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Refco Creditors Say No To A Forex Buyback

Law360 (February 17, 2006, 12:00 AM EST) -- Creditors of bankrupt commodities brokerage Refco Inc. have asked a judge to prohibit Forex Capital Market from buying back its shares, escalating a tug-of-war over Refco’s stake in the rival foreign exchange brokerage.

Refco Inc.’s creditors, including Bank of America, filed a joint preliminary objection on Thursday with the U.S. Bankruptcy Court. Creditors moved to block the sale of the company’s foreign exchange assets and its 35% share of Forex, Refco F/X Associates, to the electronic currency-trading firm.

Creditors said Forex would “flip those assets to...
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