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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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, I submitted a claim in late 2011 account I had in

Customer Question

Hi, I submitted a claim in late 2011 for an account I had in the now bankrupt MF Global UK. The value of my account as at 31 Oct 2011 was $609 051.96 (including open positions) and the value after all my open positions were closed was $504 943.46. My account number at MF Global was ZM502 and it was segregated and accepted by KPMG as such. I then sold my claim to the Bowery Institutional Opportunity Fund in the USA for 80% of the value. The court finally decided in 2013 that the hindsight principle will not be followed and therefore that my account will be valued as at 31 Oct 2011, which was R609 051.96. Bowery, the legal owner of the account, then paid me according to the agreement R487 241.57 ( 80% of 609 051.96). However, I have now received a demand from Bowery to repay them 80% of the excess of $104 108.50 (609 051.96 less 504 943.46), because KPMG have recalculated the claim to be R504 943.46 (the value after all open positions) have been closed. They argue that a portion of the claim (excess of 104 108.50) has now been disallowed by KPMG and that I have to repay them. 80% of that disallowed amount. I know the final distribution rate was 90.65% and that Bowery received $552 105.60 out of the possible 609 051.96. As far as I know the court decision is still that the value as at 31 Oct must be applied and not the value after open positions have been closed. 1. Can you please confirm which of these two values are still to this day used the calculate claims? 2. Would you be able to give me a full opinion on this issue? 3. If so, what is the procedure I need to follow, who to contact, etc 4. What would be the approx cost of such opinion? Regards, ***** *****

Submitted: 3 years ago.
Category: Law
Expert:  Nicola-mod replied 3 years ago.
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Customer: replied 3 years ago.

You can cancel the question only if you refund me the cost of R470, that I have paid already.

If you cannot refund me, then please continue looking for someone to help me, but only answer my Question 1.

I have since realised questions 2 to 4 does not apply to you.