• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

Banco Espirito Santo Plunges: Shareholder Meeting Cancelled Due To "Unexpected Facts"

Tyler Durden's picture




 

With all other operating holdcos having already declared bankruptcy, the anxiety over Banco Espirito Santo is growing (despite DE Shaw and Goldman Sachs recommending investors buy the shares). Despite Bank of Portugal reassurance last night that "BES is able to raise capital), the stock is plunging on news of "unexpected facts" this morning...

  • *BANCO ESPIRITO SANTO SAYS SHAREHOLDER MEETING WAS CANCELLED DUE TO "UNEXPECTED FACTS''
  • *BANCO ESPIRITO SANTO FALLS MORE THAN 13% IN LISBON TRADING

Remember, this is systemic (as the Portugues President has warned), and the contagion is potentially global... not "contained."

3 down, 1 to go?

 

But The Bank of Portugal reassured everyone last night...

  • *BANCO ESPIRITO SANTO IS ABLE TO RAISE CAPITAL: BANK OF PORTUGAL
  • *BANK OF PORTUGAL SAYS BES SOLVENCY IS ASSURED

But now this...

  • *BANCO ESPIRITO SANTO SAYS SHAREHOLDER MEETING WAS CANCELLED
  • *BES SAYS MEETING CANCELLED DUE TO ``UNEXPECTED FACTS''
  • *BES SAYS `UNEXPECTED FACTS' INCLUDE ESFG FILING FOR PROTECTION
  • *BES SAYS ESFG AND CREDIT AGRICOLE WITHDRAW PROPOSALS

And the result...

  • *BANCO ESPIRITO SANTO FALLS MORE THAN 13% IN LISBON TRADING

 

 

and this could go global...

 

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Tue, 07/29/2014 - 09:48 | 5017318 hedgeless_horseman
hedgeless_horseman's picture

 

 

Nobody expects the Spanish Inquisition Portuguese facts!

Tue, 07/29/2014 - 09:49 | 5017331 hedgeless_horseman
hedgeless_horseman's picture

 

 

...because our chief weapon is surprise!

Tue, 07/29/2014 - 09:51 | 5017335 CH1
CH1's picture

Unexpected facts!

A phrase for the age!

Tue, 07/29/2014 - 09:52 | 5017339 cifo
cifo's picture

Let it crash and burn!

Tue, 07/29/2014 - 09:59 | 5017374 GetZeeGold
GetZeeGold's picture

 

 

 

Meeting Cancelled Due To "Unexpected Facts"

 

Oh geez I'm laughing my ass off.

 

Tyler owes me a quarter cup of coffee....and one computer monitor.

Tue, 07/29/2014 - 10:01 | 5017395 dontgoforit
dontgoforit's picture

Factually speaking, they're toast.  Let the dominos fall where they may. 

Tue, 07/29/2014 - 10:12 | 5017448 pods
pods's picture

That's the fact Jack!

h/t Bill Murray

Tue, 07/29/2014 - 10:16 | 5017467 NoDebt
NoDebt's picture

That's absolutely right.  They are toast.

(p.s.- I still wouldn't short it.  Too dangerous.)

Tue, 07/29/2014 - 10:19 | 5017486 Latina Lover
Latina Lover's picture

This default should be good for another 30 points upside on the S&P.

Tue, 07/29/2014 - 10:30 | 5017529 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

Wonder if it's like taking a unexpected shit ?

Tue, 07/29/2014 - 10:37 | 5017576 MarsInScorpio
MarsInScorpio's picture

Goldman says "buy."

 

You can be absolutely sure they are cleaning out their portfolio by selling everything that even remotely touches this banking group.

 

Muppets - you've been warned.

-30-

Tue, 07/29/2014 - 10:56 | 5017682 Juno Rock
Juno Rock's picture

"Unexpected Fact"? 

 

THE CHECK BOUNCED! lmfao

Tue, 07/29/2014 - 11:06 | 5017742 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

The family business. Portuguese mafia?

Tue, 07/29/2014 - 12:27 | 5018157 Manthong
Manthong's picture

You know, I hate it when unexpected facts like gravity and inertia interfere with my ability to do insane X-Treme stunts or leap tall buildings in a single bound.

Tue, 07/29/2014 - 17:46 | 5019711 StychoKiller
StychoKiller's picture

Definition of a surprise:   "A fart with a lump in it!"

Tue, 07/29/2014 - 10:13 | 5017451 Global Hunter
Global Hunter's picture

Unexpected Facts, Shitgums, BTFD, Red Lines...thanks to all these losers ZHers will soon have their very own language bitchez.

Tue, 07/29/2014 - 10:27 | 5017523 pods
pods's picture

And the ever present tongue-punch!

pods

Tue, 07/29/2014 - 09:55 | 5017359 Sudden Debt
Sudden Debt's picture

since when do facts matter?

Tue, 07/29/2014 - 09:59 | 5017377 CH1
CH1's picture

I read in a very old history book that, once upon a time, facts did matter.

Unicorns next?

Tue, 07/29/2014 - 10:08 | 5017423 Sudden Debt
Sudden Debt's picture

Was it written by the brothers Grimm?

