Comments on: Robert Tchenguiz http://timworstall.com/2008/10/09/robert-tchenguiz/ It is all obvious or trivial except... Thu, 24 May 2012 23:39:05 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: john b http://timworstall.com/2008/10/09/robert-tchenguiz/comment-page-1/#comment-22600 john b Thu, 09 Oct 2008 10:06:12 +0000 http://timworstall.com/?p=4492#comment-22600 "you’re forgetting about banking covenants" Yes, that's exactly what I'm doing. Cheers Richard. “you’re forgetting about banking covenants”

Yes, that’s exactly what I’m doing. Cheers Richard.

]]> By: Richard J http://timworstall.com/2008/10/09/robert-tchenguiz/comment-page-1/#comment-22596 Richard J Thu, 09 Oct 2008 09:51:03 +0000 http://timworstall.com/?p=4492#comment-22596 As an aside, I don't think Kaupthing were in the business of issuing that much commercial paper - from what I saw of their lending habits (on a certain literally high-profile London development) they preferred to syndicate their loans to about four parties rather than back bond issues. As an aside, I don’t think Kaupthing were in the business of issuing that much commercial paper – from what I saw of their lending habits (on a certain literally high-profile London development) they preferred to syndicate their loans to about four parties rather than back bond issues.

]]> By: Richard J http://timworstall.com/2008/10/09/robert-tchenguiz/comment-page-1/#comment-22595 Richard J Thu, 09 Oct 2008 09:49:20 +0000 http://timworstall.com/?p=4492#comment-22595 John - you're forgetting about banking covenants... Most large office blocks in London are almost certainly held by highly-leveraged (and offshore) SPVs technically in breach of their covenants, but so long as the interest payments keep getting made, banks have been reluctant to knock their balance sheets down by a few hundred million punds at a time. Now, however, they need the cash, so firesales can be expected imminently... John – you’re forgetting about banking covenants… Most large office blocks in London are almost certainly held by highly-leveraged (and offshore) SPVs technically in breach of their covenants, but so long as the interest payments keep getting made, banks have been reluctant to knock their balance sheets down by a few hundred million punds at a time. Now, however, they need the cash, so firesales can be expected imminently…

]]> By: Steve Lindsey http://timworstall.com/2008/10/09/robert-tchenguiz/comment-page-1/#comment-22591 Steve Lindsey Thu, 09 Oct 2008 09:32:15 +0000 http://timworstall.com/?p=4492#comment-22591 I assume you're using "broke" is a relative term, I doubt he will be down the job-centre any time soon. I assume you’re using “broke” is a relative term, I doubt he will be down the job-centre any time soon.

]]> By: john b http://timworstall.com/2008/10/09/robert-tchenguiz/comment-page-1/#comment-22588 john b Thu, 09 Oct 2008 09:11:11 +0000 http://timworstall.com/?p=4492#comment-22588 Does Kaupthing have the right to "demand the recall of loans"? If the funding is being done as commercial paper (rather than overdraft, which it surely wouldn't be), doesn't he get it for the duration of the term no matter what happens to the lender...? Or is this newspaper-ish for "can't refinance the loans when they become due"? Or Does Kaupthing have the right to “demand the recall of loans”? If the funding is being done as commercial paper (rather than overdraft, which it surely wouldn’t be), doesn’t he get it for the duration of the term no matter what happens to the lender…?

Or is this newspaper-ish for “can’t refinance the loans when they become due”? Or

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