MF Global: Beginning of more Wall Street ponzi unravelling

Shareholders, last in line to recover anything from a bankrupt estate, may get nothing []. MF Global's largest common shareholders as of Sept. 30 were Pyramis Global Advisors, with 8.4%, and RS Investments in San Francisco, with 7.8%, according to court papers. RS has sold its entire stake, Erin Burke, a spokeswoman for the firm, said in an e-mail. Fine Capital Partners held 7.4% and Cadian Capital Management had 6.2%, the company said. J.C. Flowers & Co. owns 1.5 million preferred shares, MF Global said. Mr. Corzine, who joined MF Holdings in March 2010, is also an operating partner at J.C. Flowers.

JP Morgan damage control:

JPMorgan Chase sought to protect its own huge exposure to MF Global, asking the bankruptcy court to place controls on the cash it provided the company, according to a Dow Jones Newswires report. CreditSights analysts estimated JPMorgan could have up to $120 million at risk in the company. According to the bankruptcy filing and its third-quarter financial report, MF Global has 25,000-50,000 creditors and around $40 billion in debts.