Global’s ridiculous gamble when the cardinal rule of segregation of client accounts was violated. People are going out of business because of what has been allowed to transpire. Clients of MF Global never knew of rule 1.25 or 1.29 which enabled MF Global to gamble with their segregated “ Safe” accounts.
I feel violated and uncomfortable with your actions. It seems multiple injustices have occurred, first by MFGlobal & their use of client segregated funds, then by the court system and now a well connected court appointed Trustee who has not performed his past task well yet billed over $160 million for himself and his company. However,I am sure the victims feel relieved that you offered a 10 percent discount from your standard rates, as in other bankruptcy cases, and not charge for overtime meals, internal copies and after-hours travel services.

This request for you to do the right thing and step down. You do not represent me. I am not a creditor of MF Global and neither is any futures client.
I imploring the new true Trustee to
1.To release at least partial amounts of the frozen cash in segregated client accounts in order to restore integrity of the markets
2.Open immediately investigations of JP Morgan and how segregated accounts & money supposedly appear and disappear in lieu of rule 1.25 and rule 1.29
3.Open immediately an investigation of all the regulators who failed their task in regulating the markets including the CME and the CFTC.
Andrew Abraham
Abraham Investment Management
cc. Senator Grassley
Senator Merkley

Representative Royce
Representative Garrett
Honorable Judge Martin Glenn

bankruptcy judge Martin Glenn     congressman     MF Global     mf global bankruptcy     senator     Senator Grassley     trustee james giddens