Hanjin Shipping

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MF Globalformerly known as M an F inancial, was a major global financial derivatives brokeror commodities brokerage firm that went bankrupt in MF Global provided exchange-traded derivatives, such as futures and options as well as over-the-counter products such as contracts for difference CFDsforeign exchange and spread betting.

A series of perceived liquidity problems and large fines and penalties dogged MF Global starting inand led to its bankruptcy in InMF Global faced major pressures to its liquidity over several months. Some analysts and financial commentators indicate that MF Global probably experienced a number of trading days in during which the firm's bets on sovereign debt would have required the use of customer funds to meet capital requirementsthereby maintaining operating funds and possibly overall solvency.

A large part of these pressures on MF Global were a result of the firm's involvement in a significant number of repurchase agreements. Many of these repo agreements were conducted off their balance sheet.

Failure of those, and other, repo positions contributed to the massive liquidity crisis at the firm. MF could not repay these monies with its own funds. Improper co-mingling, or mixing, of company and client funds took place for days before the illicit transfer and loans, and perhaps for many other days earlier in the year.

According to the New York Times"MF Global dipped global liquidator trading corporation inc and again into customer funds to meet the demands", perhaps beginning as early as August MF Global declared bankruptcy on October 31,and the company was liquidated beginning in November MF Global traces its roots to the sugar trading business started by James Man in England global liquidator trading corporation incwhich evolved into broader commodities trading before its later transformation into a financial services business during the s focused on commodity futures trading.

The rapid expansion of the Man Investments unit in the emerging hedge fund management business shrouded many investors from the development of its brokerage unit. The Refco deal followed a hotly contested auction with Cerberus Capitalthe private equity group, and boosted Man Financial's scale in retail and institutional business. MF Global was the brokerage segment of Man Group global liquidator trading corporation incwhen the Man Group decided to split the investment and brokerage businesses so they could each focus on their own markets.

Man Financial was spun off from Man Group as part of the initial public offering IPO and separation of the brokerage from the asset management operation. The then-separate investment business retained the name of Man Group. The company was registered in Bermudabut subsequently moved its registration and headquarters to the United States.

The provision was the result of unauthorized trading by a representative in a MF Global global liquidator trading corporation inc office, who on February 27,while trading in the wheat futures market in his personal account, substantially exceeded his authorized trading limit.

MF Global held a conference call [14] at 11 a. EST on February 28 to discuss the matter. On March 17,shares of MF Global plummeted on liquidity fears. Corzine spent nearly all of global liquidator trading corporation inc 9 years prior to joining MF Holdings as either U. Customer accounts global liquidator trading corporation inc frozen the same day. Initial media reports suggested impropriety on Mr. Corzine's part, but this was later disproved. According to the New York Times, the employee responsible for the transfer e-mailed Mr.

Corzine stating the transfer was a "House Wire", meaning it came from the firm's own account. Corzine had given were to deal with several overdrafts at JPMorgan Chase, but never related to any specific accounts or specific transfers made. A spokesperson for Mr. Corzine responded that Corzine "never directed Ms. Nor was he informed that customer funds had been used for that purpose.

Corzine had been given specific assurances that the transfer in question was proper, and that no customer funds had been used. Subsequent court filings also attest to this fact. A spokesman for Mr. Corzine is very pleased that all customers will receive a full recovery. This is a great outcome, which has been anticipated for many months.

The brokerage used a large number of complex and controversial repurchase agreements or "repos" for funding and for leveraging profit, many off their balance sheet. Failure of the repo positions helped cause the liquidity crisis at the firm. In response Moody's and Fitch cut the company's credit rankings to junk.

Corzine was working to find a buyer, according to several reports. The firm's board met through the weekend of October 29 and October 30 in New York to consider options including a sale to avert failure, according to a person with direct knowledge of the situation.

This became the eighth largest bankruptcy protection filing in the history of the United States to that time.

