A large group of creditors of MF Global Holdings Ltd.'s bankrupt brokerage unit will soon receive their first payout, as $518.7 million of checks start to be mailed out on Friday, the third anniversary of the company's chapter 11 filing, Reuters reported yesterday. James Giddens, the trustee liquidating the MF Global Inc. brokerage unit, said yesterday that the payout to unsecured general creditors will cover 39 percent of claims he has deemed valid. He said another $32.3 million will be distributed to some "priority" claimants, covering all of their valid claims. Giddens is keeping roughly $300 million in reserve for unresolved unsecured and priority claims, and said he expects another significant distribution by next June.
