Refco Capital Markets' trustee asks for OK of $2.7 million settlement with Bolton Capital Planning

By Jennifer Lanning Drey

Portland, Ore., Dec. 8 - Refco Capital Markets Ltd.'s Chapter 11 trustee requested court approval of a $2.7 million claims dispute settlement with Bolton Capital Planning LLC, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the motion, Bolton held claims against Refco Capital Markets that stemmed from cash on deposit in its various accounts. However, the claims were counter-balanced by debit balances owed by Bolton to Refco Capital Markets.

Under the settlement, the companies have agreed on credit and debit balance amounts for all of Bolton's accounts that were maintained by Refco Capital Markets, and the agreements result in a $2.7 million balance due to Refco Capital Markets from Bolton.

Bolton must pay Refco Capital Markets the full amount within five days of the agreement receiving court approval, and upon payment, Bolton's claims against the company will be deemed disallowed, according to the motion.

Refco, a New York-based commodities brokerage company, filed for bankruptcy on Oct. 17, 2005. Its Chapter 11 case number is 05-60006.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.