It appears that most of the MF Global customers have received about 72% of their claims to date. When a large company such as MF Global enters bankruptcy, there is an active market in buying and selling these claims. Many hedge funds will purchase these claims with the expectation of making a profit when the claim is finalized.
In the case of MF Global, there are about 26,000 claims that have been filed with the bankruptcy court, however, only 242 claims have traded hands to date. This is primarily due to the small size of the claim (most are under $100k) and the complexity of the claims since they may involve futures, options on futures and other contracts.
The trustee overseeing the case has agreed to turn over $168 million of "excess collateral" and is seeking more money from JP Morgan Chase. This is expected to increase the 72% recovery rate to slightly more than 80%.
As a result of this, active claims that are trading hands right now are getting between 92 and 94 cents on the dollar. In February, similar trades were going for 88 cents on the dollar.
If you have a claim with MF Global, it does appear that your final loss should be less than 10% other than the aggravation of dealing with the situation and the delay in access to your funds.