REFCO Commodities Broker

[SAMNNRX]

wow thanks for sharing

[bryanmoney]

Investor/Loan lender Seeking Project and Opportunity...Funding

Earn up to a 25% Referal Fee! Billions Immediately Available For:

Raw Land Loans / 100% Financing / Buildings /Construction Mezzanine /
Bridge / Purchase / Refinance / Energy Projects

Our Company has access to over 150 different Capital Sources with
Billions of dollars in available Capital for these loan/ funding
types, which include;

· Apartments & Mixed Use
· Assisted Care Facilities
· Bridge project Loans/ funding
· Business Investment Capital
· Business Loans without Real Estate
· Commercial Properties
· Special Purpose Properties;
· Construction Loans
· Entertainment & Multi Media
· Equity/Debt; 100% Financing
· Equity Capital
· Franchise; up to 100% Financing
· Hard Money
· Hotels/Motels
· Land Development; up to 100%
· Mixed-Use Commercial
· Multi-Dwellings
· Non-Conforming Commercial
· Office Buildings – Industrial
· Operating Capital
· Retail Space
· Working Capital

We have funding available for transactions within all major
International territories world wide. Quotations are generally
available within 3 business days after receipt of a project intake
form, executive summary and proforma.

If you have a funding scenario that is not included within our
program overview, we would like the opportunity to review it.

Contact us via email; [e-mail]

[SPIN]

Refco brokerage collapses, gets delisted, SEC investigation, gets sued, goes bankrupt, gets bought out by UK-based Man Group.

Man Group renames its brokerage unit MF (aptly named imo), including the Refco assets, and floats an IPO for 4/5 of the equity on the same exchange that removed the RFX listing a year ago, and does a debt offering.

"It was what I call the poster child for a bailout," said Francis Gaskins, president of IPODesktop.com in Marina Del Rey, California.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aBw.vzHfPmvA&refer=home

I'm left wondering why the Man Grp didn't do the IPO on the London? Isn't that the argument du jour? American exchanges are supposedly too "strict" and all the new IPOs will flow to London. Meanwhile, Man Grp is a UK firm and it IPOs a "new & improved" Refco under the ticker MF (which is trading below the IPO price on its first day, btw).

[SPIN]

SPhinX battles over $263 mln in Refco bankruptcy
Thu Jun 7, 2007 5:29PM EDT

By Shurna Robbins

GEORGE TOWN, Cayman Islands, June 7 (Reuters) - A year and a half after the abrupt collapse of commodities broker Refco Inc. (RFXCQ.PK: Quote, Profile, Research, a battle still rages over a $263 million settlement deal that plaintiffs are now trying to reverse.

The chief litigant is the SPhinX Funds, a group of Cayman-registered hedge funds which were valued at $2 billion when Refco's failure pushed them into bankruptcy.

The settlement deal has already been approved by a U.S. bankruptcy court, but the $263 million remains frozen while SPhinX liquidators appeal the agreement by SPhinX's former directors and lawyers, claiming it was never legal.

"The money for the investment portfolios should have been placed in segregated accounts under Cayman Companies Law," said Kenneth Krys, the Cayman-appointed liquidator for SPhinX. "Instead, Refco combined these moneys with its own, leaving those funds vulnerable to all Refco's creditors when it became insolvent."

Refco attorneys declined to comment on the case. But in court filings they contend the original settlement was above board. Using the bankruptcy court as a "one-stop forum empowered to do justice to all comers under the guise of equity" abuses the system, they said.

Hedge funds are investment pools for sophisticated investors with high-risk tolerance. But experts say that it is unlikely investors could have anticipated the alleged fraud and collusion in another company's failure - raising the stakes for more due diligence within this lightly regulated industry.

Refco collapsed in October 2005 when its former CEO, Phillip Bennett, was accused of hiding $430 million in fraudulent loans. Just two days after the fraud disclosure and five days before Refco filed for bankruptcy, SPhinX's investment manager transferred $312 million from Refco to SPhinX accounts before those funds could be secured for general creditor distribution.

Over the next several weeks, tens of millions of dollars were redeemed before Refco filed a preference action seeking to get the $312 million back.

The lawyers and directors for SPhinX would eventually agree to give back $263 million to Refco and waive all future claims in what the liquidators now say was an illegal deal.

But outraged with the terms, SPhinX investors hired their own attorneys and launched an appeal, claiming the SPhinX directors, attorneys and other Refco-affiliated persons shut them out of meaningful negotiations.

Among the issues SPhinX investors raise against Refco and its affiliates is that it exploited a ten-week delay between the $312 million transfer and filing the preference action so unidentified investors could redeem $110 million of SPhinX funds at other investors' expense.

Those primary beneficiaries were former Refco CEO Bennett and Austrian bank, BAWAG, which helped set up the fraudulent loans that brought down Refco.

Raising another conflict of interest is a SPhinX director involved in the settlement, who allegedly set up offshore companies in Anguilla to help Bennett and BAWAG hide Refco's fraudulent loans.

"This case is rather unusual for a liquidator to come into court proceedings and discover the party entering into a settlement agreement was effectively entering into an illegal agreement, because the hedge funds were set up as [Cayman] SPCs," said attorney Gary Lee of Morrison & Foerster, who represents the SPhinX liquidator.

Based on a cellular model, SPCs are not separate legal entities; but a hallmark is the assets of one cell cannot be used to pay for the liabilities of another. To pay off the settlement, money was taken out of several cells' accounts to pay the liability of other cells, breaking the basis of an SPC.

If the U.S. Bankruptcy Court in Manhattan upholds the original settlement this month, the $263 million will be paid out to all remaining Refco creditors, effectively shutting out SPhinX investors.

http://www.reuters.com/article/mergersNews/idUSN0726208620070607

[Stock]

That's nice of you to say. I think this thread is vulnerable to deletion... if you feel that there is a need for both threads, you might want to ask Matt.

[SPIN]

thanks Dr., but i thought a post-bankruptcy Refco board was worthwhile (especially after RFX sold off the main brokerage unit to Man Group) and different enough from the old RFX board (that has been dormant for about a year).

did you see that Man Group is going to take the Refco broker biz public AGAIN? and yep, it's gonna IPO on the NYSE (again).

btw, really like your SEC monitoring board - have searched through it a couple times while researching, just as the stated purposes of the board indicates.

[Stock]

There's already a Refco thread on iHub.

You might ask to moderate it and take over the existing one (with a symbol change)

[SPIN]

Refco resources

http://www.refcosleuth.com/viewforum.php?f=2

[SPIN]

Austrian Natl Bank Audit Report - BAWAG

http://www.refcosleuth.com/data/BAWAG_Report.pdf