Deal just went through. Has to work its way trough court but basically a done deal. Your funds are still there and safe and you will be able to access them soon. Expect an announcement soon. Trader/God
How can one be certain that the bankruptcy court will approve this deal? Will all creditors of RefcoFX be made whole? If not, how can customer-creditors, at the end of the line, without any priority in bankruptcy, be made whole, without all other creditors also being made whole? Wouldn't those other creditors object to the transaction? If all RefcoFX creditors can be made whole, then how can RefcoFX be considered bankrupt, and why was RefcoFX included in the Refco bankruptcy?
I sure hope this goes through. I would like access to my account by next week. Maybe RefcoFX was profitable and kept customers funds within RefcoFX?
I just recieved this email from RefcoFX November 11, 2005 Dear RefcoFX Client: We wanted you to know about an important step in Refco's Chapter 11 filing. Refco F/X Associates LLC (RefcoFX) has signed a Memorandum of Understanding (MOU) to sell certain of our retail FX assets to Forex Capital Markets LLC ("FXCM"). FXCM is a Futures Commission Merchant registered with the CFTC and a member of the National Futures Association. The MOU provides for the transfer of more than 15,000 retail client accounts of RefcoFX.com, including yours, to an affiliate of FXCM. Under the terms of the MOU: · Pending completion of a transaction, RefcoFX clients may continue trading in their accounts without disruption, and · Upon completion of a transaction, all retail customer positions and orders traded on the FX Trading Station platform will be transferred intact, and RefcoFX account holders will be made whole, have access to 100% of their funds, and be able to carry out normal account procedures, including withdrawing funds, as usual. We believe this is the first step in ultimately normalizing trading. The MOU must be approved by the Bankruptcy Court, and the sale of the business will occur through a court-supervised auction open to competing bids. Thus we expect the process to take approximately 30 days to complete. We appreciate your continued support during this process. Refco has set up a toll-free information line (866-327-0774) to answer additional questions you may have. You may also visit the RefcoFX website, www.refcoFX.com, where you can find additional information about the Chapter 11 restructuring. We will continue to update you as more information becomes available. Sincerely, Refco F/X Associates LLC
If you are an ex-RefcoFX client -- your property rights violated totalitarian-regime style and/or dismissively ignored for x weeks -- can someone give me one good reason why you wouldn't take your money (from FXCM or wherever it ends up) and run the moment you can?
Jim all that doom and gloom you were scaring these guys with never came to pass. RefcoFX was a subcontractor controlled by FXCM and did keep the funds seperate. Although they still fell under the Refco umbrella and were included in the bankruptcy (which is why the funds were frozen) it was procedural, its not like the funds weren't there or were going to Jim Rogers. Of course its not certain yet but very likely it will go through and RefcoFX clietns will be able to use their funds anyway the want within two months. Etch it in stone, its going to happen. No need to scare these guys anymore, its not some Belize operated bucketshop, but a legit firm not controlled by an even more legit one. Trader/God
FXCM your my hero!!! Well, looks like I'm only loosing a few good/bad months of trading. But, hey, looks like I'm getting my 120% return this year. I had hoped to make more gains, but least I'm not loosing hard earned cash. I'll probally stay with FXCM unless I can find a dealer that is close to the quality of service that FXCM offers,CIPF inssurance, and accecpt US Accounts. Yehhh