Refco came under the spotlight once again last week with a
series of separate actions, including a bid to save Refco
Capital Markets, a Cargill lawsuit against Man Financial and a
court ruling regarding Refco's leadership.
On 10 January, Carlos Abadi, who runs investment bank Abadi
and Co, moved, in bankruptcy court, to acquire Refco's
unregulated broker-dealer unit, Refco Capital Markets (RCM).
Abadi's bid was designed to bring the former Refco division out
of bankruptcy and to turn the unit around. Terms of the deal
were given to creditors but have not been released
Richard Smolev, Abadi's bankruptcy attorney with Kaye
Scholer in New York, told FO Week that the terms
offered to various creditors and other involved parties ranged
from "full value to something less than that".
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