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After apologizing for the slow pace, it appears the House of Klynveld has upped their game.
“We have so far collected about a half of the approximate $1 billion outstanding but it is hard to speculate on the final amount given we are dependent on third parties,” said KPMG partner Richard Heis in an interview with Reuters on Tuesday.
Okay, so there’s still half a bil out there somewhere. Anybody seen it? No? No worries, then. KPMG has a backup plan.
The administrator confirmed last week that it had sold MF Global’s stake in the London Metals Exchange to JP Morgan and the broker’s British metals desk had been offloaded to former rival FCStone. Heis said: “There are other parts of the business that could be sold and we are looking to sell them. We’re hopeful of making further announcements shortly.”
Your continued patience is appreciated.
Initially the House of Klynveld wasn’t worried about any MF Global clients getting their money back. Then yesterday we learned that plenty of people were pretty cranky, including one trader who thought the firm’s efforts so far were hilarious. Now, after a number of cranky phone calls and thousands of sternly-worded emails, KPMG is apologi[z]ing for all the “disruption” since they’ve been appointed as the administrator of MF Global:
“We are working with the companies’ staff to transfer client positions wherever possible. Where exchanges and counterparties have defaulted the company under their own rules, we have worked closely with them to try to optimise the outcome,” said Richard Fleming, UK head of restructuring at KPMG. “We understand the frustration among clients and market participants at the disruption that is currently being experienced and are sorry for the inconvenience this is causing. In relation to client assets and monies held by the company we are actively working to reconcile holdings and accounts in order to enable assets to be released as soon as possible.”
So, c’mon guys; I know it’s been over 72 hours but please bear with them.
As many of you sacrifice your lives for the greater good of the profession, slaving away day in and day out to meet that all important April deadline, just remember it could be much worse: you could be dead in your cubicle for a day before anyone actually notices.
An L.A. County employee apparently died while working in her cubicle on Friday, but no one noticed for quite some time.
51-year-old Rebecca Wells was found by a security guard on Saturday afternoon.
She was slumped over on her desk in the L.A. County Department of Internal Services.
“I came in Saturday to do a little work, and I saw them when they were taking her out,” co-worker Hattie Robertson told KTLA.
Wells worked as a compliance auditor in the risk management division of L.A. County Internal Services and had just become a grandmother a week before her death. Prior to her position with the county, she was a tax auditor for the California State Board of Equalization. The Imperial County Coroner’s Office is still in the process of an investigation.
L.A. ISD provides computer, telecommunications, building maintenance and repair, purchasing and contracts, fleet, mail messenger and printing services to departments in L.A. County.
If you’re given the task of running down assets that are left over from a Ponzi scheme, you’d think somone would throw in a little something for the effort. That stolen money is going to find itself after all.
Well! Apparently this is not so, especially as it relates to UK recovery firm Vantis. Vantis has been scouring the Earth for any of the plunder left over from the Allen Stanford hide the $7 billion game.
Six months into it, Vantis can’t get paid for its treasure hunt services and now Ernst & Young has said that the firm’s very life is at stake if they can’t start convincing some people to pay up.
Among the excuses that Vantis is claiming are the fact that most of the assets in the U.S. have been frozen and that the U.S. liquidator Ralph Janvey doesn’t play nice.
But hey! They’re still confident everything will be hunk-dory, “The UK recovery firm said it remained ‘confident’ that it would be able to recover its fees ‘in due course’ but said the timing remained uncertain.”
So more or less you’re day-to-day, right? Welcome to the prestigious Club of Those Ripped off by Allen Stanford.