Sarbanes-Oxley
Refco Bidder Revelation
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The auction of Refco's regulated futures business will move forward today with the revelation of the bidders. A U.S. bankruptcy court will actually conduct the auction. Five organisations have lodged bids with Refco. Not all of the bidders may qualify for the auction. Nor is it certain that all the bids are for the whole business. Man Group a UK hedge fund manager and Alaron from Chicago are confirmed bidders. Refco has been forced into the sale following the disastrous events surrounding its CEO Phillip Bennett. A $430m debt owed to the broker by Bennett was allegedly disguised in the accounts using very dubious accounting methods. The former CEO has since been the subject of investigation and charges on securities fraud. Greenhill & Co. a boutique investment bank is advising Refco on the sale. The auction will take place on November 9th. |
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