Collapsed brokerage MF Global Holdings Ltd. on Tuesday effectively ended its bankruptcy, saying that court-appointed trustee Louis Freeh will step down and hand the estate's remaining wind-down duties to a new three-member board, Reuters reported yesterday. The commodities broker, led by former New Jersey Gov. Jon Corzine, filed for chapter 11 protection in 2011 after investors were spooked by its exposure to $6.3 billion in European sovereign debt. The company's liquidation plan put together by Freeh, a former FBI director, and MF Global's creditors, was approved by bankruptcy Judge Martin Glenn in April, and the plan went into effect yesterday. The plan could not go into effect until certain conditions were met or waived, one of which was that the estate had enough cash to pay its claims, according to court papers filed in February. A new board, consisting of Daniel Ehrmann, Nader Tavakoli and Richard Katz, will finish liquidating MF Global's assets.
