JC Flowers Fund Reportedly Loses $47.8 Million On MF Global Stake
According to Bloomberg sources, JC Flowers & Co. has lost $47.8 million on its stake in MF Global (NYSE: MF). The firm filed for Chapter 11 bankruptcy today after being toppled by wrong-way bets on European sovereign debt. Acquisition talks between MF and Interactive Brokers Group (NASDAQ: IBKR) reportedly broke down early this morning, leading to the bankruptcy filing.
MF Global was in the crosshairs of the market last week after reporting a massive quarterly loss and experiencing a "run on the bank" situation. The futures brokerage is led by former Goldman Sachs (NYSE: GS) CEO and former New Jersey governor Jon Corzine.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
We're Loving
