明富环球破产最大的输家

    明富环球（MF Global）的破产或许是雷曼兄弟公司（Lehman Brothers）于2008年倒闭以来，美国金融领域所发生的最大一宗破产案，但它的灭亡几乎没有对金融市场产生同样致命的影响——至少目前还没有。

    据《金融时报》（Financial Times）报道，周一，明富环球申请破产的决定导致芝加哥商品交易所（Chicago Mercantile Exchange）乱作一团，因为依靠这家经纪交易商完成清算的公司无法执行交易指令。但跟臭名昭著的雷曼时刻不同的是，市场流动性受压迹象有限，融资市场并未出现重大震荡。没错，道琼斯指数周一的确下挫，今天再次下跌，但相比于雷曼兄弟倒闭和美国国际集团（AIG）濒临破产之后的恐慌局面，这一次的反应是温和的。

    然而，明富环球毕竟是首家因正在发生的欧债危机而倒下的华尔街公司，市场因此高度紧张完全可以理解。主要评级机构认为，高达63亿美元的欧洲主权债务敞口使得这家公司承受了过高的风险。三大评级机构穆迪（Moody's）、标准普尔（Standard & Poor's）和惠誉（Fitch）相继将公司评级下调至“垃圾级”。

    大多数普通投资者不会立刻感受到明富环球破产造成的影响，但不用说，有一些利益相关者肯定无法全身而退。

优先股股东

    当初或许是私募股权基金投资者J•克里斯托弗•弗劳尔斯邀请前新泽西州州长乔恩•柯赛出马担任明富环球CEO一职的【他们两人都曾经同为高盛集团（Goldman Sachs）的高管】，但这位通过旗下公司J.C. Flowers & Co. 重资参股这家破产公司的金融家可能要蒙受数百万美元的损失。

    一个被媒体广为报道的事实是，这家私募股权公司于3年前斥资8,740万美元购买明富环球的优先股。过去3年以来，股息收入一直相当可观——有报道称，这笔投资为该公司带来了3,960万美元的收益。但随着明富环球的破产，这家私募基金预期会把这笔投资减记至零，从而承受4,780万美元的净损失。

普通股股东

    当然，该公司最大的普通股股东有可能损失数百万美元。以下清单源自该公司近期呈交的文件，所显示的是部分大股东及其所占股份。

    Pyramis Global Advisors LLC 资产管理公司持有8.44％的普通股；RS Investments投资公司，7.81％【最新进展：RS Investments公司的一位女发言人告诉《财富》（Fortune）杂志，该公司已于10月26日，即明富环球申请破产保护之前，出售了手中持有的股份】; Fine Capital Partners LP投资公司，7.37％; Cadian Capital Management LLC资产管理公司，6.17％;美国教师退休基金（TIAA - CREF），5.77％;Advisory Research Inc.资讯调研公司，5.54％;Dimensional Fund Advisors LP基金管理公司，5.41％; Rydex Security Global Investors LLC投资公司，5.13％。

无担保债权人

    MF Global's bankruptcy may be the biggest failure of a U.S. financial firm since the collapse of Lehman Brothers in 2008, but its demise has not been nearly as catastrophic on financial markets -- at least not yet.

    MF Global's decision to file for bankruptcy protection Monday triggered a frenzy of activity on the Chicago Mercantile Exchange, as firms whose trades are cleared by the broker-dealer were unable to execute orders, according to the Financial Times. But unlike the infamous Lehman moment, there were limited signs of strains on liquidity and no major disruption in the funding markets. Sure, the Dow tumbled Monday and is falling again today, but this reaction is tame compared to the panic after Lehman's fall and AIG's near collapse.

    Nevertheless, MF Global's (MF) downfall is Wall Street's first casualty from the ongoing European debt crisis, so tensions are understandably high. Major rating agencies thought the firm had taken on too much risk with its $6.3 billion bet on European sovereign debt. And in a series of credit downgrades, Moody's (MCO), Standard & Poor's and Fitch downgraded the firm to "junk" status.

    Most of us on Main Street won't feel an immediate impact from MF Global's demise, but needless to say, several stakeholders won't be walking away unscathed:

Preferred stockholders

    Private equity investor J. Christopher Flowers may have placed former New Jersey Governor Jon Corzine as MF Global's top executive (they were both formerly executives at Goldman Sachs (GS)), but the financier who was a significant investor of the bankrupt firm through his firm J.C. Flowers & Co. may see millions in losses.

    It has been widely reported that the private equity firm paid $87.4 million three years ago for MF Global preferred stock. Over the last three years, the dividends paid handsomely – it reportedly yielded J.C. Flowers $39.6 million. But with the collapse of MF Global, the fund is expected to mark the investment down to nothing and suffer a net loss of $47.8 million.

Common shareholders

    And of course, the firm's biggest common shareholders could lose millions. Here's a list of some of the bigger ones and their respective stakes in the firm according to recent filings:

    Pyramis Global Advisors LLC, owning 8.44% common shares; RS Investments, 7.81% (Update: An RS Investments spokeswoman told Fortune the company sold its shares of MF Global on October 26 ahead of the firm's file for bankruptcy protection); Fine Capital Partners LP, 7.37%; Cadian Capital Management LLC, 6.17%; TIAA-CREF, 5.77%; Advisory Research Inc., 5.54%; Dimensional Fund Advisors LP, 5.41%; Rydex Security Global Investors LLC, 5.13%.

Unsecured creditors