NEW YORK (Reuters) ? Refco Inc. does not need an independent bankruptcy trustee to oversee its affairs if the futures and commodities broker's board of directors, which includes former chief executive Phillip Bennett, resigns by Friday, a federal bankruptcy judge ruled Tuesday.

Separately, a lawyer for Carlos Abadi, who runs the Abadi & Co. investment bank, said his client is in talks to acquire Refco's unregulated broker-dealer unit, Refco Capital Markets Ltd., and take it out of bankruptcy.

Judge Robert Drain's ruling on a trustee is a victory for Refco and its official committee of unsecured creditors.

They had argued that Harrison Goldin, Refco's new chief executive and a former New York City comptroller, can fairly administer Refco's affairs and maximize the value of the company's bankruptcy estate for creditors and customers.

U.S. Trustee Deirdre Martini had argued that Refco's directors suffer from conflicts of interest. They face 22 class-action lawsuits, and four hold senior positions with private equity firm Thomas H. Lee Partners LP, a major Refco creditor and defendant in several lawsuits, she said.

Refco filed for Chapter 11 protection from creditors on Oct. 17, and is selling some assets to pay creditors.

The filing came two months after Refco conducted a $583 million initial public offering of stock, and one week after it accused Bennett of hiding $430 million of debt. Bennett pleaded innocent on Nov. 18 to conspiracy, fraud and other charges.

Refco has said it owes creditors $16.8 billion, and Refco Capital Markets has said it owes $4.16 billion.

Richard Smolev, a partner at Kaye Scholer LLP who represents Abadi, said his client is communicating with Refco Capital Markets customers and prepared to value their claims.

Outcomes might involve letting them cash out at a discount, receiving preferred shares in a reorganized Refco Capital Markets, or other options, he said.

Refco Capital Markets faces at least 19 lawsuits and other actions brought by account holders. Drain has put these actions on hold, pending testimony on whether property held by the unit belongs to those account holders or to the bankruptcy estate.