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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hedgeless_horseman's picture

 

 

Nobody expects the Spanish Inquisition Portuguese facts!

hedgeless_horseman's picture

 

 

...because our chief weapon is surprise!

CH1's picture

Unexpected facts!

A phrase for the age!

cifo's picture

Let it crash and burn!

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.

dontgoforit's picture

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

pods's picture

That's the fact Jack!

h/t Bill Murray

NoDebt's picture

That's absolutely right.  They are toast.

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

Latina Lover's picture

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

WhyDoesItHurtWhen iPee's picture

Wonder if it's like taking a unexpected shit ?

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-

Juno Rock's picture

"Unexpected Fact"? 

 

THE CHECK BOUNCED! lmfao

Vampyroteuthis infernalis's picture

The family business. Portuguese mafia?

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.

StychoKiller's picture

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

Global Hunter's picture

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

pods's picture

And the ever present tongue-punch!

pods

Sudden Debt's picture

since when do facts matter?

CH1's picture

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

Unicorns next?

Sudden Debt's picture

Was it written by the brothers Grimm?

game theory's picture

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

pizzedoff's picture

When they are unexpected, don't you know?

msmith9962's picture

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

StychoKiller's picture

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

desirdavenir's picture

because our chief weapon is surprise!

surprise and fear !

 

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.

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.

BanksterSlayer's picture

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

junction's picture

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

yogibear's picture

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

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.

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.

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

TeamDepends's picture

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

Bosch's picture

-.24% is not a waterfall. 

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.

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!

yogibear's picture

The SEC leader came out and said everything was fine. 

Keep the sheeple in the game until your buddies exit.

PlusTic's picture

Bullish, buy the fukk outa tech!

youngman's picture

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

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."

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.

 

exi1ed0ne's picture

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

detached.amusement's picture

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