atans1

From hero to zero in three months

In Uncategorized on 17/11/2011 at 6:22 am

Investors bought US$325 million in senior notes MF Global (which is now in Chapter 11) sold in August 2011. The securities contain a “key man” provision that would increase the interest rate by 1 percent if Mr. Corzine were nominated to a White House cabinet position before July 2013, an unlikely prospect now. The notes have lost nearly half their value in just three months since their issuance, so buyers are going to be looking to recover a portion of their losses possibly by suing Corzine.

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