Kevin Starke, an analyst with CRT Capital Group, said he's seeing a preference for notes that MF Global issued in the months prior to its bankruptcy; trading in its $325 million of 6.25% notes due 2016, issued Aug. 8, rose on Oct. 26 and traded at above-average volume in the days leading up to, and immediately after, its bankruptcy filing. On Oct. 26, volume was 49,293 and on Oct. 28 and Oct. 31, it was about 180,000. The bonds, which traded as high as 92.50 cents on the dollar in the month prior to its bankruptcy, have traded in a range of 50 to 37.50 since MF Global's Oct. 31 bankruptcy. MF Global, which was spun off from Man Group in 2007, was built up partly through an acquisition of Refco Inc.'s assets. Refco went bankrupt two months after its August 2005 initial public offering that raised $670 million, saying CEO Phillip Bennett had hidden hundreds of millions of dollars in bad debt.