CattleNetwork.com – A group of hedge funds that fought to boost payments to stockholders in Refco Inc.\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s bankruptcy proceedings won the right to collect more than $1.2 million in legal fees andexpenses from the former commodity brokerage, marking a final victory in their bid for a payoff from their Refco shares.<\/p>\n
Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan approved the reimbursement Friday to Refco\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s ad hoc equity committee. The committee consists of King Street Capital Management LLC, QVT Financial LP, JMB Capital Partners LP, Mason Capital Management, Smith Management LLC and Triage Management LLC, which collectively owned about 30% of the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s stock.<\/p>\n
The reimbursement includes $1.15 million in professional fees, $132,032 in expert-witness expenses and assorted other fees accrued during a protracted court battle, in which the hedge funds won the right to 3% to 15% of two trusts in the case.<\/p>\n