Hedge Funds

Refco assets won by Man Group; Bennett indicted


Man Group has won the bidding war to acquire substantially all the assets of Refco's regulated commodity futures businesses in a deal valued at $323 million, including $282 million in cash. Refco fell apart last month after reports surfaced that then-CEO Phillip R. Bennett had helped conceal $430 million in bad debt.

The London hedge fund firm's triumph came on November 10, the same day that Bennett was indicted in U.S. District Court in Manhattan on securities fraud charges. Bennett faces as many as 20 years in prison on allegations of wire fraud, conspiracy and making false filings to the