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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
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      D.C. 20549</strong></font></div>
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      REPORT</strong></font></div>
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      TO SECTION&#160;13 OR 15(D)&#160;OF THE</strong></font></div>
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      EXCHANGE ACT OF 1934</strong></font></div>
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      2006</strong></font></div>
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                Incorporation)</font></div>
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                No.)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>600
                California Street, 9th Floor,</strong></font></div>
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      (415) 248-5600</strong></font></div>
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      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
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      Written
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      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
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      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="id_0_3"/><a name="id_0_4"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2.03
      Creation of a Direct Financial Obligation</strong></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      7, 2006, MCF Corporation </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">completed
      a $7.5 million private placement of a variable rate secured convertible
      debenture. The issue was placed with Midsummer Investment, Ltd. MCF Corporation
      will invest the proceeds in the proprietary funds managed by MCF Asset
      Management, LLC. Interest on the debenture will be based on the annual
      investment performance of the funds. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      debenture is convertible into MCF Corporation&#8217;s common stock at a conversion
      price of $1.41 per share. Midsummer may elect to convert the debenture into
      common stock of the company at the conversion price at any time following the
      closing date. The maturity date of the notes is December 31, 2010. Stock
      warrants to purchase 1,875,000 shares of common stock at $1.41 per share were
      also issued to the investor. The stock warrants have a six year term. Merriman
      Curhan Ford &amp; Co. acted as the sole placement agent for the
      transaction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MCF
      Corporation is contractually obligated to file a registration statement covering
      the shares issued to the investor, and the shares issuable upon exercise of
      the
      stock warrant issued to the investor, within 120 days of March 7, 2006, and
      to
      use commercially reasonable efforts to ensure that such registration statement
      is effective within 365 days of March 7, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="id_0_5"/><a name="id_0_6">&#160;</a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.02 Unregistered Sales of Equity Securities</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      7, 2006, MCF Corporation sold a</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Variable
      Rate Secured Convertible Debenture, together with Warrants to purchase 1,875,000
      shares of MCF Corporation common stock, for aggregate </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">consideration
      of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$7.5
      million. The Variable Rate Secured Convertible Debenture and Warrants were
      issued in reliance on the exemption from registration provided for in Regulation
      D of the Securities Act of 1933, as amended, based on offers and sales of such
      securities being made without any form of general solicitation or general
      advertising and only to &#8220;accredited investors&#8221; within the meaning of Rule 501
      under the Regulation D.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Variable Rate Secured Convertible Debenture is convertible into MCF Corporation
      common stock at any time, initially at the conversion rate of $1.41 per share,
      subject to adjustment in the event of stock splits or stock dividends, issuance
      of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MCF
      Corporation </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">common
      stock at prices below $1.41 per share, and in certain other circumstances as
      provided in the Variable Rate Secured Convertible Debenture Due December 31,
      2010, attached hereto as Exhibit 4.4. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      warrants are exercisable for shares of MCF Corporation common stock at any
      time,
      subject to certain limitations on the total number of shares owned by Midsummer
      Investment, Ltd., as provided in the Common Stock Purchase Warrant attached
      hereto as Exhibit 4.5. The warrants are initially exercisable at the price
      of
      $1.41 per share, subject to adjustment in the event of stock splits or stock
      dividends, issuance of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MCF
      Corporation </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">common
      stock at prices below $1.41 per share, and in certain other circumstances as
      provided in the Common Stock Purchase Warrant, attached hereto as Exhibit 4.5.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;&#160;&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      9.01(d)&#160;Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
                Purchase Agreement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                dated March 7, 2006 by and between MCF Corporation</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                and Midsummer Investment, Ltd.</font></div>
            </td>
          </tr>

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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Variable
                Rate Secured Convertible Debenture Due December 31, 2010 </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">executed
                by MCF Corporation</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                in
                favor of Midsummer Investment, Ltd.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -36pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                Stock Purchase Warrant </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">dated
                March 7, 2006 executed by MCF Corporation</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                in
                favor of Midsummer Investment, Ltd.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.6</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                Rights Agreement </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">dated
                March 7, 2006 by and between MCF Corporation</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                and Midsummer Investment, Ltd.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.7</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Security
                Agreement dated March 7, 2006 by and among MCF Corporation, MCF Asset
                Management LLC, MCF/NV Asset Management, LLC, MCF Wealth Management
                LLC,
                Catalyst</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                Financial Planning and Investment Management Corporation and Midsummer
                Investment, Ltd.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.8</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subsidiary
                Guarantee </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">dated
                March 7, 2006 by and among MCF Asset Management LLC, MCF/NV Asset
                Management, LLC, MCF Wealth Management LLC, Catalyst</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                Financial Planning and Investment Management Corporation and Midsummer
                Investment, Ltd. and Midsummer Investment,
                Ltd.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></td>
            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release announcing MCF Corporation&#8217;s issuance of $7.5 million of secured
                convertible debt.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="id_0_7"/><a name="id_0_8">&#160;</a></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">2</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MCF
                CORPORATION</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                March&#160;8, 2006</font></div>
            </td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                D. JONATHAN MERRIMAN</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">D.
