MF Global To Go Bust Over the Week-End?

What is MF Global?
MF Global, formerly known as Man Financial, is a major global financial derivatives broker. MF Global provides exchange-traded derivatives such as futures and options as well as over-the-counter products such as contracts for difference (CFDs), foreign exchange and spread betting. 
MF Global was the brokerage segment of Man Group until 2007, when the business decided to split the investment and brokerage businesses so they could each focus on their own markets. An IPO was done for the brokerage business which was renamed MF Global to distinguish it from the investment business which remained as Man Group. The company was registered in Bermuda but subsequently moved its registration and headquarters to the United States.
From Bloomberg:
Jon Corzine’s MF Global Holdings Ltd. was working through the weekend to consider options for the sale of the futures broker, according to a person with direct knowledge of the situation. 
The firm’s board met yesterday afternoon in New York, said the person, who asked not to be identified because the talks are private. MF Global was in discussions with five potential buyers for all or parts of the company, including banks, private-equity firms and brokers, a person with knowledge of the matter said on Oct. 28. 
Pressure is mounting on Corzine, the former governor of New Jersey and U.S. senator, after MF Global declined 67 percent last week, its bonds started trading at distressed levels and it drew down on its credit lines.
According to Yahoo Finance, the firm has about $30 billion of debt.
Total assets are about $45 billion while total equity is about $200 million.

CNBC has a good summary of the situation:

Thanks to my friend Mr H. for sending me the link to CNBC in the first place.

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