The bankruptcy filing showed that accounts which were held in unregulated parts of the group and are now listed as unsecured debts, which stand in line behind secured creditors like the Austrian bank owed half a billion. IN OTHER WORDS, PEOPLES’ MONEY ON DEPOSIT IS REFCO'S UNSECURED LIABILITY.

This, in large part, explains the heavy liquidation in the energy complex (shares +futures) and utilities.

A fund like Jim Rogers’ (and many more like his held at Refco) was in essence long all that has been in liquidation mode:

Refco Owes Jim Rogers Fund $362 Million Investment guru Jim Rogers could be one of the losers in the collapse of Refco, the scandal-tarred commodities and derivatives brokerage. A Rogers-managed investment fund is one of the largest unsecured creditors of Refco, according to the bankruptcy petition filed by Refco Inc. in New York.
http://www.thestreet.com/_googlen/markets/matthewgoldstein/10247967.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA

Newswire on the 19th (late): ‘Refco wants an expedited sale of its assets’.

Refco’s stock is +38% off its lows over the last 3 days; the market knows Flowers is succeeding in monetizing all financial assets held by refco.

This is an opportunity. D