                Jonathan Merriman</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
                and Chief Executive Officer</font></div>
            </td>
          </tr>

      </table>
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{"company-data": {"conformed-name": "MCF CORP", "cik": "0000826683", "assigned-sic": "6211", "irs-number": "112936371", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15831", "film-number": "06671827"}, "business-address": {"street1": "600 CALIFORNIA STREET", "street2": "NINTH FLOOR", "city": "SAN FRANCISCO", "state": "CA", "zip": "94108", "phone": "(415) 248-5640"}, "mail-address": {"street1": "600 CALIFORNIA STREET", "street2": "NINTH FLOOR", "city": "SAN FRANCISCO", "state": "CA", "zip": "94108"}, "former-company": [{"former-conformed-name": "RATEXCHANGE CORP", "date-changed": "20000512"}, {"former-conformed-name": "NETAMERICA COM CORP", "date-changed": "19991116"}, {"former-conformed-name": "NETAMERICA INTERNATIONAL INC", "date-changed": "19981207"}]}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM 8-K
CURRENT
      REPORT
PURSUANT
      TO SECTION 13 OR 15(D) OF THE
SECURITIES
      EXCHANGE ACT OF 1934
Date
      of Report (Date of earliest event reported): March 7,
      2006
MCF
      CORPORATION
(Exact
      Name of Registrant as Specified in Charter)
Delaware
001-15831
11-2936371
(State
                or Other Jurisdiction
(Commission
                File Number)
(IRS
                Employer
of
                Incorporation)
Identification
                No.)
600
                California Street, 9th Floor,
San
                Francisco, California
94108
(Address
                of Principal Executive Offices)
(Zip
                Code)
Registrant's
      telephone number, including area code
(415) 248-5600
(Former
      Name or Former Address, if Changed Since Last Report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))
Item
2.03
      Creation of a Direct Financial Obligation
On
      March
      7, 2006, MCF Corporation
completed
      a $7.5 million private placement of a variable rate secured convertible
      debenture. The issue was placed with Midsummer Investment, Ltd. MCF Corporation
      will invest the proceeds in the proprietary funds managed by MCF Asset
      Management, LLC. Interest on the debenture will be based on the annual
      investment performance of the funds.
The
      debenture is convertible into MCF Corporation's common stock at a conversion
      price of $1.41 per share. Midsummer may elect to convert the debenture into
      common stock of the company at the conversion price at any time following the
      closing date. The maturity date of the notes is December 31, 2010. Stock
      warrants to purchase 1,875,000 shares of common stock at $1.41 per share were
      also issued to the investor. The stock warrants have a six year term. Merriman
      Curhan Ford & Co. acted as the sole placement agent for the
      transaction.
MCF
      Corporation is contractually obligated to file a registration statement covering
      the shares issued to the investor, and the shares issuable upon exercise of
      the
      stock warrant issued to the investor, within 120 days of March 7, 2006, and
      to
      use commercially reasonable efforts to ensure that such registration statement
      is effective within 365 days of March 7, 2006.
Item
      3.02 Unregistered Sales of Equity Securities
On
      March
      7, 2006, MCF Corporation sold a
Variable
      Rate Secured Convertible Debenture, together with Warrants to purchase 1,875,000
      shares of MCF Corporation common stock, for aggregate
consideration
      of
$7.5
      million. The Variable Rate Secured Convertible Debenture and Warrants were
      issued in reliance on the exemption from registration provided for in Regulation
      D of the Securities Act of 1933, as amended, based on offers and sales of such
      securities being made without any form of general solicitation or general
      advertising and only to "accredited investors" within the meaning of Rule 501
      under the Regulation D.
The
      Variable Rate Secured Convertible Debenture is convertible into MCF Corporation
      common stock at any time, initially at the conversion rate of $1.41 per share,
      subject to adjustment in the event of stock splits or stock dividends, issuance
      of
MCF
      Corporation
common
      stock at prices below $1.41 per share, and in certain other circumstances as
      provided in the Variable Rate Secured Convertible Debenture Due December 31,
      2010, attached hereto as Exhibit 4.4.
The
      warrants are exercisable for shares of MCF Corporation common stock at any
      time,
      subject to certain limitations on the total number of shares owned by Midsummer
      Investment, Ltd., as provided in the Common Stock Purchase Warrant attached
      hereto as Exhibit 4.5. The warrants are initially exercisable at the price
      of
      $1.41 per share, subject to adjustment in the event of stock splits or stock
      dividends, issuance of
MCF
      Corporation
common
      stock at prices below $1.41 per share, and in certain other circumstances as
      provided in the Common Stock Purchase Warrant, attached hereto as Exhibit 4.5.
Item
9.01(d) Exhibits
4.3
Securities
                Purchase Agreement
dated March 7, 2006 by and between MCF Corporation
and Midsummer Investment, Ltd.
4.4
Variable
                Rate Secured Convertible Debenture Due December 31, 2010
executed
                by MCF Corporation
in
                favor of Midsummer Investment, Ltd.
4.5
Common
                Stock Purchase Warrant
dated
                March 7, 2006 executed by MCF Corporation
in
                favor of Midsummer Investment, Ltd.
4.6
Registration
                Rights Agreement
dated
                March 7, 2006 by and between MCF Corporation
and Midsummer Investment, Ltd.
4.7
Security
                Agreement dated March 7, 2006 by and among MCF Corporation, MCF Asset
                Management LLC, MCF/NV Asset Management, LLC, MCF Wealth Management
                LLC,
                Catalyst
Financial Planning and Investment Management Corporation and Midsummer
                Investment, Ltd.
4.8
Subsidiary
                Guarantee
dated
                March 7, 2006 by and among MCF Asset Management LLC, MCF/NV Asset
                Management, LLC, MCF Wealth Management LLC, Catalyst
Financial Planning and Investment Management Corporation and Midsummer
                Investment, Ltd. and Midsummer Investment,
                Ltd.
99.1
Press
                Release announcing MCF Corporation's issuance of $7.5 million of secured
                convertible debt.
2
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
MCF
                CORPORATION
Date:
                March 8, 2006
By:
/s/
                D. JONATHAN MERRIMAN
D.
                Jonathan Merriman
Chairman
                and Chief Executive Officer
3