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November 10, 2011
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James W. Giddens, the trustee handling the liquidation, has said he has “substantially” finished transferring 50,000 commodity accounts to other brokers, releasing $1.6 billion in collateral. Under bankruptcy law, he must hold back enough collateral to cover a pro rata distribution of claims he estimates will be filed, and must determine the amount of all claims before more money can be released, he said to the commodities customers in a message on his website.