PlusFunds Can Tap Frozen Assets For Refco Lawsuit

Law360, New York (March 31, 2006, 12:00 AM EST) -- An investment fund managed by PlusFunds Group Inc. has received permission from a bankruptcy court to use up to $5 million in previously frozen assets as it braces itself for a $312-million lawsuit.

U.S. Bankruptcy Judge Robert Drain’s ruling will allow the sale of PlusFunds’ assets to FTVentures, a private-equity firm in San Francisco. FTVentures, which has proposed the highest offer so far for PlusFunds assets with $5 million, set a deadline for authorization by April 3, according to PlusFunds.

PlusFunds slipped into Chapter 11 bankruptcy...
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