Who says that Wall Street does not take care of their customers.
The clients didn't have to do a single thing for themselves. They didn't have to decide when to sell, or to whom, or at what price. And they did not even have to hire a trustee to liquidate their assets.
This is what they call 'end to end' customer service.
WSJ
Jefferies to Buy MF Global Precious-Metals Assets
By PATRICK FITZGERALD
March 14, 2012,
Investment bank Jefferies Group Inc.'s commodities arm has agreed to buy the gold, silver and other precious-metals assets from the trustee liquidating MF Global Holdings Ltd.'s brokerage business.
James Giddens, the trustee overseeing the liquidation of MF Global's brokerage's commodities business, said in a court filing Monday that an offer from Jefferies Bache Financial Services Inc. is the "best available opportunity" to sell the remaining physical property under his control.
Jefferies is buying the warehouse certificates—not the actual gold and silver bars—of MF Global's former commodities customers. At current market prices, those customers would get about $14.5 million from the sale of the certificates, a value of more than 99% of the aggregate current futures value of the metals underlying the certificates.
The trustee, who worked with futures-market exchange CME Group Inc. to shop the certificates, said no other buyers stepped forward.
The sale therefore represents an "attractive opportunity" in a market environment in which other means of liquidating the certificates are unlikely or would be subject to a "far greater liquidation haircut," Mr. Giddens said in court papers.
A hearing on the sale, which requires court approval, is slated for April 2 in U.S. Bankruptcy Court in Manhattan...
