{"id":3580,"date":"2005-11-11T00:00:00","date_gmt":"2005-11-11T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"refco-sold-for-a-song","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2005\/refco-sold-for-a-song.html","title":{"rendered":"Refco Sold for a Song"},"content":{"rendered":"

Man Financial, one of the world’s largest hedge funds, won the Refco (RCXCQ:OTC – commentary – research – Cramer’s Take) sweepstakes Thursday, paying $282 million in cash for what’s left of the scandal-tarred commodities and derivatives brokerage.<\/p>\n

The London-based hedge fund emerged as the winning bidder for Refco’s regulated futures brokerage and trading business, following an all-day auction held at the offices of Refco’s bankruptcy attorneys, Skadden, Arps, Slate, Meagher & Flom.<\/p>\n

The $282 million purchase price is a steal compared to the $1 billion figure that many on Wall Street had been predicting that Refco’s futures trading, brokerage and clearing business could fetch. Man is also picking up $37 million in outstanding liabilities of Refco.<\/p>\n

Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Man Financial, one of the world’s largest hedge funds, won the Refco (RCXCQ:OTC – commentary – research – Cramer’s Take) sweepstakes Thursday, paying $282 million in cash for what’s left of the scandal-tarred commodities and derivatives brokerage. The London-based hedge […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3580","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=3580"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3580\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=3580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=3580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=3580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}