Did a Refco client have an unfair advantage in getting its money back? Unsecured creditors of the bankrupt brokerage think so, and have filed a suit in U.S. Bankruptcy Court in New York, charging that the client, Christopher Sugrue, chairman of the PlusFunds Group, charged into the Refco office two days before it froze its customers' accounts and demanded the return of his firm's $312 million. The lawsuit, according to Dow Jones Newswires, claims Sugrue's conduct was "inequitable," and any transfers under duress should be nullified as such favored treatment before a bankruptcy violates the law.

Meanwhile, Refco may be readying for a revival of sorts. Investment bank Abadi & Co., reports Bloomberg News, is talking to former Refco Capital Markets customers about acquiring the company and lifting it out of bankruptcy. As part of the deal, Abadi, together with a group consisting of Dresdner Kleinwort Wasserstein and VC firm Greylock, would pour money in the neighborhood of the "low nine figures" into the company.

In a related matter, U.S. Bankruptcy Judge Robert Drain has denied a Refco motion to appoint a trustee to handle the bankruptcy rather than the unsecured-creditor's committee—provided the current board resigns by Friday, according to The New York Times.