Andrew Abraham

andy-0101 My name in Andrew Abraham. I have been investing in commodities and managed futures since 1994. I adhere to the philosophy of trend following. Trend following stresses a disciplined approach to commodity/ futures trading. Successful trend following and commodity futures investing requires patience, discipline and actively managing the risk. What sets me apart from other traders is that I am not only concerned about the return on investment but how much risk I will have to tolerate to achieve my goals.

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If you are interested in contacting for speaking engagements. Please email me at Andrabr9@gmail.com or call 954 903 0638.

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Futures and commodity trading involve substantial risk. The evaluations of futures and commodities may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or an implied promise, guarantee or implication by, that you will profit, or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided on this website is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible, where projections of future conditions are attempted.

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MF Global’s cash collateral order to 30 November

Judge Martin Glenn of the US Bankruptcy Court for the Southern District of New York today extended MF Global’s cash collateral order to 30 November.

Only USD 2m of the USD 8m in allowed cash collateral has been used, according to testimony by Ken Ziman, debtor’s counsel at Skadden Arps. Ziman also provided an update on DIP financing, saying that while third-party financing has not yet been obtained, it was not viewed as “a dead item by any means”.

The other matter on today’s agenda related to a request from creditor committee member Elliot Management to trade claims subject to an information wall. Judge Glenn approved Elliot’s motion, though a decision on a similar motion from Bank of America was postponed to 30 November.

While the hearing cleared those two procedural items, it also offered a glimpse into the drama set to unfold next week when an organized group of customers finally has its day in court. The courtroom was packed with frustrated customers who have formed the Commodity Customer Coalition (CCC) to ensure their voices are heard.

Though James Koutoulas of Typhon Capital, acting as informal counsel for the CCC, only appeared briefly today, Judge Glenn and James Giddens, the US Trustee in the bankruptcy case and the related SIPA proceedings, discussed customer objections at length.

So far the group, which is comprised of more than 2,500 MF Global customers, has taken issue with the debtor’s use of cash collateral, a decision to grant pre-petition lender JPMorgan super-priority liens on assets, and the delay on immediately returning customer funds that have already been located. Arguments over those objections are scheduled for hearings on 22 November and 30 November.

Judge Glenn expressed sympathy for customers who have large sums of cash tied up in MF Global accounts, many of whom have written him letters. The CCC acknowledges that 11.6% of the segregated customer funds have not been located, but is advocating for the immediate return of the 88.4% of the customer funds that have been located. These accounts represent only 16% of the total USD 5.5bn of segregated accounts. While accounts with commodities positions were transferred to broker dealers, customer cash only accounts remain at MF Global.

For his part, Giddens pointed out that the group’s objections contain many misconceptions and misunderstand his limited ability to return customer funds without the approval of the Commodities and Futures Trade Commission. The CFTC testified in court that any client shortfalls should be shared by customers on a pro rata basis

Giddens also attempted to clarify that debtor does not have cash on hand that could replace the missing customer funds. MF Global has less than USD 5m in the bank outside customer accounts, which mostly consists of money advanced by SIPC, Gibbons said in court.

Judge Glenn has ordered Giddens to meet tomorrow afternoon with the disgruntled customers to try to reach a compromise. The trustee promised to file an official reply in court by noon ET on Monday, 20 November.

In a nod to customers mounting claims, the trustee filed papers yesterday asking the court for permission to return USD 521m of money to commodities customers whose accounts contained cash only. The USD 521m represents 60% of the USD 869m in such accounts. The CME is providing USD 250m in guarantees and USD 50m in assets to facilitate the release of more collateral, the filing said. A hearing on that matter is tentatively scheduled for 22 November.

Lastly, Martin Bienenstock of Dewy LeBoeuf, proposed counsel for creditors committee, testified that USD 6.3bn of MF Global’s sovereign debt portfolio has been converted to safer domestic securities, but did not give details when asked by Judge Glenn. Bienenstock also testified that Skadden and FTI Consulting, advisors for the debtors, have been extremely cooperative.

MF Global’s USD 325m 6.25% notes due 2016 were the most actively traded high-yield bond today, changing hands around 40, according to MarketAxess.

by Tibita Kaneene
http://us.debtwire.com/common/ho.aspx?e=104&a=549501&i=2367551&d=20111116&s=1267098

Andrew Abraham
Abraham Investment Management


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