After the sale, Mark Winkelman will take up the post of chairman of Refco LLC with Jacob Goldfield as vice-chairman. Winkelman was formerly head of J Aron & Co and subsequently co-head of Goldman Sachs' fixed-income division.
The sale is expected to bring Refco $768 million - 103% of the businesses' net capital. Refco will also have the option of retaining up to 20% of the businesses. However, Refco emphasised that no sale had yet been agreed.
Meanwhile, Refco itself and several of its subsidiaries - not including the futures brokerage nor the Refco Securities broker-dealer - have filed for Chapter 11 bankruptcy protection.
The week on Risk.net, May 12-18, 2018Receive this by email