The Fall of Refco Trading Services

Quote from Joseph Pipp:

Don,
Is it true that you turned down an offer of $75 million for your firm from Refco?
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The number was much higher from another firm...several years ago. We decided to buy out partner Eddie Franco and keep the firm in the family for the next generation (although I'm sure they would prefer to just get the cash, LOL). Now they can build their own futures on our base over the next few decades.

Don
 
Quote from FredBloggs:

i think youre a BULL SHITTER!

i think youre a FAILED RTS TRADER with an AXE TO GRIND.

if you knew anything, you would know that RTS is a different division to refco llc that man took over.

why else would you set up a different identity just to blow hot air and lies.

i know several people at rts, ALL of them are still there and trading.
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You may have several people at RTS but I am a current trader at RTS and if I have an axe to grind why is it that I have not posted a single negative thing about the company other than their move to refco pro and if you knew anything (ask the people you know, a majoritiy of the traders were not happy with the move and a lot of them did take off cause of it). Overall, I think RTS (formerly Macfutures) was a great firm to work with and I didn't have a single complaint about the firm, other than the move to Refco pro which I think given some time, could have a been comparable or better than tt.

And if RTS is a different division of Refco LLC, I don't know why my checks are by Refco LLC and why I am being told that Man is the one deciding the fate of RTS.

All I can say to FredBloggs is to wait a month or so when the news becomes public and you will soon find out that everything YOU have is said is complete BULLSHIT.

Their is a saying that a little knowlegde makes a fool of people. I think you fit this profile perfectly.

As to the new identity - if I was a failed trader with an ax to grind, I would have nothing to hide, but since I am still a trader with the firm I rather not get myself into any trouble by posting any info that is not public knowledge, I just wanted to gauge other people's opinion and experience of other prop trader who have dealt with a similiar issue.
 
a little knowlegde makes a fool of people
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True.

They don''t know the difference betweeen the reg and non-reg sides of REFCO.

Anybody with a regulated futures account, customer or RTS or whatever, is whole and the account is now with Man as of the close of biz last Friday. Man has sold various chunks of that off to others. No matter, all of those customers are whole.

The non-reg side remains in bankruptcy.
 
Quote from rtsisfalling:

You may have several people at RTS but I am a current trader at RTS and if I have an axe to grind why is it that I have not posted a single negative thing about the company other than their move to refco pro and if you knew anything (ask the people you know, a majoritiy of the traders were not happy with the move and a lot of them did take off cause of it). Overall, I think RTS (formerly Macfutures) was a great firm to work with and I didn't have a single complaint about the firm, other than the move to Refco pro which I think given some time, could have a been comparable or better than tt.

And if RTS is a different division of Refco LLC, I don't know why my checks are by Refco LLC and why I am being told that Man is the one deciding the fate of RTS.

All I can say to FredBloggs is to wait a month or so when the news becomes public and you will soon find out that everything YOU have is said is complete BULLSHIT.

Their is a saying that a little knowlegde makes a fool of people. I think you fit this profile perfectly.

As to the new identity - if I was a failed trader with an ax to grind, I would have nothing to hide, but since I am still a trader with the firm I rather not get myself into any trouble by posting any info that is not public knowledge, I just wanted to gauge other people's opinion and experience of other prop trader who have dealt with a similiar issue.
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BWAHAHAHAHAHA!!!!

good try but your foolin no one.
 
Why is Don Bright on this posting? If I was Don Bright, and I ran a huge equity day trading shop, I don't think I would want to have any involvement in a posting about the fall of refco trading services. It's not really professional to speculate about such things. I understand that Don responds to questions about the industry and his shop in general, but no one ever mentioned Bright until he popped up in here. Comparing RTS to Bright is apples and oranges.

IMHO, if you are a RTS employee and RTS owes you money, than whoever bought them (Man or Marathon) out is going to have to pay your commissions on profits.
 
I too am with RTS. Everything rtsisfalling has said is right on.

Does anybody know what is going on with the North American offices? We were suppose to have an answer by now. :confused:
 
Just curious Don as to your reference in speaking to Magnus about MAcfutures.. was this before they sold it to Refco, or since the disintegration of Refco ?
 
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