Bankruptcy Judge Nixes Commodity Customer Coalition’s Bid to Depose Corzine

CorzineUS bankruptcy judge Martin Glenn has ruled that the Commodity Customer Coalition cannot question Jon Corzine regarding the $1.2 billion in vaporized/rehypothecated segregated client funds still missing from MFG accounts, because the CCC is not a direct creditor in the case. 

Let’s get this straight- the Honorable Judge Glenn has essentially ruled that Mr. Corzine needn’t make a trip back from the Cayman’s, as each of the 10,000 farmers and small investors victimized by Mr. Corzine must personally appear before Judge Glenn and request a deposition of Corzine!?!?!

Meanwhile, Corzine starts his own hedge fund…


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Reuters reports that Judge Glenn has rejected the CCC’s request:

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.

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.

 

Perhaps the CCC’s James Koutoulas should file an individual motion for each MFG customer victimized?

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.

Comments

  1. Once again he celbrates that when the fix is in, the fix is really in! Lets hang him! What else is there?

  2. Mess with a made man and you end up sleeping with the fish.

  3. I agree with you Rockets,  it’s time to run for the rope  and send these people to darkest depths of hell.

  4. No putting him in jail has really been the government adding insult to injury. Hopefully he finally will join Madoff in the hall of shame of financial history.
    Take the metal out of the custodies! If you have few, you can’t afford to pay someone to keep it safe, and if you have a lot of it, you’re rich you can build a vault!

  5. Pitchforks and Torches it is!

  6. Wouldn’t surprise me he fled the US because of a death threat. Screw that many and one or two are bound to be a bit unstable especially if their life savings were just stolen. If the US government won’t prosecute time for an old fashioned necktie party.

  7. Meanwhile, Corzine starts his own hedge fund…”
     
    And anyone stupid enough to get in bed with this viper via his hedge fund truly deserves to be bitten… and WILL be!
     

  8. Looks to me as if it is time to generate a new word for financial rape.  Just say that the person was “corzined”.  That should say all that is necessary to explain their difficulty.

  9. Vigilante justice.

  10. Those folks ought to file Action as Beneficiaries of the Public Trust in their State Supreme Courts under ‘King’s Bench Jurisdiction’ charging that ‘judge’ with Violation of Fiduciary Duty in his capacity as as principal Trustee.

  11. i read something interesting today and i cannot recollect where… but this is not my quote but very apt ….. you know things are bad when doctors and medicine do more harm than good … when law destroys justice , when the church destroys morality…. when the government destroys freedom when the education system destroys learning and the banks destroy wealth

  12. mf global really was the wake up call for many of us … Corzine is one of many criminals walking with the protection of the federal mafia but no matter how you view this sorry chapter it spelt the end of any pretence of justice and any pretence of free market … it also stated quite clearly that no one in power represents the people anymore …

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