As if the Refco situation couldn’t get any worse, another bidder has been forced to step out of the fray. Tradelink, a Chicago-based FCM, has exited stage left due to all the claims piling up on Refco. Shareholder lawsuits aside, the CFTC says the company’s regulated assets and the officers involved in the mix may be fair game.

Someone may buy Refco, and find there is nothing but a few desks and flatscreens when the arrive at the office. Ouch.

You would think that a company like Refco, seriously down on its luck right now, would look like a good buy at a miniscule percentage of its original IPO market cap. But no. Qualified bidders are backing off, and others are swarming.

Meanwhile, they are all pissing and moaning about the breakup fees. Sounds to me like the company is D E A D, dead.