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Judge OKs Refco Art Auction

Law360 (March 1, 2006, 12:00 AM EST) -- A federal bankruptcy judge has given the green light for Refco Inc. to enlist the help of three auction firms in selling off its extensive photograph collection, a move that is expected to bring in as much as $7 million towards paying off the company’s $16.8 billion debt.

Though the collection’s sale would only represent a small fraction of the billions of dollars the company owes its creditors, Refco must liquidate whatever assets it can in accordance with bankruptcy proceedings.

Sales at the auction houses—including the...
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