Creditor Holds Up Deal With Refco Unit

Law360, New York (July 5, 2006, 12:00 AM EDT) -- Commodities trader Jim Rogers is stalling on a pact that more than 50 other creditors have already approved to recover $2.3 billion from Refco Inc.’s unregulated Bermuda unit.

If Rogers, who has the largest claim against Refco Capital Markets (RCM), refuses to join the deal to help resolve the obligations of bankrupt RCM in the next two weeks, the U.S. Trustee will have to convert RCM’s case from a Chapter 11 reorganization to a Chapter 7 liquidation.

Marc Kirschner, the court-appointed Trustee, warned that if Rogers...
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