On Friday, January 27, the U.S. Trustee filed a request with the Bankruptcy Court for the Southern District of New York seeking the appointment of a bankruptcy examiner. The purpose of the examiner would be to investigate alleged fraud or other misconduct. Earlier in the month, Judge Robert Drain denied a government request to appoint an independent trustee to run Refco's business during the reorganization. The U.S. Trustee has asked the judge to reconsider that ruling. An examiner is more limited than an independent trustee. His powers are fewer and the purpose of an examiner is usually limited to select matters. U.S. bankruptcy law allows appointment of an examiner when it is in the creditors' interest or when the debtor owes more than $5 million. Refco's schedules show that Refco owes approximately $16.8 billion to creditors. On Wednesday, January 25, Judge Drain approved the hiring of Goldin Associates as crisis manager for Refco on an interim basis. A hearing on this appointment is set for February 14. Refco, a futures and commodities broker, filed for bankruptcy protection on October 17. The filing came a week after former Chief Executive Phillip Bennett was accused of hiding $430 million of debt. Bennett has plead not guilty to several charges. Ray