Bankruptcy Court in Manhattan" after making bets on European sovereign debt. MF Global filed for bankruptcy protection because of heavy purchases of sovereign debt from some mired in the European Debt Crisis including IrelandItalyPortugaland Spain. The problems of the week preceding the Global liquidator trading corporation inc 11 filing scared off investors en masse. Upon the filing, credit ratings agencies immediately cut the ratings of MF Global to junk status.

Some commentators have suggested the failure of MF Global highlights the difficulty in regulating complex global financial firms, the dangers of off-balance-sheet accounting as well as touching on the European sovereign debt crisis. Many took its collapse as a reminder that whatever the root causes of the " global financial crisis ", some of the primary problems remain because of the lack of needed regulatory changes.

As administrative agent, JPMorgan structured a revolving credit facility. At the time of its bankruptcy filing, MF's board of directors included: In the immediate wake of the bankruptcy, Corzine [47] [48] and the board [49] were criticized in the financial press for their apparent non-awareness of the company's condition in the immediate lead-up to the event and their apparent inabilities to manage the risk the company had assumed. Trustee Tracy Hope Davis, working under the authority of U.

Bankruptcy Court judge Martin Glenn. Louis Freeh came under criticism following his appointment as MF Global Holdings bankruptcy trustee from politicians, commentators and former federal officials for trying to capitalize on cases such as MF Global and the Penn State sex abuse scandal, despite a federal career of his own that was fraught with controversy.

Other experts and observers, however, found Freeh to be eminently qualified, and an excellent choice for trustee. These individuals expressed confidence that Freeh and his team could sort through the financial mess at MF Global, find the best possible legal resolutions to suggest and retrieve as much money for clients as possible.

The bankruptcy trustees office charged with liquidating MF Global fired 1, employees of the broker-dealer subsidiary on November 11, Global liquidator trading corporation inc terminated employees did not receive any bonuses, deferred compensation or severance pay.

The trustee's office confirmed that about employees were hired back to assist in the liquidation process, including processing bankruptcy claims and wrapping up necessary business activities.

In addition to other investigatory work, U. Clearly, client or customer accounts were misused to try to cover the bet made on European sovereign debt. Beginning in NovemberMF Global was investigated by regulators for money missing from client accounts. As the trustees and liquidators continued their work in early global liquidator trading corporation inc, they indicated that the total amount owed to clients was substantially higher.

US and UK investors continued waiting to see if and when they would be repaid for the misuse of their client account monies. However, because rehypothecation is not allowed in Canada, the Canadian customers of MF Global were able to recover all their funds within 10 days. Some prominent financial industry executives, journalists, regulators, politicians - and some MF Global clients - lay the blame for the demise squarely, and primarily, at Corzine's feet.

On the global liquidator trading corporation inc of MF Global's bankruptcy, a Bloomberg reporter wrote "Jon Corzine's risk appetite helped destroy his firm. Many sources indicate Corzine was heavily involved with the sovereign debt trades that led to the company's demise, indicating the firm took on the positions at his urging as CEO and Chairman.

Structured-finance commentator Janet Tavakoli has alleged that Corzine's MF Global likely had a number global liquidator trading corporation inc days in in which the company's bets on sovereign debt would have required the global liquidator trading corporation inc of customer funds to meet capital requirements, thereby maintaining operating funds and global liquidator trading corporation inc overall solvency.

The letter was not returned to JPMorgan. A Bloomberg story reported that "Lawyers said it was no surprise that he repeatedly focused on intent in his testimony," because proving intent is part of the burden of prosecutors in criminal fraud cases. In his Congressional testimony, Corzine indicated that Edith O'Brien may have been at least partially global liquidator trading corporation inc for the loss of customer money.

His lawyers have also pointed global liquidator trading corporation inc O'Brien. Friends of O'Brien said she was "being set up as a 'patsy'. From Wikipedia, the free encyclopedia.

