Thanks CPTrader, the structure you have suggested makes [common, but maybe not commercial or legal] sense. Commercially, If you had most of the exchange memberships you don't want the duplication, just the customer accounts.
Chapter 7 is a means of Liquidating an entity The property/assets of the entity will be bought by the receiving entity. But the debt will stay behind. If it wasn't done this way, the receiving entity would also get all the debt. obviously, their is a problem with the asset to debt ratio that makes bring Refco LLC over as a viable entity very unattractive. So in the end, it looks like the creditors will have to settle for less than what they are owed.... It looks like the accounts are going to be rescued intact. That's good for he traders!!! Look like the creditors will take a loss. :eek: :eek: :eek: :eek: Look like the stock is going to ZERO. :eek: