Another question: what are the assets of the Refco Group companies (Refcofx included, I believe) that are in the bankruptcy? Just before the bankruptcy, didn't the Refco Group obtain 380 million or so from Jim Rogers, then another lump of cash of about that same size from the Austrian bank? Did those sums disappear down a black hole?
True. But the fact is, the only ones who are making out in this whole mess are the attoneys. It would be nice if someone could point us to some case law....
For the people on here that are account holders it seems that a key decision is that of the judge with respect to the treatment of account holders money. One of the questions is "will the judge allow account holder deposits to be treated as property of Refco, or will it be refunded to account holders?" There are several related cases right now with Refco Capital Markets. The outcome of them will presumably shape the outcome of the same issues at RefcoFX. This is why I believe it's very important to make as much noise as possible right now about how wrong this is with lawmakers, the media, etc. Remember, it can be legal, but not logical. You can write to your congressman and senators easily at: http://www.letterstocongress.org When you use this, you will be able to choose if it's free (email) or the delivery service if you want to use them for mailing an actual letter.
Here - fish around in this. Call up. Be nice. Say you have an account and can anyone help or point you in the right direction about what will happen to your type of account holder. http://www.usdoj.gov/ust/r02/manhattan/org_meetings.htm http://www.usdoj.gov/ust/r02/manhattan.htm Maybe they'll be able to tell you something or maybe steer you to the law firm handling your type of claim.
absolutely right! think yr letter http://www.elitetrader.com/vb/showthread.php?s=&postid=882762#post882762 is good! all the best,
Than You for the information. I was told that Andy, the guy his is handling hte refco problem is not around. I left voice mail. Hopefully he will call back. I'll write back on my results.
The short answer is I'm not sure. However I believe the Refco CA entity is regulated and it is listed as a member of the IDA (Indpendent Dealers Association) and the CIPF so it seems that a combination of things make the Canadian outcome favorable; better regulation and insurance for account holders.
Here is how I see it : 1) either 100% of funds at REFCOFX are still in customer accounts (were they belong) 2) customer accounts are not 100% funded by REFCOFX ... money is missing 3) funds are no longer there ... REFCOFX Associates LLC might have loaned all money to other entities of REFCO (eg. REFCO Inc.) in order to pay creditors, etc. If we're in for #3 ... I might be trading currencies with no money backing my account. Pffff. And I fear my funds are actually used to cover day to day operation of diffirent REFCO entities. HOWEVER, if 100% of funds are still at REFCOFX ASSOCIATES LLC. ... we should get our money back - I can't see how the COURT will authorize transfer from REFCOFX to other entities by now. But on the other hand, if fund tranfers occured prioir to the FREEZE account "thing" on oct. 18th by the COURT, forget it ... we won't be able to recoup 100% of our funds, if any. Any thinking ?
I'm from Vancouver, Canada and I set up a RefcoFX account with my Canadian passport, proof of Canadian address, and funded with a Canadian Credit Card. But my account was set up as an American account, and I have no access to my funds.