Refco Tries To Auction FX Unit, But No One Shows Up

Law360, New York (February 16, 2006, 12:00 AM EST) -- In an embarrassing setback for Refco Inc., the bankrupt futures and commodities brokerage was forced to cancel a planned auction Wednesday after only one company placed bids for its foreign exchange assets.

Scandal-plagued Refco, which filed for bankruptcy in the wake of revelations that its former chief executive had hidden vast amounts of debt, had tried to place its Refco FX Associates on the auction block. The assets include approximately 17,000 retail client accounts and a 35% share in another retail broker, Forex Capital Markets LLC....
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