Alaron Out of Refco Running

Via Bloomberg:

Refco Bidder Alaron Has Been Ruled Out of Auction, CEO Says

Ann Saphir
November 9, 2005
Bloomberg

Alaron Trading Corp., one of five bidders to buy assets of bankrupt futures broker Refco Inc., has been ruled out of a bankruptcy auction, Chief Executive Steven Greenberg said in an interview today.

``The bottom line is we're not going to be able to bid,'' said Greenberg. ``We're disappointed.'' Alaron Managing Partner Gary Weber said in an interview that the auction was ``shrouded in mystery.''

Refco is selling assets after filing the 14th-largest bankruptcy in U.S. history following disclosure that former Chief Executive Officer Phillip Bennett hid $430 million of debt.

The original piece appears here.

-- MDT