Refco has agreed to sell its futures unit to J.C. Flowers and a group of other investors for $768 million and they'll be filing for Chapter 11, perhaps today. There is a slight chance that Dubai may top the current offer and go to $1 billion.
Alumni of Goldman Sachs, the lead underwriter of Refco's IPO, will still be involved with Refco. Flowers is ex-head of M&A at Goldman and the new chairman is also an ex-Goldman guy.
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