Niederhoffer and Refco, 10/23/05

Dr. Niederhoffer's comments on his relationship w/ Refco are no longer available.

He recounts the events and repayment of the debt.

Dr. Niederhoffer's current trading results are available on Bloomberg, Matador, is the fund managed by Dr. Niederhoffer's Manchester Trading LLC.

With over $300 million in assets, the fund's 1 month, YTD, 1 year, and 2004 returns are all in the 90th percentile.

One of the greatest comebacks of all time.

Henry Carstens
Vertical Solutions