Retrieved 9 June Retrieved November 10, Retrieved July 6, Retrieved 5 August MF Global Investor Relations.

Commodity Futures Trading Commission. Retrieved April 3, MF Global proves Enron-era accounting lives on". Retrieved October 31, Retrieved November 2, Retrieved from " https: Primary dealers Financial services companies of the United States Companies delisted from the New York Stock Exchange Companies based in New York state Companies that filed for Chapter 11 bankruptcy in Financial derivative trading companies Companies disestablished in American companies established in establishments in New York state disestablishments in New York state.

All articles with unsourced statements Articles with unsourced statements from November Articles with unsourced statements from February Views Read Edit View history. This page was last edited on 2 Aprilat By using this site, you agree to the Terms of Use and Privacy Policy. Filed for Chapter 11 bankruptcy. The brokerage unit is undergoing SIPC liquidation. New York CityUnited States.

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Prior to its financial demise, Hanjin Shipping was South Korea's largest container line and one of the world's top ten container carriers in terms of capacity. Hanjin shipping formerly operated some 60 liner and tramper services around the globe transporting over million tons of cargo annually. Its fleet consisted of many container ships , bulk and LNG carriers. Hanjin Shipping had its own subsidiaries dedicated to ocean transportation and terminal operation and it had several branch offices in various countries.

On February 17, , Hanjin Shipping Co. The financial struggles and insolvency of Hanjin Shipping were attributable to an ongoing downturn in the container shipping industry that is the result of numerous interrelated factors such as weak global GDP , overcapacity on container vessels, "bloated" US retail inventories, changing consumer spending patterns, Chinese economic slowdown, and muted growth in demand for container shipping.

The downturn has dented profits and crippled the financial health for the majority of the top twenty ocean carriers. In April , Hanjin applied to its creditors for debt restructuring, in order to avoid formal insolvency proceedings. On September 2 Hanjin Shipping Co. Bankruptcy court in Newark, New Jersey that would allow its vessels to dock without its ships, cargo or equipment being confiscated by creditors.

Bogged down with tremendous debt, trapped in a struggling industry unlikely to improve in the near future, and with assets confiscated by creditors or abandoned by the company, signs quickly began to appear that Hanjin would likely be dissolved by the South Korean government and stakeholders.

The company announced plans to shut down offices around the world, [7] lay-off workers, [8] [9] sell remaining assets, [10] and dismantle its service network.

Other container lines distanced themselves from Hanjin and joint operations with the company were terminated. Hanjin Shipping's dissolution was the largest and most significant bankruptcy in the container transport industry [11] and it caused worldwide supply chain and shipping disruption as cargo ships were left stuck at ports and canals waiting for cash payments.

Other businesses that rely on physical products found themselves without the expected revenue from inventory that became stuck at sea. Hanjin's abrupt cave-in occurred at an especially inconvenient time for retailers furnishing their inventories with imported items in preparation for a seasonal uptick in Thanksgiving , Christmas , Black Friday , and New Year's sales.

Although large companies such as Nike were affected, the repercussions were more prominent on smaller companies. In August ; a South Korean bankruptcy trustee which was appointed to manage the liquidation of Hanjin Shipping, reported that it had only collected million USD from the sale of Hanjin's assets. From Wikipedia, the free encyclopedia. Retrieved February 19, Retrieved 26 April Retrieved 31 August Retrieved July 10, Archived from the original on 25 July Retrieved 14 August Retrieved from " https: Companies based in Seoul Transport companies established in Container shipping companies Hanjin Group Insolvent companies Shipping companies of South Korea Transport companies disestablished in establishments in South Korea disestablishments in South Korea Companies that have filed for bankruptcy in the South Korea.

Views Read Edit View history. In other projects Wikimedia Commons. This page was last edited on 3 May , at By using this site, you agree to the Terms of Use and Privacy Policy. Containerization , shipping , ocean freight transport. Cargo transport, stevedoring , container terminal management.