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Committee Objects To BAWAG Settlement Allocation

Law360 (October 2, 2006, 12:00 AM EDT) -- The ad hoc committee of equity holders in the Refco Inc. bankruptcy has filed an objection to the allocation of the funds gained from a settlement between the bankrupt futures brokerage and Austrian bank Bawag P.S.K.

The committee offered a slew of reasons for its objection, claiming that “it is a product of subsidiary creditor self-dealing, applies the wrong legal standard, ignores the required factors in the court’s settlement order, argues improper and irrelevant grounds for approval, misstates the record, drastically understates the value of parent...
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