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

Law360, New York (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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.