Bankruptcy filing said possible for Refco LLC Wed Nov 9, 2005 05:26 PM ET (Adds quote) CHICAGO, Nov 9 (Reuters) - The regulated futures unit being sold by bankrupt brokerage firm Refco Inc. (RFXCQ.PK: Quote, Profile, Research) could itself file for bankruptcy as part of the sale process, according to a lawyer who represents one of the bidding firms. "In the past that is the way this kind of situation has been addressed. It's part of the system of safeguarding customer accounts," Kenneth Rosenzweig, attorney with Katten Muchin Rosenman LLP, told Reuters. Bankruptcy was among a "range of possibilities," he said. A bankruptcy filing could facilitate the transfer of customer accounts from Refco LLC, the futures arm of Refco Inc., Rosenzweig said earlier during a panel discussion at the Futures Industry Association meeting here. Such a move would help shield the buyer from current and possible future potential claims against Refco LLC. Refco is auctioning its assets, including Refco LLC and several overseas affiliates, and is expected to choose the best bid late Wednesday. The winning bid is expected to be presented to bankruptcy court on Thursday. The four bidders believed to still be in the process are Man Financial, the brokerage arm of British hedge fund firm Man Group Plc. (EMG.L: Quote, Profile, Research) , U.S. private equity group J.C. Flowers & Co., U.S. broker-dealer Interactive Brokers Group, and a group involving the investment arm of the Dubai government, U.S. buyout firm Yucaipa Cos. and Marathon Asset Management LLC. Rosenzweig represents Interactive Brokers Group, but declined to discuss specifics of the firm's bid or other aspects of the auction.