Undaunted by Refco's Mess
Private-equity investor J. Christopher Flowers is leading a group of investors who want to salvage at least half the troubled derivatives broker Refco. Flowers' group, J.C. Flowers & Co., agreed on Oct. 17 to put up $768 million for Refco's futures brokerage, Refco LLC, while the parent company and other parts of the company filed for Chapter 11 bankruptcy protection.
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