This reportedly has been a working weekend for the board of MF Global, which is said to be talking to a number of potential buyers for the futures broker.
According to a Bloomberg report, the firm's board met Saturday afternoon in New York with five potential buyers for all or parts of the company. The interested groups reportedly included banks, private-equity firms and brokers.
MF Global's shares took a beating last week, dropping 67% in value after it reported a $191.6 million loss on Oct. 25, allegedly exacerbated by a recent shift toward greater proprietary trading in company-owned accounts. The firm also has seen its profits shrink due to low interest rates eating into the interest income the company earns on customer deposits.
The company's eight-member board includes Jon Corzine, MF Global's chairman and CEO; Edward Goldberg, managing member of Dix Hills Partners LLC; David Gelber, chairman of Walker Crips Group Plc; Robert Sloan, managing partner of S3 Partners LLC; Martin Glynn, the former CEO of HSBC Bank USA; David Schamis, managing director at JC Flowers & Co.; David Bolger, former chief financial officer of Aon Corp.; and Eileen Fusco, vice chairman, Pro Mujer International, according to data compiled by Bloomberg.
Corzine's MF Global Board Said to Meet to Consider Options