Refco LLC, the regulated futures unit, never declard bankruptcy. Before the scandal broke they had $7.5 billion in customer funds, and now its closer to $2 billion. Man Financial stole the firm which was the crown jewel of the Refco empire. The brilliant part was they left the regulatory capital at Refco to avoid creditor suits and bad publicity. So instead of paying cash for cash the bought the futures unit at a rock bottom price. All of the trading accounts were segregated, even a 5 billion plus drop in funds wouldn't put the unit in a liquidity crisis. Its a very safe business. Trader/God