No, I mean i bought 5,000 at $9.15 premarket before the news hit.
REFCO bankruptcy before Bankruptcy law date?
- Thread starter mahram
- Start date
I was wondering what broker you bought your 5k from?
I am inquiring if they are going to bust premarket orders as they exceed 5percent...
as yet they have not be advised.
but I will trade you any time your price for mine..
I have notice today that rfx has a bid/ask as do the options..it looks like it is tradeable today?
I am going to try and exit some calls.
the news is stating the nyse has the stock still halted so perhaps it is the broker trading its portfolio?
w
Refco bonds plummet to 23 cents on the dollar
Fri Oct 14, 2005 09:17 AM ET
NEW YORK, Oct 14 (Reuters) - Bonds issued by Refco Inc., (RFX.N: Quote, Profile, Research) the futures and commodities broker enmeshed in an accounting scandal, dropped 17 cents on the dollar to 23 cents on the dollar on Friday morning, according to MarketAxess.
The notes, bearing a 9 percent coupon and maturing in 2012, have traded as low as 21 cents and 22 cents on the dollar on Friday. At 23 cents on the dollar, they yield 48 percent.
Fri Oct 14, 2005 09:17 AM ET
NEW YORK, Oct 14 (Reuters) - Bonds issued by Refco Inc., (RFX.N: Quote, Profile, Research) the futures and commodities broker enmeshed in an accounting scandal, dropped 17 cents on the dollar to 23 cents on the dollar on Friday morning, according to MarketAxess.
The notes, bearing a 9 percent coupon and maturing in 2012, have traded as low as 21 cents and 22 cents on the dollar on Friday. At 23 cents on the dollar, they yield 48 percent.
Given that the whole IPO now looks like a giant fraud and they're winding up over 50% of their business I wonder if they will reopen for trading at all.
That'll be on no basis then - you are a tube.
They are in violation of their covenants and the lenders have the right to make an immediate call on the notes -- which RFX can't pay. What a mess...
LPC: Refco's loans see-saw before lender call
Fri Oct 14, 2005 09:57 AM ET
NEW YORK, Oct 14 (Reuters) - Refco Inc.'s (RFX.N: Quote, Profile, Research) $648 million of loans dropped on Friday morning, before settling back to their Thursday levels, as lenders braced for a conference call later in the morning, according to Loan Pricing Corp., a unit of Reuters Plc.
Bonds from Refco, a broker reeling from an accounting scandal involving $430 million of bad debt that likely should have been written down, plummeted 17 cents on the dollar to 23 cents on the dollar, indicating that bond investors see bankruptcy filing as highly likely.
Quoted prices on the loans, which are held mainly by institutions and are secured by Refco shares, traded as low as about 65 cents on the dollar, before rising to the 70-74 cents range, which is essentially where they closed on Thursday, LPC said.
A conference call to discuss Refco's loans is scheduled for 10 a.m. (1400 GMT).
Lenders are entitled to demand immediate repayment on the loans because the company has violated its lending terms, an analyst told Reuters.
But the company cannot likely pay the loans back, and cannot likely agree to more stringent lending terms, analysts told Reuters on Wednesday.
(Additional reporting by Dan Wilchins)
LPC: Refco's loans see-saw before lender call
Fri Oct 14, 2005 09:57 AM ET
NEW YORK, Oct 14 (Reuters) - Refco Inc.'s (RFX.N: Quote, Profile, Research) $648 million of loans dropped on Friday morning, before settling back to their Thursday levels, as lenders braced for a conference call later in the morning, according to Loan Pricing Corp., a unit of Reuters Plc.
Bonds from Refco, a broker reeling from an accounting scandal involving $430 million of bad debt that likely should have been written down, plummeted 17 cents on the dollar to 23 cents on the dollar, indicating that bond investors see bankruptcy filing as highly likely.
Quoted prices on the loans, which are held mainly by institutions and are secured by Refco shares, traded as low as about 65 cents on the dollar, before rising to the 70-74 cents range, which is essentially where they closed on Thursday, LPC said.
A conference call to discuss Refco's loans is scheduled for 10 a.m. (1400 GMT).
Lenders are entitled to demand immediate repayment on the loans because the company has violated its lending terms, an analyst told Reuters.
But the company cannot likely pay the loans back, and cannot likely agree to more stringent lending terms, analysts told Reuters on Wednesday.
(Additional reporting by Dan Wilchins)