Refco Bankruptcy, 17 Billion?

What’s this! From the WSJ, Refco Creditors Dispute Claim
Their Funds Are Unprotected

Refco says it owes creditors, including dozens of companies that traded through those unregulated units, a total of $17 billion.

Those dozens of companies claim their funds should not be in in unregulated accounts that offer few protections in bankruptcy proceedings.

They say they should be considered customers entitled to full access to all of their money — just like any other customer of a regulated brokerage firm.

Among those making that argument are two commodity funds founded by investor Jim Rogers. Those funds have filed a lawsuit to recover more than $360 million they say should have been deposited in Refco’s regulated futures arm.

If this Refco bankruptcy escalates to $17 Billion, expect some real financial fireworks!

Refco mover mike

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