It's not over till its over

Some details are coming out re Flowers' acquisition of Refco's futures business which could prevent the deal from closing:

• The deal has to be approved by the bankruptcy court. I can't see the court saying no.
• The new owners will not incur liabilities based on the most recent problems. This might be dicey.
• Customer assets can't fall below $3.75 billion when averaged over three days. As of May 31, these assets totaled $4.1 billion but Cargill was acquired since then and many customers have jumped ship over the past week. It's unlikely that assets will fall below the magic number as Flowers & company seem to be calming the markets.