Advanced Currency Markets SA, a Geneva-based electronics broker has repurchased its own shares from Refco Inc., the futures trader that went bankrupt after its top executive was accused of hiding debt. ACM founders Lloyd La Marca, Alexander Axarlis and Nicholas Bang reacquired 768 of 3,000 outstanding shares from Refco creditors for about 25 million Swiss francs ($20.6 million) ACM said today in an e-mailed statement.
ACM has been negotiating for more than a year to regain control of its shares to avoid being sold or liquidated as part of Refco’s bankruptcy. All outstanding legal procedures between ACM and Refco were closed as of April 13, ACM said. Refco with debt of $16.8 billion, filed the 15th-biggest bankruptcy in U.S. history days after former Chief Executive Officer Phillip Bennett was arrested in October 2005. “ACM is here to stay” Managing Director Bang said in the statement. All of ACM’s shareholding is now in the hands of the people who care most about its future. Refco bought control of ACM in July 2004 to help it expand its currency-trading business for individual customers in Europe and the Middle East. ACM, which handles over $100 billion in trades for clients per month has “almost tripled its client base and revenues have increased considerably” since the third quarter of 2005 Nick Bang said today in a telephone interview.