The link is http://www.afr.com/p/business/financial_services/mf_global_to_return_client_funds_qcXw2AmaHe7GVL8bWJRhkK
Due to copyright I will past an extract only from the article that gives some more info on what Cornelious stated.
"Deloitte has so far recovered about $240 million of the $310 million in funds that were supposed to be protected in client segregated accounts."
Further, "...the liquidator will retain some of the money for its own liquidation and legal expenses incurred on behalf of clients, pending a court decision." ****
So Deloittes is now indicating their expenses maybe 5% to 6%, instead of the 3% to 5% mentioned previously. Fees could be as high as $18 million.
Here's the kicker though. In March Deloiites in their 2 March presentation allowed about $13.4 Million for the purpose of Administration and Liquidation of MF Global Australia. The money for their fees appears to indicated they will come from MFGlobal House Account and Assets of $24 million.
(see page 22 of link https://www.deloitte.com/assets/Dcom-Australia/Local%20Assets/Documents/Services/CRG/Bus%20under%20admin/MF%20Global/Deloitte_MFGlobal_second_creditors_meeting_presentation_02Mar2012.pdf )
From the AFR article it now appears that Deloittes has intentions of having fees paid (to some extent or wholly) from client funds.
What the actual situation seems unclear. Are they going to be paid fees only from MF Global Australia funds or from client funds, or from both? I note that Deloittes requires court approval to take fees from the client funds. One would hope the Judge see's how wrong that would be and declines it.
We have to wait until at least October 10 to see if liquidation and legal fees will be paid out of MF Global Australia’s funds or client funds.
