apparently refco debt is greatly discounted now as well, trading fairly near 'certain bankruptcy' range on friday from what i heard. It isn't my market, but it IS the only refco-related item still trading.
From about 45 minutes ago:
NEW YORK, Oct 16 (Reuters) - An investor group led by private equity firm JC Flowers & Co is in the lead to buy Refco Inc's (RFX.N: Quote, Profile, Research) futures business, a source familiar with the matter said on Sunday, as Refco's advisers met for the second day to salvage the troubled firm.
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My guess is that the futures biz gets sold and the holding company and 2 shut-down divisions go into bankruptcy before midnight.