Joshua Hochberg, Refco’s bankruptcy examiner, issued his final report yesterday. Sadly, neither ‘PlusFunds’ or ‘MinusFunds’ made the cut in the 416-page main document. However, the elusive Christopher Sugrue managed a cameo:
...The [Nov. 1999] Collins memo was titled “Refco/BAWAG; Next Chapter,” and mentioned a newly created company to be owned by Bennett (40%), Grant (40%), and Chris Sugrue (20%)...
In re: Refco Inc et al
Footnote 785; Page 253 (Page 259 in .pdf numbering)
Both (former chief executive officer Phillip) Bennett and (former president Tone) Grant face criminal charges for their role in Refco’s collapse. In 1999, Sugrue was running through the then-infant MinusFunds’ first-round funding while, according to National Futures Association records, still registered with both Refco LLC, the regulated US futures brokerage, and Refcofund Holdings LLC, as an associated person.
The report makes interesting reading, especially as it relates to the performance of Refco’s not-exactly professional advisors, not-the-rock-star Tommy Lee and various other participants—witting, unwitting and merely witless—in this sorry saga. If this movie had a theme, it would be that immortal line from Hogan’s Heroes:
I hear nothing, I see nothing, I KNOW nothing.
In re: Refco Inc et al
Final Report of Examiner
(via The Wall Street Journal)
Related MSM coverage
(via Google News)
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