Archive - Mar 9, 2009
Latest Ponzi Spin
Submitted by Tyler Durden on 03/09/2009 15:04 -0500Just out of the SEC, charges filed against Leila Jenkins and her firm Locke Capital "for falsely creating a billion-dollar client in order to gain credibility and attract legitimate investors." In one word: brilliant... in that nobody ever cared to check up on this. Leila made up "so-called 'confidential' client accounts, purportedly based in Switzerland, and repeatedly claimed the accounts contained more than $1 billion in assets that she managed.
$1 Trillion "Run On Britain" Disclosed
Submitted by Tyler Durden on 03/09/2009 14:37 -0500The Independent running a piece that seems to have fallen through the cracks: based on the latest statistical release from bank of England, the period between the end of the spring and the end of 2008 saw a $1 trillion exodus of "monies held in the UK on behalf of foreign investors."
Biggest Weekly Loan Movers: Week Of March 6
Submitted by Tyler Durden on 03/09/2009 13:57 -0500We start a new column looking at the biggest prior week movers in loan land. As readers know we already cover the HY space (a little too much at times) and will try to focus on arbitrage opportunities between the secured and unsecured balance sheet tranches. Also we welcome readers' thoughts on what other market data points that might make sense to be tracked.
NY Times Completes Sale Leaseback, Implies Class A NYC Lease Rates To Plummet
Submitted by Tyler Durden on 03/09/2009 12:02 -0500The struggling newspaper itself reports that the last attempt to extract value from its rapidly devaluaing assets has succeeded and W.P. Carey (as had been expected) has agreed to a $225 million 15 year (10 year early termination option) sale leaseback. Under the terms of the deal, NYT will pay Carey $24 million a year, or an annual rate of 10.7%.
