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Anglo Irish Bank Defaults But Subordinated Bondholders To Lose Around €200m


YouKnowWhatIMeanLike

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Apr 13, 2011
Messages
7,225
Looks like we are actually going to burn some of the bondholders. The Anglo Irish liquidation will result in an "event of default" and the senior bonds are covered under the FF ELG guarantee to be paid in full but the remaining subordinated bondholders are not covered under the ELG and are about lose their entire investment at around €200m. IBRC tried to buy them out at a 80% discount but the bondholders refused and took legal action to recover the entire investment.

This will space will be interesting to watch. I take it these are the New York, London and Luxembourg based hedge funds they are talking about.
 


M

MrFunkyBoogaloo

But, but Michael Noonan and a raft of p.ie posters keep telling us there are/were no bondholders left.
 

slippy wicket

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Messages
4,559
Boo hoo. I feel their pain. ;)

More good news. Anytime a vulture capitalist gets a kick in the short and curlys brings a smile to my face.
 

ruserious

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It goes to show how much money is out there. Hopefully more chippings of the debt will continue. At this rate, I may give a FGer my number 3 vote :shock:
 

Catalpast

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Nov 17, 2012
Messages
26,119
Looks like we are actually going to burn some of the bondholders. The Anglo Irish liquidation will result in an "event of default" and the senior bonds are covered under the FF ELG guarantee to be paid in full but the remaining subordinated bondholders are not covered under the ELG and are about lose their entire investment at around €200m. IBRC tried to buy them out at a 80% discount but the bondholders refused and took legal action to recover the entire investment.

This will space will be interesting to watch. I take it these are the New York, London and Luxembourg based hedge funds they are talking about.
Janey - the poor bast.ards...:?
 

YouKnowWhatIMeanLike

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Last edited:

gombeennation

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Oct 6, 2009
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2,368
we've gone too far lads.
what have we become.
 

Mad as Fish

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Dec 6, 2012
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24,449
Looks like we are actually going to burn some of the bondholders. The Anglo Irish liquidation will result in an "event of default" and the senior bonds are covered under the FF ELG guarantee to be paid in full but the remaining subordinated bondholders are not covered under the ELG and are about lose their entire investment at around €200m. IBRC tried to buy them out at a 80% discount but the bondholders refused and took legal action to recover the entire investment.

This will space will be interesting to watch. I take it these are the New York, London and Luxembourg based hedge funds they are talking about.
Well its a start but just how many peanuts does 200m buy? About .004% of annual world production. €60bn on the other hand (if that's the final cost of this deal) will buy nearly 13 years global production of peanuts.

(just hope I've got my maths right there, no guarantee though :|)
 

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