Refco’s Creditors Battle Over Firm Retention

Law360, New York (June 26, 2006, 12:00 AM EDT) -- The fight for the remainder of Refco Inc.’s assets has begun, with two creditor groups facing off in an attempt to recover funds lost in the futures broker’s multi-million dollar meltdown.

Creditors of Refco’s offshore unit, Refco Capital Markets Ltd., are looking to recoup nearly $2 billion in funds transferred to other Refco entities just before Refco’s bankruptcy filing.

But creditors of the other Refco units are worried that RCM’s creditors will leave them with nothing.

The RCM group has begun building teams of professionals, recruiting...
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