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"MF has suffered a series of market, credit and liquidity events which have challenged management and earnings, " Fitch said.
FORBES: MF Global's On The Hook
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As of June 30th of this year, MF Global Holdings had 1.5 million shares of Series A Preferred Stock and 400, 000 shares of Series B Preferred Stock outstanding.
FORBES: MF Global Files For Bankruptcy, Owes $2.2 Billion To JP Morgan, Deutsche Bank
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Mike Fitzpatrick, vice president of energy at MF Global, attributed the sell-off to a series of rumors, including the liquidation by a large bank, a cap on commodities, and Iran making a nuclear deal.
FORBES: Crude Takes A Header