Update on RefcoFX
- Thread starter qqqq
- Start date
Dear Client:
We wanted you to know about an important step in Refco's Chapter 11 case.
Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York has approved bidding procedures to auction certain assets of Refco FX Associates LLC, including the company's more than 15,000 retail accounts.
Upon completion of the auction and sale of these assets, which we hope will occur in February, please note the following:
· All Refco FX customer positions and orders traded on the FX Trading Station platform will be transferred intact;
*************************************************
· Those Refco FX account holders will have access to 100% of the funds as reflected in their trading accounts;
*************************************************
· Refco FX account holders will be able to carry out normal account procedures, including withdrawing funds, as usual.
Pending completion of a transaction, RefcoFX clients may continue trading in their accounts.
Refco FX has entered into an agreement to sell the assets to Forex Trading LLC and Forex Capital Markets LLC ("FXCM"), a Futures Commission Merchant registered with the CFTC and a member of the National Futures Association. FXCM has bid $110 million dollars for assets, including the RefcoFX retail accounts.
However, if there is more than one "qualified bidder," an auction would be held on January 26, 2006. A hearing to approve the sale to the winning bidder will be held at the U.S. Bankruptcy Court on January 27. If the court approves the sale, we hope the transaction will close in February.
"We are gratified with the court's approval of the bidding procedures and look forward to completing the sale process quickly," said Robert Dangremond, Refco's chief executive officer.
Mr. Dangremond also said that any alternative bid would also need to include the assumption of Refco FX customer liabilities, providing a satisfactory outcome for Refco FX customers.
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.
We expect to continue to update you as more information becomes available.
For questions not relating to the above, please email sales@refcofx.com.
Best Regards,
Refco F/X Associates LLC
RISK WARNING: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
Refco F/X Associates LLC and its affiliates assume no responsibility for errors, inaccuracies or omissions in these materials. They do not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Refco F/X Associates LLC and its affiliates shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. This email is not a solicitation to buy or sell currency. All information contained in this e-mail is strictly confidential and is only intended for use by the recipient. All e-mail sent to or from this address will be received by the Refco F/X Associates LLC corporate e-mail system and is subject to archival and review by someone other than the recipient. Refco F/X Associates LLC is compensated for its services through the spread between the bid/ask prices.
We wanted you to know about an important step in Refco's Chapter 11 case.
Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York has approved bidding procedures to auction certain assets of Refco FX Associates LLC, including the company's more than 15,000 retail accounts.
Upon completion of the auction and sale of these assets, which we hope will occur in February, please note the following:
· All Refco FX customer positions and orders traded on the FX Trading Station platform will be transferred intact;
*************************************************
· Those Refco FX account holders will have access to 100% of the funds as reflected in their trading accounts;
*************************************************
· Refco FX account holders will be able to carry out normal account procedures, including withdrawing funds, as usual.
Pending completion of a transaction, RefcoFX clients may continue trading in their accounts.
Refco FX has entered into an agreement to sell the assets to Forex Trading LLC and Forex Capital Markets LLC ("FXCM"), a Futures Commission Merchant registered with the CFTC and a member of the National Futures Association. FXCM has bid $110 million dollars for assets, including the RefcoFX retail accounts.
However, if there is more than one "qualified bidder," an auction would be held on January 26, 2006. A hearing to approve the sale to the winning bidder will be held at the U.S. Bankruptcy Court on January 27. If the court approves the sale, we hope the transaction will close in February.
"We are gratified with the court's approval of the bidding procedures and look forward to completing the sale process quickly," said Robert Dangremond, Refco's chief executive officer.
Mr. Dangremond also said that any alternative bid would also need to include the assumption of Refco FX customer liabilities, providing a satisfactory outcome for Refco FX customers.
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.
We expect to continue to update you as more information becomes available.
For questions not relating to the above, please email sales@refcofx.com.
Best Regards,
Refco F/X Associates LLC
RISK WARNING: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
Refco F/X Associates LLC and its affiliates assume no responsibility for errors, inaccuracies or omissions in these materials. They do not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. Refco F/X Associates LLC and its affiliates shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. This email is not a solicitation to buy or sell currency. All information contained in this e-mail is strictly confidential and is only intended for use by the recipient. All e-mail sent to or from this address will be received by the Refco F/X Associates LLC corporate e-mail system and is subject to archival and review by someone other than the recipient. Refco F/X Associates LLC is compensated for its services through the spread between the bid/ask prices.
Justice Delayed, justice DENIED
These delays are all about some GREEDY Lawyer trying to steel peoples monies.
And guess what, the Judge is a Lawyer too....
He's not trying to be fair, he just helping out his fellow Lawyers, and probably taking a kick back in the future.
Hmm. I could say much more, but it would probably be used against me in a court of LAW, where the LAWYERS/Thieves ALWAYS wins.
America, the country where there is NO SUCH thing as property RIGHTS.
It's all about trying to DEFEND what your have.
BTW, a piece of financial advise.
KEEP YOUR finances as SECRET as POSSIBLE.
If someone knows you have some money, a LAWYER will try to figure out a way to TAKE it AWAY.
If you are a LAWYER and you take an offence to what I am saying. GOOD. REFCO has all my money, Good Luck, get in line with the rest of the thieves that are trying to steel it.
BTW, LAWYER, try getting a JOB that contributes to something, instead of destroying everything.
These delays are all about some GREEDY Lawyer trying to steel peoples monies.
And guess what, the Judge is a Lawyer too....
He's not trying to be fair, he just helping out his fellow Lawyers, and probably taking a kick back in the future.
Hmm. I could say much more, but it would probably be used against me in a court of LAW, where the LAWYERS/Thieves ALWAYS wins.
America, the country where there is NO SUCH thing as property RIGHTS.
It's all about trying to DEFEND what your have.
BTW, a piece of financial advise.
KEEP YOUR finances as SECRET as POSSIBLE.
If someone knows you have some money, a LAWYER will try to figure out a way to TAKE it AWAY.
If you are a LAWYER and you take an offence to what I am saying. GOOD. REFCO has all my money, Good Luck, get in line with the rest of the thieves that are trying to steel it.
BTW, LAWYER, try getting a JOB that contributes to something, instead of destroying everything.