Tue, 07/29/2014 - 09:59 | 5017385 Serfs Up
Serfs Up's picture

Indeed!  +10

Tue, 07/29/2014 - 10:13 | 5017453 game theory
game theory's picture

"When it becomes serious, you have to lie." #unexpectedfacts

Tue, 07/29/2014 - 11:35 | 5017910 pizzedoff
pizzedoff's picture

When they are unexpected, don't you know?

Tue, 07/29/2014 - 10:44 | 5017615 msmith9962
msmith9962's picture

Notice will be given of the new date and time once we find some more better facts.

Tue, 07/29/2014 - 17:44 | 5019703 StychoKiller
StychoKiller's picture

"UNEXPECTED FACTS"
-- Guess the pregnancy test came back positive!

Tue, 07/29/2014 - 10:02 | 5017396 desirdavenir
desirdavenir's picture

because our chief weapon is surprise!

surprise and fear !

 

Tue, 07/29/2014 - 10:56 | 5017684 Captain Willard
Captain Willard's picture

There is no surprise here. Banco Espirito Santo has deposits that are approximately 20% of GDP for Portugal. Are the Portuguese authorities and the ECB surprised? Doubtful. This sucker is going down and could take Portugal with it.

But you're correct that the surprise will be the bail-in of feckless depositors, foreign bond holders and the total destruction of equity holders.

The ES family should be behind bars, or at least on their way to exile in Mozambique.

Tue, 07/29/2014 - 11:27 | 5017852 SoDamnMad
SoDamnMad's picture

Mozambique is too nice for them.  Angola would be more fitting. Closer to E B O L A  Perfect death for bankers.

Tue, 07/29/2014 - 09:49 | 5017325 Lagging Indicator
Lagging Indicator's picture

Arrgh, you beat me to it!

Tue, 07/29/2014 - 11:37 | 5017922 BanksterSlayer
BanksterSlayer's picture

Thank you, HH ... Monty Python references have been dropping off at an alarming rate for the past year here on ZeroHedge.

Tue, 07/29/2014 - 12:04 | 5018070 junction
junction's picture

No need to worry unless this canceled meeting was an ALL HANDS meeting.  In that case, "hasta la vista, baby!"

Tue, 07/29/2014 - 09:49 | 5017319 yogibear
yogibear's picture

LOL, thought the PIIGS were fixed? Lies not working out too well.

Tue, 07/29/2014 - 09:58 | 5017376 NotApplicable
NotApplicable's picture

Obviously, it's just a liquidity problem. I'm sure the ECB will swap them some in return for all of their shit (regardless of how many times it's been pledged already.

Tue, 07/29/2014 - 10:02 | 5017405 dontgoforit
dontgoforit's picture

I have a garage full of shit I'd like to sell them - save me a garage sale.  It's probably worth more than the paper they're holding about now.

Tue, 07/29/2014 - 10:02 | 5017399 pods
pods's picture

Well shit, if I expected this I am certain someone at the squid was sqeezing this PIIG to get the last drop of blood out of it before they float it down the river.

pods

Tue, 07/29/2014 - 09:49 | 5017323 TeamDepends
TeamDepends's picture

Ah, so this is what caused gold to just waterfall.  Interestingly, silver did not.

Tue, 07/29/2014 - 09:51 | 5017336 Bosch
Bosch's picture

-.24% is not a waterfall. 

Tue, 07/29/2014 - 09:52 | 5017347 TabakLover
TabakLover's picture

Silver headed down too.

Tue, 07/29/2014 - 09:50 | 5017326 Gringo Viejo
Gringo Viejo's picture

I imagine there's gonna be a lot of "unexpected facts" coming down the pike in the not so distant future.

Tue, 07/29/2014 - 09:50 | 5017327 ghostzapper
ghostzapper's picture

"Bear Stearns is fine" so pop that ipod back in your ears, crank up the Bieber, and park it in front of another Kardashians episode motherfuckers!

Tue, 07/29/2014 - 09:52 | 5017342 yogibear
yogibear's picture

The SEC leader came out and said everything was fine. 

Keep the sheeple in the game until your buddies exit.

Tue, 07/29/2014 - 09:55 | 5017356 Tasty Sandwich
Tue, 07/29/2014 - 09:49 | 5017328 PlusTic
PlusTic's picture

Bullish, buy the fukk outa tech!

Tue, 07/29/2014 - 09:50 | 5017333 youngman
youngman's picture

unexpected facts.....you have to love that explanation...lol

Tue, 07/29/2014 - 10:05 | 5017411 dontgoforit
dontgoforit's picture

Yeah, like, "Ah, we're broke - it's a fact we were previously unaware of, so meeting cancelled so we can regroup and find something to erase that fact."

Tue, 07/29/2014 - 09:50 | 5017334 williambanzai7
williambanzai7's picture

Tue, 07/29/2014 - 09:57 | 5017364 Anglo Hondo
Anglo Hondo's picture

OK, which smartass nailed that parrot to its perch?    It's deceased, no more, gone to the big graveyard in Brussels.

 

Tue, 07/29/2014 - 10:29 | 5017530 NoDebt
NoDebt's picture

"It is an EX-parrot!"

Tue, 07/29/2014 - 11:10 | 5017767 exi1ed0ne
exi1ed0ne's picture

It's just tired and shagged out after a long squawk.

Tue, 07/29/2014 - 13:30 | 5018462 detached.amusement
detached.amusement's picture

but they'll still try to sell it to a blind boy

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