You might have received it also...if you are client ..if not
well here is the last update
ZC
Dear RefcoFX Client:
We wanted you to know about an important step in Refco's Chapter 11
filing. Refco F/X Associates LLC (RefcoFX) has signed a Memorandum of
Understanding (MOU) to sell certain of our retail FX assets to Forex
Capital Markets LLC ("FXCM"). FXCM is a Futures Commission Merchant
registered with the CFTC and a member of the National Futures
Association.
The MOU provides for the transfer of more than 15,000 retail client
accounts of RefcoFX.com, including yours, to an affiliate of FXCM.
Under the terms of the MOU:
· Pending completion of a transaction, RefcoFX clients may continue
trading in their accounts without disruption, and
· Upon completion of a transaction, all retail customer positions and
orders traded on the FX Trading Station platform will be transferred
intact, and RefcoFX account holders will be made whole, have access to
100% of their funds, and be able to carry out normal account procedures,
including withdrawing funds, as usual.
We believe this is the first step in ultimately normalizing trading.
The MOU must be approved by the Bankruptcy Court, and the sale of the
business will occur through a court-supervised auction open to competing
bids. Thus we expect the process to take approximately 30 days to
complete.
We appreciate your continued support during this process. Refco has set
up a toll-free information line (866-327-0774) to answer additional
questions you may have. You may also visit the RefcoFX website,
www.refcoFX.com, where you can find additional information about the
Chapter 11 restructuring.
We will continue to update you as more information becomes available.
Sincerely,
Refco F/X Associates LLC
well here is the last update
ZC
Dear RefcoFX Client:
We wanted you to know about an important step in Refco's Chapter 11
filing. Refco F/X Associates LLC (RefcoFX) has signed a Memorandum of
Understanding (MOU) to sell certain of our retail FX assets to Forex
Capital Markets LLC ("FXCM"). FXCM is a Futures Commission Merchant
registered with the CFTC and a member of the National Futures
Association.
The MOU provides for the transfer of more than 15,000 retail client
accounts of RefcoFX.com, including yours, to an affiliate of FXCM.
Under the terms of the MOU:
· Pending completion of a transaction, RefcoFX clients may continue
trading in their accounts without disruption, and
· Upon completion of a transaction, all retail customer positions and
orders traded on the FX Trading Station platform will be transferred
intact, and RefcoFX account holders will be made whole, have access to
100% of their funds, and be able to carry out normal account procedures,
including withdrawing funds, as usual.
We believe this is the first step in ultimately normalizing trading.
The MOU must be approved by the Bankruptcy Court, and the sale of the
business will occur through a court-supervised auction open to competing
bids. Thus we expect the process to take approximately 30 days to
complete.
We appreciate your continued support during this process. Refco has set
up a toll-free information line (866-327-0774) to answer additional
questions you may have. You may also visit the RefcoFX website,
www.refcoFX.com, where you can find additional information about the
Chapter 11 restructuring.
We will continue to update you as more information becomes available.
Sincerely,
Refco F/X Associates LLC