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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (46587)	2/16/2006 11:29:05 AM
From: clochard	Respond to of 116555

Refco debacle continues ad nauseum: Dear RefcoFX Client, The auction process is now over. FXCM submitted the highest bid and won the auction. Unfortunately, the creditors of Refco are now objecting to the deal indicating their belief that the approximately $110 million purchase price is not enough money. FXCM is committed to seeking a conclusion to this process that will support the RefcoFX clients. FXCM's offer, if approved by the Court, would provide for the full funding of the RefcoFX client accounts. We appreciate your continued support during this process. Refco has set up a toll-free information line (866-327-0774) to answer additional questions or you may e-mail Meagan_Repko@sitrick.com. We will continue to update you as more information becomes available. Best Regards, Refco FX Associates LLC

To: mishedlo who wrote (46587)	2/16/2006 11:53:12 AM
From: LLCF	Respond to of 116555

<Land has no intrinsic value outside of the last price that a buyer subjectively decides to pay.> It seems like with all other phenomena that we observe manifest, Real Estate 'values' tend to follow various 'rules' (like the income method for apts) WHEN CONDITIONS ARE RIGHT.... or maybe we should say "as sculpted, colored, or affected by conditions at that time?" Syracuse NY used be a market where similar conditions to other "important" cities prevailed with respect to RE... as did other upstate cities. Then they were not. DAK