Refco names three new independent directors

New York, Feb. 3 - Refco Inc. named Stephen J. Friedman, Bradley Eric Scher and Wallace O. Sellers as new independent cdirectors.

Friedman has been dean of Pace University School of Law since July 2004. Prior to that, he was a senior partner at Debevoise & Plimpton LLP, where he was co-chairman of the firm's corporate department from 1993 to 2000.

Scher is the managing member of Ocean Ridge Capital Advisors, LLC, a financial advisory company established to assist investors, managements and boards of directors of financially and/or operationally underperforming companies.

Sellers is the retired president, chief executive officer and a founder of Enhance Financial Services Group, Inc., the first monoline reinsurer for the financial guarantee industry.

"Messrs. Friedman, Scher and Sellers bring a wide breadth of experience to our board of directors," said Harrison J. Goldin, chief executive officer of Refco, in a news release.

"In view of the directors' professional credentials, integrity and independence, the board is now well equipped to understand and, to the greatest extent possible, bring into line the many competing interests in the Refco bankruptcy proceedings and guide an equitable process that maximizes value for all constituents."

The new directors join Stephen Brecher, previously elected to the board, who was for many years a senior partner at KPMG.

Refco, a New York-based commodities brokerage company, filed for bankruptcy on Oct. 17. Its Chapter 11 case number is 05-60006.

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