Find the Money

Apparently, all of the customer money at MF Global was recovered.  If somebody asks me how it happened, I have no idea.  See if you can figure it out:

Trustee Giddens -- who was also the court-appointed trustee in charge of liquidating Lehman Brothers -- will certainly oppose those motions, however. He, for one, does not share Corzine's belief that recovery of the shortfall implies exoneration of Corzine or any other MF Global officer and director. "The reduction [in the customer account shortfall] that resulted from the Trustee's efforts should not obscure the fact," wrote one of Giddens's staffers in a court filing last month, "that a very real shortfall in the amount of $1.5 billion existed at the time the Trustee began the liquidation process, and it was mainly through litigation and negotiation with affiliates and other third parties that the gap has been reduced."
Last week another attorney working with Giddens stressed in an updated court submission that at least $560 million would still be missing from those customer accounts to this day were it not for the fact that Giddens has plugged that void with "advances" from the general estate, moneys that would otherwise have been available for paying general creditors, such as vendors, suppliers, and service-providers. The last of these was the $233 million injection just approved on Nov. 6 by Bankruptcy Judge Glenn. (The total amount advanced, however, is expected to shrink to somewhere between $435 million and $460 million after one additional expected transfer from the U.K. lands in the kitty in the coming months.)
These advances, in turn, were conditioned on a deal -- whose legality is hotly contested by Corzine and his co-defendants -- that allows trustee Giddens to step into the shoes of the class-action customer claimants and continue litigating their claims against the individual defendants. (The case would actually still be litigated by the class-action attorneys who brought it, though Giddens, as trustee for the general creditors, would now be the beneficiary.)
Giddens is also not backing away from any of the fundamental findings of a 275-page investigative report he issued in June 2012. There he found that there was a basis for asserting "breach of fiduciary duty and negligence" claims against Corzine and other officers, charges that have in fact been leveled against Corzine in the class actions as well as in an enforcement action filed by the U.S. Commodity Futures Trading Commission this past June.

I really don't understand how Corzine doesn't face charges.  However, I find it hard to believe that a prosecutor could convince somebody that he committed a crime.  This is the most confusing story I've ever heard.