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gaboracs

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gaboracs

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Saturday, 11/05/2005 2:52:34 AM

Saturday, November 05, 2005 2:52:34 AM

Post# of 27
Refco says receives 5 bids for assets

Bankrupt Refco (RFXCQ.PK:) said on Friday it had received five bids for its futures trading arm and other parts of its commodities brokerage business as a deadline for offers passed.

Once the largest U.S. independent futures and commodities brokerage, Refco plunged into bankruptcy last month after its chief executive, Phillip Bennett, was charged with securities fraud, which caused customers to abandon the company.

The company's collapse, amid accusations that Bennett hid $430 million of debts he owed the company as the company went public in August, sparked a bidding battle for its most sought-after asset -- its futures brokerage business.

http://yahoo.reuters.com/newsArticle.jhtml;jsessionid=KGQKETWBXIFFCCRBAEKSFFA?type=businessNews&...
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