MF Global makes its failure official.
MF Global (MF), the broker-dealer run by former Goldman Sachs (GS) chief executive Jon Corzine, today filed for Chapter 11 bankruptcy protection.
The firm had spent the past weekend seeking a buyer, and apparently struck a deal to sell at least some of its assets to Interactive Brokers via the bankruptcy process. Its shares were suspended from trading earlier this morning, while the Federal Reserve Bank of New York said it would no longer do business with MF Global until the firm was “fully capable of discharging the responsibilities set out in the New York Fed’s policy.”
In its bankruptcy petition, MF Global lists assets of between $100 million and $500 million. It also claims liabilities of between $10 million and $50 million, with between 25,000 and 50,000 creditors. The leading unsecured creditor is JPMorgan at $1.2 billion, while others include Deutsche Bank, CNBC and Oracle Corp.
Corzine reportedly will receive around $12 million in severance, although he may forego that if he still cares at all about his own reputation.
Below is a copy of the Chapter 11 petition:
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