MF Global Won't Tap Newly Bankrupt Units For Cash

Law360, New York (December 21, 2011, 7:53 PM EST) -- Attorneys for MF Global Holdings Ltd. told a New York bankruptcy judge on Wednesday that they had no intention of tapping into $22.4 million held in the bank accounts of three additional affiliate companies that had filed for bankruptcy protection the previous day.

The lawyers told U.S. Bankruptcy Judge Martin Glenn that the three newly bankrupt units had only limited operational costs and just two employees altogether. The judge granted permission for MF Global to use some of the $1 million at a nonoperational, nondebtor affiliate...
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