I copied & paste from my email. from Larry Williams, the commodity trader.
Here is a Heads up for all those with accounts at MF Global... In my opinion, it will be best to liquidate positions first at MF, as opposed to transferring the positions to another firm.
What usually happens when changing firms is you just transfer open positions to the new firm and then the cash backing the position is transferred to the new broker within 24 hours.
Since Man appears to be short on cash, and lawyers are filing suits like flies coming to a rotten banana, Man may be able to transfer the positions (after all they are yours), but may not be able to transfer the cash supporting the position.
If the new broker does not get the cash transfer... you will have a margin call and if not met... the positions will be liquidated.
Keep in mind I am not a lawyer, this is not legal advice. We all make our own decisions and live with them. This information is based on my personal experience in another similar instance and I have consulted with industry professionals in preparing this information.
