The icing on the cake - for bankruptcy purposes, MF is now an equities firm, not a commodities firm.
This means - surprise - that the tens of thousands of commodities account holders go to the end of the line as an “unsecured creditor”, rather than getting their money.
Imagine if your bank failed, and the FDIC said that leveraged derivative traders were senior to you and your checking/savings account.
Now that I think about it, this is probably the case.