Refco removes bidder Alaron from auction

Nov 09, 2005 | 10:50 AM | Sean Barry

Refco Inc. has disqualified futures and options broker Alaron Trading Corp., Chicago, from bidding for its assets.

Alaron, which trades in metals and energy, had submitted a bid to acquire the private client and retail business of New York-based Refco.

"We were deemed not to be part of the formal bidding process," Gary Weber, managing partner of Alaron, said. "It's unfortunate and we're disappointed. We're not sure why we were not selected, and there could be a number of possibilities. The part of the business we were bidding for may have been part and parcel of a larger bid."....

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