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Bitcoin CRASH due to CHINA
Yep, China now bans bitcoins so there goes 90% of the speculators who buy that crap :)
Did you guys ever cover this story regarding Blackrock & Codere? I tried to locate it in the archives, but could not find it.
Here's how the deal went down, according to Bloomberg:
Earlier this year, the Blackstone unit, GSO, bought bonds of and CDSs against a company called Codere, which operates betting parlors and race tracks in Europe and Latin America.
Then the Blackstone unit (along with another firm) took over a separate 100 million euro revolving Codere credit facility from several different megabanks.
Among the conditions of that deal: if Codere paid an interest payment due Aug. 15 (with a 30-day grace period), it would have to repay the entire loan at once.
But that was never going to happen, because the Blackstone unit (along with another firm) then lent Codere $35 million to cover the cost of missing the payment.
As agreed, Codere paid the loan two days late, and the CDSs were triggered.
The reporters estimate the Blackstone unit netted at least $15.6 million off the deal.
And it's totally legal, since both sides agreed to the terms. Codere ends up benefiting too, since more banks will now be interested in lending to it.
.... You gotta love moder finance
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