Anyone guessing right now? Could this stock be delisted or sent to near zero over this news? Any opinions?
Like I mentioned in another thread when the news first broke on the first day..... this stock will sink lower. If it has any chance of recovering, it will only do so after a long period of time. What Refco chose to do is simply the worst thing they could have done in this business.... they borrowed customer funds to conduct corporate business. This is sacred ground for funds and traders. Although I have considered Refco as a clearer in the past for my firm, I would never consider them now. In all likelyhood, they will disappear and come back under a different name to survive. I'm really glad I got a bad feeling about their management in Chicago and have avoided them since. Their multi-national presence was very appealing to me, but I'm glad I chose my current clearer. Best regards.
Why can't you look it up? http://www.investors.com/quotes/default.asp?ac=&t=rfx Securities fraud and it has been going on since Monday.
Who's the winner in all this? Who will take their business? Who were the underwriters of the IPO? What's their liability? Why create another redundant Refco thread?
Because it's a bomb. The $430mm fluctuates. Live with it. Been going on for years. The two brokers in this article were Refco Brokers. http://www.rgm.com/articles/sedona.html Investigator Ms. Isaacson ....at the US Attny conf yesterday According to these tapes, on March 20, 2001, Andreas Badian told the broker to sell Sedona shares with "unbridled levels of agression" on behalf of the offshore entity's account. After this call, the broker shorted 74,500 shares. The stock closed at 97 cents that day. "The next day, on or about March 21, 2001, Andreas Badian congratulated Broker 1 on a 'good job,' noting that the company's share price had 'collapsed.' Badian then directed Broker 1 to be 'merciless' with Sedona," states the complaint. The broker then shorted a further 78,600 shares. Sedona's share price fell to 87 cents that There are estimates in the tens of millions of shares of Sedona naked short, and it is one of hundreds. Bennett was hoping for them all to be deregistered.........Sorry. Pay up.