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

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

    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.

  2. #2
    MrFunkyBoogaloo
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    But, but Michael Noonan and a raft of p.ie posters keep telling us there are/were no bondholders left.

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    Politics.ie Member slippy wicket's Avatar
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    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.
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    Quote Originally Posted by MrFunkyBoogaloo View Post
    But, but Michael Noonan and a raft of p.ie posters keep telling us there are/were no bondholders left.
    They had to tell because there will be a 1 bn Euro cash bill under the door for the taxpayer on Monday morning.

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    MrFunkyBoogaloo
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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    They had to tell because there will be a 1 bn Euro cash bill under the door for the taxpayer on Monday morning.
    As opposed to something in the order of 50/60 times that number on Thursday morning.

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    Politics.ie Member ruserious's Avatar
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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
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    Politics.ie Member Catalpast's Avatar
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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    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...
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    Quote Originally Posted by slippy wicket View Post
    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.
    I'd like to know who the vultures are. I'd say it's the Fir Tree boys in New York around Jeffrey Tannenbaum who will get the short end of the stick

    they shouldn't have gambled on the Anglo losers in the first place!
    Last edited by YouKnowWhatIMeanLike; 8th February 2013 at 10:23 PM.

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    Politics.ie Member gombeennation's Avatar
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    we've gone too far lads.
    what have we become.
    "I really don't give a fiddlers if the truth has to be massaged a bit along the way." - someone explaining why its ok for Enda to lie.

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    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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