Refco futures brokerage business sale appeal withdrawn

By Caroline Salls

Pittsburgh, Dec. 7 - The appeal of Refco, Inc.'s sale of its regulated futures brokerage business by West Loop Associates, LLC was withdrawn and dismissed, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the filing, Refco, its unsecured creditors committee, West Loop and buyer Man Financial Inc. agreed to a stipulation regarding West Loop's appeal issues that rendered prosecution of the appeal unnecessary.

Refco obtained approval of the $323 million sale of its regulated commodities futures business to Man Financial, a wholly owned subsidiary of Man Group plc, in November.

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

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