Nov 23

Commodity Customer Coalition forms to reclaim MF Global funds

Chicago Tribune
The coalition grew out of a meeting with James L. Koutoulas, chief executive of commodity trading company Typhon Capital Management of Chicago, shortly after the announcement of MF Global’s bankruptcy on Oct. 31. We found each other through social media. We set up a conference call, and before we knew it, there were hundreds of people on it — just talking about the situation, how untenable it was and how there was really nobody representing customer interests. … Informally, we started talking about what we could do, what legal avenues we could pursue, to get before the court. But it was so cost-prohibitive that nobody wanted to do it. We’re talking about getting just one pleading before the (bankruptcy) court costing $25,000 or $50,000.