A bankruptcy judge said yesterday that Jon S. Corzine and other former MF Global Holdings Ltd. executives and employees could tap more insurance money to pay for defense costs but called the decision a “stopgap”, as he decides whether they must continue seeking court permission to access the cash, the Wall Street Journal reported today. “I’m not using this as a way of avoiding the decision,” said Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan. The judge set a “soft cap” of $55 million for the defense costs. The former executives have already tapped about $47.5 million of the insurance for their legal defense, including unpaid bills.
