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Refco brokerage collapses, gets delisted, SEC investigation, gets

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SPIN   Thursday, 07/19/07 11:45:27 AM
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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).


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