Skip to comments.MF Global Judge Nixes Customer Group's Bid To Depose Corzine
Posted on 01/08/2013 11:11:34 PM PST by SatinDoll
NEW YORK (Reuters) - A bankruptcy judge on Tuesday rejected a bid by former MF Global customers to depose the collapsed brokerage's former chief, Jon Corzine.
In a written ruling in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn said the Commodity Customer Coalition, which had sought permission to question Corzine and other former MF Global insiders, lacked standing because it is not a direct creditor in the case.
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The coalition, a grassroots group led by Chicago-based commodities trader James Koutoulas, bills itself as representing the interests of thousands of traders whose accounts at MF Global were frozen when the company went under.
But the coalition itself is merely a "'watchdog' entity with its own independent goals," hoping to depose Corzine "in furtherance of its own interests" rather than those of the MF Global estate, Glenn said in his decision.
Koutoulas, reached by phone on Tuesday, dismissed that reasoning as "the most minute technicality imaginable.
"I could have filed 10,000 versions of the motion, one on behalf of each customer we represent," Koutoulas said, adding that the coalition is considering appealing the decision.
(Excerpt) Read more at ca.news.yahoo.com ...
Looks like Koutoulas will have to file 10,000 versions of the motion.
I believe this blocking motion is being done to stall or discourage the claimants. Typical criminal activity on the part of judiciary.
I just found another thread with a similiar title. I did search for this article but didn’t find it.
Please remove this thread as it is a duplicate. Thanks.
Some animals are more equal than others.