Refco Account Security

[Brandonf]

Quote from Trader5287:

And just yesterday on the corporate website it said "liquididty was adequate to conduct business in the ordinary course."

The "course" is right onto the rocks.

Hopefully the public can be protected and a responsible lender will put them under for good.

End it now. Get them out of business.

Again this is not just an issue for Refco. This stock just came public two months ago. There is no way in hell that the Investment Bankers should not have come across this during the course of their DD. But, Wall Street is greedy and cares more about short term profits than anything else. Its coming back to bite them here in this case and it should bite them hard.

 

[2cents]

anyone familiar with RCM corp. roll-up / ownership? at what point cld they or Refco LLC / Holdings be forced to go into chap 11 if only to let the dust settle??

 

[Apex Capital]

Quote from Brandonf:

Again this is not just an issue for Refco. This stock just came public two months ago. There is no way in hell that the Investment Bankers should not have come across this during the course of their DD. But, Wall Street is greedy and cares more about short term profits than anything else. Its coming back to bite them here in this case and it should bite them hard.

I guess you have never heard of what happened at WorldCom . . .
Exact same type of quarterly transactions that eluded the scrutiny of the auditors.

 

[Bsulli]

11:35am 10/13/05 Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit on Behalf of Investors in Refco, Inc. - PR Newswire
5:39pm 10/12/05 Milberg Weiss Announces the Filing of a Class Action Suit against Refco Inc. and Certain of Its Officers and Directors on Behalf of Investors - BusinessWire
4:58pm 10/12/05 Pomerantz Haudek Block Grossman & Gross LLP Commences Securities Class Action Against Refco, Inc. -- RFX - PrimeZone
3:13pm 10/12/05 Warning Issued to Past and Current Shareholders of Refco, Inc. by the Law Firm of Lerach Coughlin Stoia Geller Rudman & Robbins LLP - PR Newswire
2:35pm 10/12/05 Wechsler Harwood LLP Files Securities Class Action Suit Against Refco, Inc. -- RFX - PrimeZone
12:45pm 10/12/05 Sarraf Gentile LLP Announces Class Action Against Refco, Inc. - Market Wire
2:33am 10/12/05 Securities Fraud Class Action Against Refco, Inc. is Filed by Scott+Scott, LLC - PR Newswire
10:29pm 10/11/05 Law Offices Of Charles J. Piven, P.A. Announces Class Action Lawsuit Against Refco, Inc. - Market Wire
10:19pm 10/11/05 / KILL - Law Offices Of Charles J. Piven, P.A. - Market Wire
7:38pm 10/11/05 Federman & Sherwood Announces That a Securities Class Action Lawsuit Was Filed Against Refco, Inc. - PR Newswire
6:10pm 10/11/05 Law Offices Of Charles J. Piven, P.A. Announces Class Action Lawsuit Against Refco, Inc. - Market Wire
4:22pm 10/11/05 Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Refco, Inc. - PrimeZone
2:55pm 10/11/05 Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Refco, Inc. - BusinessWire

Can you say 13 class action lawsuits in 3 days!

:eek:

 

[fitrol]

Quote from Pro_Trader720:

Where did you hear this?

He got it from Schneider Trading Associates..it was a memo they sent out!

 

[Apex Capital]

Quote from 2cents:

anyone familiar with RCM corp. roll-up / ownership? at what point cld they or Refco LLC / Holdings be forced to go into chap 11 if only to let the dust settle??

They are two separate and distinct divisions . . . and RCM has nothing to do with the futures side of the business . . . which is Refco LLC., where the accounts are segregated and guaranteed by the exchanges.

By the way, in my opinion I do not think that former SEC chairman Arthur Levitt and Eugene Ludwig the former Comptroller of the Currency would risk their good names getting muddied by Refco unless there was some light at the end of the tunnel. But that's just my take on things.

 

[local_crusher]

Their main portal,

www.refco.com

is down ? WTF ??

Anyone able to access ?

 

[nassau]

has anyone had any of their premarket trades busted ??

the temp board looks good...now..

what I find interesting is ..in reality it is a small amount of money...500m...I personally know traders that have more than 1b trading accounts with some of the European Banks...

Depending on what happens next few wks with the new board assignees ...could create a great buying opportunity for the banks,funds etc...

stock - zero? no...
the news over the next few wks will give stability to the stock...
I am long.. have calls....will wait and see...
and hope lol

anyone know as a result of the halt and options will expiry will the accounts get credited for the calls in Oct..as the funds are assigned to one's account on execution just confirmed credit on expiry...?

What about persons wanting to assign...do they lose that right...?

wow lots of ?...

w

 

[nassau]

Quote from Apex Capital:

They are two separate and distinct divisions . . . and RCM has nothing to do with the futures side of the business . . . which is Refco LLC., where the accounts are segregated and guaranteed by the exchanges.

By the way, in my opinion I do not think that former SEC chairman Arthur Levitt and Eugene Ludwig the former Comptroller of the Currency would risk their good names getting muddied by Refco unless there was some light at the end of the tunnel. But that's just my take on things.

I totally agree with you.
Massive over reaction.

w

 

[2cents]

still... it'll take weeks to the accountants to scrutinize all group's accts, off b/s ops etc... not many people r going to want to do biz with anything refco in the meantime don't u think? staff will leave at the first opportunity etc... how many weeks until all the other entities in the group r affected by the liquidity squeeze do u think?