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But Mr. Giddens and his team cautioned that the full amount of any shortfall won't be known until the customer claims process has been completed.
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The trustee on Friday cautioned that the number could continue to fluctuate while customer claims are processed and missing money is recovered.
The firm also said it had made an additional provision of £50 million related to delays in how a company it hired to handle customer claims had processed complaints.
But maybe some travel insurance companies need to spend a little more time talking with their customers outside the claims process, if for no other reason than to understand why travelers are so disappointed when their policy doesn't work as expected.
American insurance firms are hiring workers in India to process customer claims, while firing well-educated and productive American employees.
Experts said customers expected a streamlined claims process and warned that if a manufacturer went to court, it could take years to settle a claim.
Called in shortly after the firm filed for bankruptcy, Mr. Giddens, who is tasked with returning customers' funds, quickly hired the accounting firm Deloitte to create a claims process for customers and Ernst & Young to scrub the firm's books.
A proposal to set up a claims process for customers of MF Global is the focus of a hearing on Wednesday at the federal bankruptcy court in Manhattan.
"We have improved the claims process and customers will get an answer in three working days and payment within a further 21.
The court-appointed trustee overseeing the liquidation of MF Global's brokerage unit sought permission on Tuesday to set up a claims process for customers of the failed firm, helping pave the way for additional payouts.
DealBook » Inside MF Global's Bankruptcy Hearing | A proposal to set up a claims process for customers of MF Global was the focus of a hearing on Wednesday in Federal Bankruptcy Court in Manhattan.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com