Updated from 3:48 p.m. EDTInvestment guru Jim Rogers could be one of the losers in the collapse of Refco ( RFX), the scandal-tarred commodities and derivatives brokerage. A Rogers-managed investment fund is one of the largest unsecured creditors of Refco, according to the bankruptcy petition filed by Refco Inc. in New York. The Rogers Raw Material Fund is owed more than $362 million, according to the filing. The fund is managed by Chicago-based Beeland Management Co., of which Rogers is majority owner. It trades in a portfolio of exchange-traded commodity futures and forward contracts. Rogers was not immediately available for comment. An employee with Beeland said the fund's officials were meeting Tuesday to discuss the situation. Rogers, a frequent guest on television business shows, has written several popular investment books. In July, Beeland hired Robert Mercorella, Refco's former director of global marketing and business development, as its chief operating officer. Last week, prior to the bankruptcy, Beeland sent a letter to investors saying it transferred "all trade execution to Refco effective Sept. 30, 2005, with funds in government securities held by Refco Capital Markets. "Beeland has requested a transfer of all funds and positions to a replacement futures commission merchant. That request has not yet been honored due to the freezing of many customer funds," the statement, which was obtained by TheStreet.com, said. In a bankruptcy proceeding, unsecured creditors typically stand at the back of the line, along with shareholders, in getting their claims paid off. Secured lenders, such as banks and some bondholders, tend to get paid first. It's unlikely Rogers will be totally out of luck. The bankruptcy filing says some of the money owed to unsecured creditors could be "an obligation to return to securities or currency." Complicating matters is that Refco's bankruptcy is occurring as the company tries to liquidate two of its divisions, Refco Capital Markets and Refco Securities. Some of the unsecured claims listed by Refco could include a mix of loans and securities held in customer accounts.