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Sphinx Funds Object To Refco Plan, Cite $263M Deal

Law360 (October 9, 2006, 12:00 AM EDT) -- Liquidators for bankrupt Sphinx Managed Futures Fund SPC have objected to Refco Inc.’s amended Chapter 11 plan, arguing that under the plan, Sphinx’ recent $263 million settlement with the bankrupt broker could be paid to creditors before it receives final court approval.

The Cayman Islands-based Sphinx fund, along with 21 of its bankrupt affiliates, filed a motion objecting to the Refco plan on Oct. 9, arguing that the plan fails to provide adequate information about the legal status of the settlement.

The disclosure statement states that...
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