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View Full Version : Who just bot MF Global's PM warehouse receipts from b/k trustee??



beefsteak
15th March 2012, 01:56 PM
Jefferies to Buy MF Global Precious-Metals Assets (http://www.usagold.com/cpmforum/2012/03/15/jefferies-to-buy-mf-global-precious-metals-assets/) Mar 15th, 2012 11:13 by News
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.


…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.
[source--wsj (http://online.wsj.com/article/SB10001424052702304692804577281723236803052.html)]


PG View: The trustee’s comments about the liquidity of these warehouse certificates sends a very clear message: Buy physical and take delivery.


An industry insider familiar with the deal tells me this is purely a play by Jefferies to acquire the former commodities clients of MF Global. Jefferies apparently has the connections with HSBC (the custodian of the actual metal) and is far more likely to be able to get the metal or sell the certificates than some lawyer handling the bankruptcy. What they want is these former MF clients to start trading with them. [/quote]
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OBSERVATION:

Hmmm...wonder if Gerald Celente will so be back to singing his normal basso profundo with this new development, instead of his castrati soprano choir section reassignment he's been "nudged" into recently?


beefsteak

osoab
15th March 2012, 07:16 PM
Link to original article.
Jefferies to Buy MF Global Precious-Metals Assets (http://online.wsj.com/article/SB10001424052702304692804577281723236803052.html)



BY PATRICK FITZGERALD

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 ...

subscription required to read the rest.

The "best available opportunity" shtick reminds me of the FDIC press releases when a bank goes down.

I thought Jefferies was having some issues. I remember quite a few posts on ZeroHedge about those issues.

Anyone got a number of what Jefferies is ponying up for the certs?

Seems odd to me that Goldman wouldn't be getting them for pennies on the dollar.

beefsteak
15th March 2012, 09:21 PM
You have a problem with the way I incorporated the article link into the body of my copy/paste?

It would appear you felt you needed to improve on my "linkage" for some reason?

Looking for osoab feedback - input here...


beefsteak

gunDriller
16th March 2012, 08:58 AM
Hmmm...wonder if Gerald Celente will so be back to singing his normal basso profundo with this new development, instead of his castrati soprano choir section reassignment he's been "nudged" into recently?


beefsteak

either way, i can't stand his "interview voice".

though his insights on MFGlobal were educational.

osoab
16th March 2012, 05:59 PM
You have a problem with the way I incorporated the article link into the body of my copy/paste?

It would appear you felt you needed to improve on my "linkage" for some reason?

Looking for osoab feedback - input here...


beefsteak

I didn't mean to step on any toes beefsteak.

I knew that usagold wasn't the source for the piece when I read your post, so I went digging. I thought that other members might appreciated where the source article originated. It is a rarity when I would do this, but this seemed an important enough of a development to warrant some more numbers.

I was hoping to read the remainder, but without a signing up or subscription, I am s.o.l. on reading the entire article.
Maybe google's archives would have the whole thing?

I was really looking for numbers of what Jefferies paid for the certs.

beefsteak
16th March 2012, 06:13 PM
Didn't "step on my toes," osoab. The link was in the article, did you see the hyperlink that said, and I quote: [source--wsj (http://online.wsj.com/article/SB10001424052702304692804577281723236803052.html)]

I truly don't want any hint of nor reputation for just plastering up any ole thing, without proper attribution, okay, over my personal sig file? I'm kinda particular about anyone getting that impression. That's all.

If you would have clicked there you would have found the whole Wall Street Journal article open up to you, if you were a subscriber, that is.

Sometimes, all we get is headzup from people who ARE subscribers and their "executive summary efforts," y'know?

As part of the older generation who believes and practices that when it comes right down to it, all a man has is his word/bond and his personal integrity, credibility is important to me.

Thanks for your forthright response. And perhaps next time you will notice the attributions within the article when so proferred by moi....


beefsteak

osoab
16th March 2012, 06:16 PM
Didn't "step on my toes," osoab. The link was in the article, did you see the hyperlink that said, and I quote: [source-wsj] I truly don't want any hint of nor reputation for just plastering up any ole thing, without proper attribution, okay, over my personal sig file? I'm kinda particular about anyone getting that impression. That's all.

If you would have clicked there you would have found the whole Wall Street Journal article open up to you, if you were a subscriber, that is.

Sometimes, all we get is headzup from people who ARE subscribers and their "executive summary efforts," y'know?



Thanks for your response. And perhaps next time you will notice the attributions within the article when so proferred by moi....


beefsteak

I didn't notice your link to wsj beefsteak. Apologies.