If a bankruptcy court approves, three of MF Global Holdings top executives, who oversaw the company before it failed last year, should get bonuses this year. Frank Piantidosi, an adviser working with the trustee says the value the three executives bring by helping to liquidate and recover assets for the estate – outweighs the cost to retain them. The compensation packages are still being prepared, and would apply to Chief Operating Officer Bradley Abelow, General Counsel Laurie Ferber and Chief Financial Officer Henri Steenkamp. Kent Jarrell, a spokesman for James Giddens, the trustee, says the – Giddens’ staff currently consists of about 70 former MF Global employees, none of whom are executives or get bonuses. The brokerage estate, which is entirely separate from that of the holding company, has cut staff week by week as it comes closer to completing its work and expects to have 50 people left by next month.
MF Global Holdings filed bankruptcy after a 6.3-billion dollar trade on its own behalf on bonds of some of Europe’s most indebted nations led to margin calls. Its bankruptcy filing listed assets of 41-billion dollars and debt of 39.7-billion.
lass=MsoNormal>Anne Steckel, vice president of federal affairs at the National Biodiesel Board, challenges the Obama Administration to – continue this progress by raising the volume standard for biodiesel next year as the EPA has proposed. Steckel says – thousands of jobs in our industry as well as improved U.S. energy stability depend on that decision.
Source: NAFB News Service