Mover Mike

Lawyers for collapsed futures trading giant Refco Inc. are trying to treat investors' cash and investments as debt that doesn't need to be immediately returned to the bankrupt firm's customers.

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"Any way you look at this, many of the Refco Capital Markets clients are going to have to take some [loss] on their positions," said an investor in Refco's junk bonds. "There are no hard assets to be sold, and the cash from the sale of the units is going to go to pay down bondholders," he said.

refco mover mike