Refco FX account withdrawl frozen!!!

"Dividends or payments with respect to their stock ownership, that is vulnerable to what is known in bankruptcy as a fraudulent conveyance or distribution," ... "Fraudulent conveyance is a payment made while the company was insolvent. When you make those payments in that time frame, then creditors have a right to recover them."

The class action guys are going after Bennett and Grant's pre-IPO parachutes.
 
Quote from globalfxtrainer:

FXCM would rid themselves of Refco as a shareholder and simultaneously get a book of business from RefcoFX. This would be a good deal for them and I don't see where there's any debt. They don't want all of RefcoFX, just to bail out the customers, which presumably will have their funds in tact (one can hope :) .
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The math dosn't work for me.

Is REFCOFX planning on transfering those accounts with the funds attached to them? Which I'm sure, account holders will withdrawal immedicatly.

Is FXCM going to pay REFCOFX for these accounts, which will probally be emptied out a few days after they get receipt of them?

Is FXCM going to pay REFCOFX for the shares that REFCOFX owns of FXCM???

Hmm. Sounds like yet another scam. This time it's being played on FXCM, and probally their customers as they go bankrupt.

I would be amazed if FXCM can do all this and still come out in the long run in the black.:p :p :p :p
 
Quote from 9th Gate:

I was just about to switch over to RefcoFX before this went down and feel bad for people. Hold out hope because FXCM may come through for you and others in the end.

I don't understand how a company can use client capital as collateral to pay back loans it obtained to operate its business when the $ does not belong to them. This scam hasn't made it past the judge yet anyway, so hopefully the judge will do what is right.
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I agree...

But I also notice that as REFCO lawyers shout out that customer money is their money in the press. Our goverment is SILENT.

I've been up in front of a judges before. Anyone would probally fair better having a civil servant use one of those yes/no/maybe devices meating out judgement, than most of the judges we have sitting on the bench now.

At least that way court rulings would be a little more consistant, and predictable.
 
Quote from donaq7:

i have 508k frozen in refco fx anyone have some sleeping pills? How is fxcm going to save the day? I heard they want to buy back their shares from refco and move the clients to his company.What do you think guys, how is he going to do that? Can he? Any thoughts? Thanks
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I know this means fuck all to you right now, but I am sure I speak for a lot of guys here when I say that I feel for you and I truly hope that you get some sort of acceptable outcome. And yes I know, read the fine print and all, but I don't care - this is just ridiculous.
 
same here...
hang in there dude! no evidence to date of a massive black hole in the unregulated entities' accts therefore nothing to lose in hoping for the best... nothing much u can do anyway until the liquidators get their arms around the finances of thoses unreg. entities... same for fxcm, anything's possible but they'll just have to wait...
u shld get in touch with milbank, the creditors' committee lawyer, for instance http://www.milbank.com/contact/con_by_litig.htm see what they say
all the best!
 
Tell you what. I've seen something like this before - not brokerage or anything like that. Does one of you want to come forward and make some phone calls or maybe be a runner if in NYC or a google searcher?

Maybe I could point you in the right direction.

Geo.
 
Quote from donaq7:

does refco fx have much debt ? Anyone
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You're not well-advised to take advice from a bulletin board. I would contact an attorney asap.
 
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