JC Flowers Fund Said to See $47.8 Million Loss on MF Global
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J. Christopher Flowers, the private-equity investor who installed Jon Corzine as the top executive at MF Global Holdings Ltd., may book a loss of $47.8 million on its investment in the New York-based broker-dealer, which filed for bankruptcy today.
JC Flowers & Co. paid $87.4 million three years ago for MF Global preferred stock with a $150 million face value, according to a person with knowledge of the deal who asked not to be named because the information is private. The investment returned $39.6 million in interest payments before MF Global sought protection from creditors.