ok ... I am getting tired of all the posts on the topic needless to say ... I found this interesting ... if anyone else sees good copy on the wires in the next few days ... please post source or link as well http://business.timesonline.co.uk/article/0,,9063-1834324,00.html -Refco court documents reveal huge discrepancy- -A TOTAL of $32 billion of assets and $32 billion of liabilities were wiped off the balance sheet of Refco, the collapsing commodities trading firm, between February and August this year, it emerged last night.- -According to a revised bankruptcy petition published last night by Refco, the companyâs assets were listed as $16.5 billion (£9.3 billion), with liabilities of $16.8 billion for the end of August. The firm listed on the New York Stock Exchange on August 11.- -However, in its original Chapter 11 bankruptcy filing of Monday night, Refco claimed to have $48.7 billion of assets and $48.6 billion of liabilities as of February 28.- -The company gave no explanation for the massive discrepancy, although it said in earlier filings that the figures could be subject to change because its accounts could not be relied upon-
this from edgar / refco's ipo docs fyi: Refco Inc. and Subsidiaries Unaudited Pro Forma Consolidated Balance Sheet as of November 30, 2004 (in thousands) http://sec.freeedgar.com/EFX_dll/ED...oxD&ID=3597724#A2149035ZS-1_HTM_TOC_DH10213_2 am no qual. accountant but seems the 'missing' $32bio cld essentially be due to a reclassif. of securities repo transactions ahead of the ipo...
looks like the figures add almost up. maybe comparing the whole group and the parts??? looks more likely to me than "one billion here and there" ...