I suppose we shouldn't be surprised by the change in Refco's statement to the bankruptcy court re their assets. In their initial filing, the accountants at Refco (the guys who, according to the offering circular could not close the books on time) or Grant Thornton (the auditors who claimed a hedge fund would pay the money that they didn't know Bennett owed) claimed the company had $49 billion in assets. Two days later the number was down to $16.5 billion.
Customer deposits are at $4.1 billion, still a few hundreds of millions above the number at which Flowers can walk away from the deal. Things have been on a very, very fast track and maybe the court will approve the deal by November as Flowers wants.
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