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.
NEW YORK, Oct 17 (Reuters) - Embattled futures and commodities brokerage Refco Inc. (RFX.N: Quote, Profile, Research) said on Monday it was in advanced discussions with an investment group led by J.C. Flowers & Co. over the sale of its futures brokerage business.
Refco said it expects to reach a memorandum of understanding with the group shortly, but said there can be no assurance that an agreement will ultimately be reached.