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MF Global gains time to reject leases

Jonathan Ernst/Reuters

Jon Corzine had led MF Global

NEW YORK - MF Global Inc., the failed brokerage winding down in bankruptcy, won more time to decide whether to keep or end contracts and leases with its business partners.

James Giddens, a trustee overseeing the company’s liquidation, now has until April 30 to decide which leases to reject.

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Under bankruptcy law, he previously had 60 days from MF Global’s Oct. 31 bankruptcy filing.

Jeffrey Margolin, a lawyer for the trustee, said more time was needed to evaluate the contracts, three of which have already been rejected.

US Bankruptcy Judge Martin Glenn in Manhattan yesterday also approved the company’s request to transfer a lease for its Washington office space.

Giddens will transfer the lease to Guggenheim Securities LLC in exchange for the return of a $250,000 security deposit, less $38,356.14 for outstanding rent and $20,000 for fixtures and furniture.

The brokerage’s parent company, MF Global Holdings Ltd., once run by former Goldman Sachs Group cochairman Jon Corzine, filed the eighth-largest US bankruptcy after a wrong-way $6.3 billion trade on its own behalf on bonds of some of Europe’s most indebted nations.

Corzine is also a former governor of New Jersey.

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