If J. Gregory Milmoe's hair weren't already white, it might have become so in recent days. Mr. Milmoe is the lead bankruptcy lawyer for Refco Inc., the commodities and securities firm racked by fraud and facing an exodus of customers and employees.

It has put him squarely at the center of one of the most rapid-fire implosions in U.S. corporate history. On Oct. 17, Refco filed for bankruptcy. That same evening, it struck a tentative deal to sell its futures trading unit, the heart of its business, to J.C. Flowers & Co. -- a deal that fell apart Monday.

Last week Mr. Milmoe described Refco's futures unit as an ice cube "melting at an extraordinarily rapid rate." Monday, in court before U.S. Bankruptcy Judge Robert Drain of New York, he indicated that the melting was continuing, as still more customers of the futures business were heading for the exits. Mr. Milmoe also announced that all other bidders for the unit had to submit bids by Nov. 4.

Mr. Milmoe, 57 years old, a partner at Skadden, Arps, Slate, Meagher & Flom LLP, has helped in numerous restructurings as well as the sales of distressed assets, for instance representing Verizon Wireless in its $3 billion acquisition last year of the principal assets of NextWave Telecom Inc., which then was enmeshed in bankruptcy.

He also helped arrange the emergency Wall Street bailout of Long-Term Capital Management, the big hedge fund whose near-collapse in 1998 created a global financial crisis. But colleagues and competitors say that his calm disposition, as well as his background, makes him suited for a Refco bankruptcy certain to involve finger-pointing and overheated rhetoric.

"Greg is able to take the edge out of a lot of difficult situations," says Michael Cook, a bankruptcy partner at Schulte, Roth & Zabel LLP. Even Mr. Milmoe's wardrobe -- he favors cardigan sweaters -- contributes to a relaxed image, Mr. Cook said. "I always think Mr. Rogers."

Mr. Milmoe's affable manner belies a fierce work ethic. "He had a blanket in his office, and he would often go to sleep on his couch at three in the morning, said Luc Despins, a former Skadden lawyer who now is co-chair of the bankruptcy practice at Milbank, Tweed, Hadley & McCloy LLP. "He would sleep about three hours and then wake up and start again."

In a trajectory that sounds more like a movie script, Mr. Milmoe began his career in 1971 -- in Skadden's mailroom. The Cornell University graduate was trying to make ends meet while he pursued his real dream: becoming a professional piano player. "I came to New York to be the next Eddie Duchin, only to realize there already was one," said Mr. Milmoe, who occasionally plays piano at Skadden functions.

Mr. Milmoe later was promoted to the clerk's office, where he was responsible for serving court papers and subpoenas. There, he gained mild renown at the firm for his habit of donning a trench coat and handcuffs to try to look official during stakeouts. "He was legendary for his ability to serve recalcitrant executives," said Stuart Shapiro, a former Skadden partner.

After law school, Mr. Milmoe moved to the corporate department, and later the restructuring arena, handling asset sales and exchange offers for distressed companies. He now sits atop Skadden's 90-lawyer restructuring and bankruptcy department. Overall, Skadden has more than 1,700 lawyers -- up from 40 when Mr. Milmoe started at the firm in the early 1970s.

Mr. Milmoe won't say what he earns, but in the latest American Lawyer magazine survey, Skadden partners' incomes averaged $1.7 million annually.

With 25 lawyers working on Refco alone, Mr. Milmoe's restructuring team is humming at a time when many commercial bankruptcy lawyers are twiddling their thumbs. There has been a flurry of activity in the airlines and auto-parts sectors, but, as the economy has picked up, fewer companies have sought bankruptcy protection. The recent federal bankruptcy legislation, moreover, which fueled a rash of consumer filings earlier this year, has generated little added business for commercial lawyers.

By training and disposition, Mr. Milmoe is more behind-the-scenes tactician than courtroom advocate. "Greg is more a corporate lawyer with Chapter 11 (bankruptcies) looming in the background," said Paul Levy, a principal of JLL Partners, Inc., a private-equity fund that invests in distressed assets. Adds Corinne Ball, a bankruptcy lawyer with Jones Day: "Greg's style may not be best suited to court battles, but he has partners who can handle that."

Mr. Milmoe is perhaps best known for his out-of-court restructuring of Long-Term Capital Management. The Greenwich, Conn., hedge fund had accumulated more than $7 billion under management before a series of market bets world-wide went bad after the collapse of the Russian ruble. With LTCM facing huge losses, and the markets in disarray, a consortium of 14 Wall Street financial firms quickly got together, and injected $3.63 billion to prop up the fund, buying time for LTCM to liquidate its trading positions.

Behind the scenes, Mr. Milmoe helped to manage the tense process. Lawrence Lederman, a corporate lawyer who represented LTCM, described the negotiations as a pitched affair: Banks were furious about the fund's collapse, and the fund's partners were deeply embarrassed. The emotions of the negotiation were heightened by the fact that "You had to deal with the morality of failure," said Mr. Lederman, head of the corporate practice at Milbank, Tweed, Hadley & McCloy LLP.

With about 100 lawyers pecking at him, Mr. Lederman recalled that Mr. Milmoe crafted the complex deal in 48 hours. "If your position was unreasonable, he would just say that," Mr. Lederman said. "There was no personal animosity."

In an interview last week, Mr. Milmoe, sporting a blue cardigan with elbow patches in his Times Square office, spoke briefly about his Refco to-do list. He must not only try to bring the sale of the futures-trading unit to a swift conclusion, he said at the time, but must also try to persuade the judge to sign off on a bonus plan designed to retain key Refco employees.

Then there are the many regulators, both domestic and foreign, who are taking an interest. "We are being investigated by everyone in the world," Mr. Milmoe said.

He said the faster Refco peddles its assets, the better off creditors will be. "If you can sell your fish today, they'll still be fish," Mr. Milmoe said. "Wait three days and you'll have fertilizer."