Futures Broker Refco Update
I am trying to figure out which brokers are less likely to go out of business in the near future. So I don’t end up with my money stuck with a company like REFCO.
It looks like REFCO was bought out fast enough that it didn’t cause much in the way of problems for their customers.
In Federal Bankruptcy court the judge issued a final order approving the sale of Refco Inc.'s broker business to Man Financial Inc.
The price was $282 million and the sale will allow Man to take over Refco's remaining customer accounts in a matter of days.
The judge wants the sale to take place as quickly as possible in order to maximize the value of REFCO’s business.
It looks like REFCO was bought out fast enough that it didn’t cause much in the way of problems for their customers.
In Federal Bankruptcy court the judge issued a final order approving the sale of Refco Inc.'s broker business to Man Financial Inc.
The price was $282 million and the sale will allow Man to take over Refco's remaining customer accounts in a matter of days.
The judge wants the sale to take place as quickly as possible in order to maximize the value of REFCO’s business.
- August 2005 Refco Inc. went public
- Oct 2005 Refco announced that a $430 million debt to the ousted chairman and CEO had been concealed.
- Oct. 17, 2005 Refco filed for bankruptcy
