Supposedly 50 or so advisers have been meeting over the weekend to try to save Refco. The advisers include Goldman Sachs, Grant Thornton and Thomas Lee Partners. If they didn't bother to read the IPO prospectus in August, why should they do any better now?
At least two firms have been reported sniffing around the carcass - Mann Financial from England and the Blackstone Group.
And effects are being felt overseas. The Austrian bank BAWAG P.S.K. is worried about getting paid back the multi-millions of dollars it loaned Bennett. The Indian subsidiaries of Refco are keeping their money in India and not forwarding it to New York.
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