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NEW YORK (AP) - Troubled commodities broker Refco Inc. could be essentially scrapped for its parts, with talks Monday aimed at selling the company's core futures brokerage business to a group of private investors.
The consortium of would-be buyers are led by private buyout firm J.C. Flowers & Co. LLC, which specializes in taking distressed financial companies and either turning them around or selling the pieces to other companies. Refco and Flowers are in "advanced negotiations." A Refco spokeswoman had no other comment, while a Flowers spokesman could not be reached for comment.
"There is a network of potential buyers for certain pieces of this company," said Denise Valentine, senior analyst at financial consulting group Celent. "It could be interesting to see how parts of Refco get morphed into other firms."
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