Further update, 5 potential buyers:
Flowers emerged as a front-running bidder for Refco's unit that deals in exchange-traded futures after a weekend of negotiations led by Goldman, said the people, who asked not to be identified because they're not authorized to comment. Man Group Plc, Societe Generale's Fimat Group, Citigroup Inc. and JPMorgan Chase & Co. also were involved in the talks, they said
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My deal-by-midnight guess was wrong. Apparently they're not concerned with the new bankrupty law (went into effect at midnight), or perhaps unable to get whatever due diligence done, or perhaps the deal is just too complex to get it ironed out in 2 days.
Man Financial says it's not interested in "Refco" but that doesn't really rule out a deal for only Refco, LLC, the futures division.
Goldman apparently turned down a $1 billion offer from Abadi & Co. Whether that was for the whole thing or just the futures division is unclear. Abadi says he'll sue if Flowers gets it.
The wheels are still turning and the CFTC and the NFA and the CME have to be getting impatient, so expect a sale of the block of futures customer accounts soon.