Hands Off Our Assets, Solvent Refco Unit Demands

Law360, New York (September 7, 2006, 12:00 AM EDT) -- A Refco Inc. subsidiary with $2.4 billion moved on Thursday for a bankruptcy judge to prevent other Refco units from claiming its assets.

The money is intended for distribution to its creditors, said Marc Kirschner, a court-appointed trustee of Refco Capital Markets Ltd. Kirschner asked the judge to rule that the amount is solely the property of Refco Capital Markets, according to news reports.

Kirschner said that a proposed settlement with creditors could deteriorate if the $2.4 billion isn’t protected for distribution to creditors.

A federal...
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