Guys Some great news on CFDs - extract from Deloitte in email to all CFD:
CFD clients
Deutsche Bank (DB) update
On Wednesday 23 November 2011 DB provided the Administrators with information regarding the close out of all MFGA positions. On the same day DB transferred to the Administrators $38m. This is $10m less than recorded in the records of MFGA as at 1 November 2011 and as reported at the first meeting of creditors on 11 November 2011.
The difference includes, amongst other costs: market movements; illiquid positions still held; offset claims and expenses; adjustments. We are in the process of reviewing this information and DB's claims for deductions & offset. We do not have a timeframe for how long this exercise will take.
Adding the above to the existing cash reserve gives us about 81% of cash in hand as of today. This is a great result for CFD clients.
I rang up Deloitte and they said that distribution of funds will commence soon (I believe around Jan 2012) for the 80%. The remaining funds will require some great negotation and debt collection which I think may take a while to resolve as it involves other MF affiliates.
I would argue that those with cash only position (or partial cash position) should not be penalised to cough out the open position of other traders - however as you noted the $10M shortfall includes amongst others so-called expenses it would not be easy to filter out just the shortfall - and then apply to those with open position only as this will be quite a task for Deloitte.
DB managed to take a $10M cut from $48M plus all the interest - what a great way to make money !
I'm happy for 80% in the dollar and this is the base now. Much higher than what I orginally expected.
