????明富環(huán)球（MF Global）的破產(chǎn)或許是雷曼兄弟公司（Lehman Brothers）于2008年倒閉以來，美國金融領(lǐng)域所發(fā)生的最大一宗破產(chǎn)案，但它的滅亡幾乎沒有對金融市場產(chǎn)生同樣致命的影響——至少目前還沒有。

????據(jù)《金融時報》（Financial Times）報道，周一，明富環(huán)球申請破產(chǎn)的決定導(dǎo)致芝加哥商品交易所（Chicago Mercantile Exchange）亂作一團，因為依靠這家經(jīng)紀(jì)交易商完成清算的公司無法執(zhí)行交易指令。但跟臭名昭著的雷曼時刻不同的是，市場流動性受壓跡象有限，融資市場并未出現(xiàn)重大震蕩。沒錯，道瓊斯指數(shù)周一的確下挫，今天再次下跌，但相比于雷曼兄弟倒閉和美國國際集團（AIG）瀕臨破產(chǎn)之后的恐慌局面，這一次的反應(yīng)是溫和的。

????然而，明富環(huán)球畢竟是首家因正在發(fā)生的歐債危機而倒下的華爾街公司，市場因此高度緊張完全可以理解。主要評級機構(gòu)認(rèn)為，高達63億美元的歐洲主權(quán)債務(wù)敞口使得這家公司承受了過高的風(fēng)險。三大評級機構(gòu)穆迪（Moody's）、標(biāo)準(zhǔn)普爾（Standard & Poor's）和惠譽（Fitch）相繼將公司評級下調(diào)至“垃圾級”。

????大多數(shù)普通投資者不會立刻感受到明富環(huán)球破產(chǎn)造成的影響，但不用說，有一些利益相關(guān)者肯定無法全身而退。

優(yōu)先股股東

????當(dāng)初或許是私募股權(quán)基金投資者J?克里斯托弗?弗勞爾斯邀請前新澤西州州長喬恩?柯賽出馬擔(dān)任明富環(huán)球CEO一職的【他們兩人都曾經(jīng)同為高盛集團（Goldman Sachs）的高管】，但這位通過旗下公司J.C. Flowers & Co. 重資參股這家破產(chǎn)公司的金融家可能要蒙受數(shù)百萬美元的損失。

????一個被媒體廣為報道的事實是，這家私募股權(quán)公司于3年前斥資8,740萬美元購買明富環(huán)球的優(yōu)先股。過去3年以來，股息收入一直相當(dāng)可觀——有報道稱，這筆投資為該公司帶來了3,960萬美元的收益。但隨著明富環(huán)球的破產(chǎn)，這家私募基金預(yù)期會把這筆投資減記至零，從而承受4,780萬美元的凈損失。

普通股股東

????當(dāng)然，該公司最大的普通股股東有可能損失數(shù)百萬美元。以下清單源自該公司近期呈交的文件，所顯示的是部分大股東及其所占股份。

????Pyramis Global Advisors LLC 資產(chǎn)管理公司持有8.44％的普通股；RS Investments投資公司，7.81％【最新進展：RS Investments公司的一位女發(fā)言人告訴《財富》（Fortune）雜志，該公司已于10月26日，即明富環(huán)球申請破產(chǎn)保護之前，出售了手中持有的股份】; Fine Capital Partners LP投資公司，7.37％; Cadian Capital Management LLC資產(chǎn)管理公司，6.17％;美國教師退休基金（TIAA - CREF），5.77％;Advisory Research Inc.資訊調(diào)研公司，5.54％;Dimensional Fund Advisors LP基金管理公司，5.41％; Rydex Security Global Investors LLC投資公司，5.13％。

無擔(dān)保債權(quán)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