Last week, MF Global chief executive Officer Jon Corzine said he had resigned and wouldn't seek any severance payment. But what will befall the firm's 2,900 employees?

For the 1,066 employees who work in the broker-dealer, which is being liquidated by the Securities Investor Protection Corporation (SIPC), they'll receive some of the severance, benefits, back pay and anything else owed to them only after secured creditors and those owed administrative fees get paid, according to bankruptcy lawyers.