Refco bondholders want access to data

THE ASSOCIATED PRESS
December 6, 2005

WASHINGTON -- An investor group that holds $487.5 million in Refco Inc. bonds asked a judge to grant it direct access to secret information being gathered by a committee of creditors investigating the company's financial collapse.

The group said Refco's official creditors committee, which last week won the right to subpoena a broad array of Refco records, can't be relied upon to decide fairly which creditors should get access to that information. The creditors committee won that right only after promising to limit who gets access to the records...

But the bondholders contended the committee is "hopelessly conflicted" about pursuing the divergent interests of Refco's creditors. Under the circumstances, they said in court papers late Monday, the bondholders can't be sure they'll be kept informed about the investigation. "Any disconnect in receiving information, even for a short period of time, could have serious consequences," they said...

Labels: Refco