Anche Madoff e Mendella sovraperformavano... poi il brutto giorno in cui le nuove sottoscrizioni non hanno piu' coperto rimborsi ed interessi sono andati gambe all'aria. Puoi star tranquillo che il giorno in cui Chavez e Sawiris non troveranno piu' nuovi fessi a reggergli il gioco andranno gambe all'aria anche loro.
Sawiris poi e' un fatto galantuomo...
http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/telecoms/8999662/How-private-equity-plundered-profitable-Greek-telecoms-company-Hellas.html
Sawaris also merged Wind Hellas with a fixed line telecoms company in Greece called Tellas that he already owned. This netted Wind Hellas' parent with a windfall, but lumbered Hellas itself with even more debts. Tellas was also struggling operationally.
By the time Lehman Brothers collapsed in 2008 Hellas was in trouble. In November, Tellas was making a €22m loss and investors were told Hellas had under-performed expectations, and that 2009 would see earnings flatten. The company also started an ill-fated price war that cost it dearly. S&P again downgraded the business but referenced the public declaration by Sawaris that Hellas' parent would guarantee additional capital if needed.
By April 2009, earnings had begun to nosedive but the company kept taking on more debt, which had ballooned to €3.21bn. Creditors were told the company would end 2009 with €18.7m of cash on its balance sheet. By May Hellas had started to take advice from Morgan Stanley about a rescue plan.
Morgan Stanley's "communication strategy" for the company was codenamed "Project Mist". Three months before the company issued a profits warning and launched a restructuring, Morgan Stanley advised Hellas to keep quiet about the possible extent of the liquidity emergency and relay different information to different groups of creditors.
The company has different legal obligations to private bank lenders than it does to bondholders that own publicly traded debt. Morgan Stanley also says that the company needed time to develop a proper restructuring plan and that it was not yet in a position to engage with creditors.
The presentation says that the first objective for the company is "minimiz[ing] investor distraction" while Hellas' parent was raising €2bn. This was for another Sawaris company: Wind Italy – part of the same Weather Group that owned Hellas – a strategy that has sparked accusations from bondholders that Morgan Stanley was culpable of misconduct, something they are understood to deny strongly.
After Wind Italy raised the €2bn bond, Hellas finally announced it wouldn't be able to pay its debts.
In a move described as "jurisdiction shopping" Hellas relocated its head office to London, allowing it to opt for a pre-pack administration. The UK's law allows companies to dip into administration, packaging off their debts and then be bought straight out.
In this case, as with many pre-packs, it was bought by the owner that presided over the company's collapse: Sawaris. A deal was made with senior lenders, but the junior bondholders were left nursing billions of euros in losses.
La legge che deve rendere disponibili le frequenze (già assegnate), che prima del digitale terrestre erano occupate dalle TV tradizionali, giace in Parlamento e probabilmente morirà lì fino alla prossima legislatura. Qualcuno ne parla? qualche giornale dice qualcosa? Anzi, continuano ad approvare finanziamenti all'editoria... per farla tacere.
Spero non la callino, non saprei su quale corporate reinvestire...
