The minutes tick away for MF Global [updated]

[Update: WSJ is saying MF Global is close to filing for chapter 11 bankruptcy protection as soon as Monday, and to selling its assets to Interactive Brokers. A little earlier, the FT earlier reported Interactive Brokers was looking at buying the bulk of its assets.]

MF Global spent the weekend desperately trying to sell itself as the broker moved to secure a deal before its shares face another hammering on the US open.

To recap: last week the brokerage reported an unexpected loss, revealed more about its huge eurozone exposure, and was downgraded to junk by both Fitch and Moody’s. Its share price continued to plummet through the end of the week, and by Friday night the FT was reporting that “a large selection of international banks said privately that they were either uninterested or would look to mop up assets opportunistically rather than buy divisions or the company as a whole”.

After a hectic weekend of board meetings and courting potential buyers, the talks have apparently narrowed to one bidder, Interactive Brokers, according to Dealbook. No mention of JC Flowers, who just a few hours earlier was apparently still thought to be in the running.

Deal Journal has also since reported that Interactive Brokers is evaluating a deal that could include buying the whole company. That story too doesn’t mention Flowers, or to what degree other bidders — Goldman, State Street or Macquarie were still in the picture late last week – are still interested.

According to various reports, including from Bloomberg, over the weekend MF hired a host of new advisers covering multiple outcomes: a whole or partial sale along with bankruptcy or other restructuring.

As for the fate of Jon Corzine, the former Goldman co-chief and New Jersey governor? We’ll be understated and say it’s not looking good; the decision to increase MF Global’s exposure to the eurozone was his, and we’ll close with this juicy scoop from the WSJ story:

In late 2010, Mr. Corzine started making big bets on bonds issued by European countries. He sometimes placed orders himself based on a list of prices left with an assistant, according to people familiar with the situation. Mr. Corzine, who made his name and fortune as a Treasury bond trader at Goldman, was convinced that sovereign debt from countries like Italy and Spain with high yields was a steal, these people said.

Related links:
MF Global close to sale - FT
MF Global: What would a buyer be getting? WSJ Deal Journal
MF Global flies too close to the sun – FT Alphaville
MF Global’s eurozone trades – FT Alphaville