NEW YORK ( TheStreet -- If MF Global ( MF) could use rumors as collateral, the firm would be in good shape. Instead, market insiders are saying the company will struggle for survival over the weekend.It is a potential death spiral that is being compared to the weekend bloodbath at Bear Stearns, but it's difficult to determine what is true and what is false. What is known is that according to The Wall Street Journal, MF hired Evercore Partners to explore options, or as some call it -- a bankruptcy adviser. Moody's ( MCO) and Fitch Ratings cut the firm's credit rating to near junk status on Thursday, with Moody's giving it a Ba2 and Fitch giving it a BB+. The downgrade will cause borrowing costs to rise, making it even harder for MF Global to operate. Dodd-Frank helps stem contagion of MF Global Another rumor came from the blog Zero Hedge, which suggested that maybe MF Global dumped its U.S. Treasuries on the market on Thursday and that it was drawing down credit lines and was in need of cash. This would make sense, as once source said they were told to quit trading with MF Global. That is a perfect recipe for a run on the bank as customers start fleeing, and it is a repeat of the Bear Stearns saga. Nervous traders start pulling out, and no one wants to be the last guy walking out the door empty-handed. The futures business is the largest part and the crown jewel of MF Global, according to industry watchers.