Butte Kicked: MF Global CFO Departs

Breaking with the habits of a lifetime, NakedShorts at least temporarily* declines irresponsible media speculation on reasons behind the departure last week of futures brokerage MF Global (MF) chief financial officer Amy Butte to pursue “other interests” (as opposed to spending more time with her family). But, trampling merrily into the vineyard normally occupied by Michelle Leder’s Footnoted, the ‘transition agreement’ filed with the US Securities and Exchange Commission late Friday did contain some light entertainment:

The Company will continue to allow you access to the Core Club under the Company’s membership for 18 months following your Transition Date, provided that such access is provided at no cost or expense to the Company, including assessments or dues (not otherwise required of the Company as of your Transition Date) and including food, beverages, rooms or other purchases at the Core Club or through its auspices after the Transition Date. You agree to indemnify the Company against any costs, expenses or other liabilities arising by reason of such continued access (excluding, for the avoidance of doubt, assessments or dues required of the Company as of your Transition Date).

The Core Club? Well, I’d never heard of it either, but—assuming reports of its $55,000 initiation fee and $12,000 annual dues are accurate—that’s another den of pretentious arrivistes where this particular Grouchy won’t be seeking membership any time soon. Regardless of the “continuously unfolding collection of essential and irresistible experiences” and yards of similar allegedly inspirational twaddle.

* Subject to review in the event that any of NakedShorts’ reliable more-often-than-not sources proffer insight on the back story.

Transition Agreement: Amy Butte
US Securities and Exchange Commission Form 8K
Jan. 4 2008

The Core Club

The Core Club
Thrillist Sep. 2 2005

Image: Portfolio

UPDATE: Man Financial at the Core Club…
Footnoted Jan. 7 2008