By: polipolio on Giovedì 13 Ottobre 2005 21:31
2 articoli: il primo più recente e molto chiaro.
La divisione inglese ha bloccato i prelevi dei clienti per 15 gg. ed è una divisioneimportante ("The subsidiary represents a material portion of Refco's business, the company added.").
Potrebbe essere molto ragionevole (ma indica quantomeno che i clienti stanno scappando) ma cmq non è estammenteun bel segnale.
Refco says liquidity of Capital Markets unit dries up
October 13, 2005 12:16:09 (ET)
SAN FRANCISCO (MarketWatch) -- Refco Inc. said on Thursday that its Refco Capital Markets Ltd. unit doesn't have enough liquidity to keep operating as the futures broker reels in the midst of a scandal.
Refco (RFX, Trade) announced a 15-day halt on customer withdrawals from the division to protect the value of the enterprise. The subsidiary represents a material portion of Refco's business, the company added.
Refco also said it's hired Arthur Levitt, former chairman of the Securities and Exchange Commission and chairman of the American Stock Exchange, and Eugene Ludwig, ex-U.S. Comptroller of the Currency and chief executive of Promontory Financial Group LLC, as special advisors to its board of directors.
Goldman Sachs (GS, Trade) has been tapped as Refco's financial advisor, the firm added.
Shares of Refco, the largest independent futures broker in the U.S., have slumped this week as a scandal emerged allegedly involving Chief Executive Phillip Bennett and as much as $545 million in hidden debt.
Bennett has been arrested and was charged on Wednesday with securities fraud by the U.S. Attorney for the Southern District of New York in Manhattan.
Refco stock slumped 27% to $7.90 on Thursday morning before trading was halted.
The shares have lost more than two-thirds of their value this week.
Refco also said on Thursday that regulatory capital and excess regulatory capital at Refco LLC, its regulated Futures Commission Merchant, and Refco Securities LLC, its regulated broker dealer, have been substantially unaffected by the scandal.
"The business at these subsidiaries is being conducted in the ordinary course including customer deposit and withdrawal of segregated funds," the company said.
EDINBURGH, Scotland (MarketWatch) - Quick hits:
Finger-pointing: The next big Refco story is likely to be who, besides CEO Phillip Bennett, will take the heat for the alleged securities fraud at recently IPO'ed broker.
Here's another twist, courtesy of former SEC chief Lynn Turner -- now managing director of research for Glass Lewis & Co. -- from a note Wednesday to his clients. The usual cast of characters is likely to come under scrutiny, including auditors, investment bankers and legal counsel. But "investors might well also be critical of some of the institutions for investing investors money in the IPO of a company that has a 'reputation' cited in the news in the past for being foot loose, has an ongoing SEC investigation in which their executives have been sent Wells notices, the Board is permitting sanctioned employees continue with the company, the former CFO has left to 'pursue other financial interests' and has the type of deficiencies in internal controls cited...in the S-1." Yes, the IPO document! "Hindsight is 20/20," Turner says, "but in this case, it also raises questions about the homework and fiduciary responsibility of institutional investors."
The top Refco (RFX, Trade) holders, as of Aug. 31 filings, include T. Rowe Price (TROW, Trade), Nuebuerger Berman, Thrivent Investment and Friedman Billings Ramsey (TROW, Trade).