Category: Workouts

Twilight at the Groucho Marx club: Part 3, From whatever source

3 August, 2016 (09:00) | Bailouts, Banks, Brexit, Caddyshack, Eurozone, Global news, Greece, Italy, Monte dei paschi, Recapitalization, Speculation, Workouts | No comments

By: David A. Smith   [Continued from yesterday’s Part 2 and the preceding Part 1.]   After the previous two parts, using as source material articles from the Economist (July 3, 2016) and the Wall Street Journal (July 27, 2016; blue font). It has become apparent that though Italy is by no means an equal […]

Twilight at the Groucho Marx club: Part 2, New rules bent the first time they are tested

2 August, 2016 (09:00) | Bailouts, Banks, Brexit, Caddyshack, Eurozone, Global news, Greece, Italy, Monte dei paschi, Recapitalization, Speculation, Workouts | No comments

By: David A. Smith   [Continued from yesterday’s Part 1.]   In yesterday’s Part 1, I returned to the Eurozone’s continuing slow train wreck of the Eurozone, where one country after another promises improved behavior, then cannot achieve its promise.   Judge Smails: You know, despite what happened, I’m still convinced you have many fine […]

Twilight at the Groucho Marx club: Part 1, That was always the plan

1 August, 2016 (09:13) | Bailouts, Banks, Brexit, Caddyshack, Eurozone, Global news, Greece, Italy, Monte dei paschi, Recapitalization, Speculation, Workouts | No comments

By: David A. Smith   When in a moment of financial exuberance you join that exclusive club whose members and surroundings you’ve envied for years you seldom think of the downside.  No, once you’re In you’ll capitalize on all those Insider opportunities, and now that you’ve managed to raise the initiation fee, the ongoing dues […]

Out of the muck? Part 5, What it means for municipal bankruptcy and Detroit

10 January, 2014 (09:00) | Bankruptcy, Bonds, Capital markets, Detroit, Finance, Infrastructure, Jefferson County, Municipal bankruptcy, Municipal infrastructure, Recapitalization, Speculation, US News, Workouts |

[Continued from yesterday’s Part 4 and the preceding Part 1, Part 2, and Part 3.]   By:David A. Smith   By late November, after repricing the current-payment bonds because of a rise in interest rates, the Jefferson County bankruptcy reorganization plan was approved by all parties, and ready to close, pending only the sale of the […]

Out of the muck? Part 4, court retains authority for forty years

9 January, 2014 (09:00) | Bankruptcy, Bonds, Capital markets, Detroit, Finance, Infrastructure, Jefferson County, Municipal bankruptcy, Municipal infrastructure, Recapitalization, Sewer systems, Speculation, US News, Workouts |

[Continued from yesterday’s Part 3 and the preceding Part 1 and Part 2.]   By:David A. Smith   As we’ve seen so far, the Jefferson County bankruptcy reorganization had proceeded with commendable logic and celerity to a proposed resolution last June, only to have interest rates move the wrong way (whenever I do a deal, interest rates […]