Europe's governments will no longer pay interest on borrowing. It is the policy that all government of Europe to borrow at a zero percent interest rate from the European Federal Reserve. This as a policy will begin with the European Federal Reserve offering to finance all "new" loans of these governments at a 2 percent interest rate, several nations at same trough. After interest returned after issues like Greece's bailout sized up.
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[[ http://money.ca.msn.com/savings-debt/gallery/gallery.aspx?cp-documentid=23431350
Quote,"Across Europe, governments have gotten so used to piling up debt that the likelihood of them ever getting back to balanced budgets seems pretty slim.
But recent fears about Greece in particular have got investors thinking other countries with big deficits and sluggish economies might be riskier borrowers as well.
At issue is the stability of the government bonds issued by some EU members, the very sort of worry that got countries like Mexico and Argentina in trouble in decades past.
According to the European Central Bank, half of the 16 euro area countries are assessed as high risk in terms of the sustainability of their public finances. These include Ireland, Greece, Spain, Cyprus, Malta, the Netherlands, Slovenia and Slovakia."]]
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Issues with the European Banking reserves regulations proposed at Davos. Simply don't work. Misunderstanding of the core issues of reality. No such thing a saving currency in the macro sense, as the only reserves are obligations.
Alternative. Adjustment opportunity. The European Federal Reserve can also access funds through slowly buying debt already outstanding from the various european governments, reducing government costs.
Governments still owe and pay interest for past borrowing. Federal Reserve can access some of these funds governments pay in interest on this debt, by using m4 money supply to buy back some of this debt, but continue to have that nation pay the interest costs for that old debt, and now have access to these funds. Key to the European Union sticking together. Benefits good economies also as better to have the Federal Reserve own your debt, then others.
Also allows the Reserve to lower particular government interest costs, by buying their debt --the Reserve then will be refunded by that particular nation later. Novel way to allow debt buying of good economies, and use the extra to fund any European union countries government bailouts. Bond Rating services can better rate particular European governments, if the European Reserve has this active approach.
Bankrupcy consideration for Greece. Bonds trade based on the interest yield, and the current rate of yield available. Therefore costs more than a dollar to buy a dollar of debt for high interest rate debt. European Zone dealing with a limited Greece government bankrupcty, would see the resetting of certain Greece government bonds interest rates to a few percent. All debt will be honoured, just an interest rate adjustment. Honour is key.]
[Without this advance monetary economics technology, governments like Greece borrow at high rates, which will only further indebt the European Union. ]
Past university monetary theory can be improved. Needs metaphors, like the paradox that spending new or saved reserves by the federal bank, nearly the same effect (on limited spending). Aka governments' dream to one day be debt free and have a reserve. Yet if there, spending this reserve has the same effect in increasing the money supply, as if they created the credits of thin air. Can't save what does not exist. The emperor has no cloth. Noble prize for the monetary policy to have this data fit the engine of hope.
This theory cannot be separated from new developments in understanding how a balance of payment system works. International trade theory and access to local capital.
Parts in same engine. Canada always has a trade surplus, yet our currency lags. Canada's banks should be making more, considering that the modern economics term termed the Domestic bank of clearance effect. Basically all trade is dependent of the goodwill each nation's domestic banks to allow international trade. Need local bank cooperation to get access to that nation's currency. Canada
Also have Keynes multiplier effect, modernized into equations and waves. Example capital out there, and lack of access, and how this tap and lack of liquidity, affects economy. Part of the M4 money supply engine. [A nation with its own currency has a much easier time of it.]
Thursday, February 11, 2010
Tuesday, February 9, 2010
Same time, same vendor financing deal expropriating CanWest shares - Arbitrator in 2009 awards final settlement in sale of Canada's newspapers in 2000
?
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Hollinger International's vendor financing agreement demands full repayment of loan, based on CanWest pre tax earnings. During when an abritrator is reworking aspects of this deal, and declares a final settlement. CanWest didn't even recieve the full 51 million settlement amount awarded. Quote, "Jan. 29, 2009 Canwest receives an arbitrated award of about $51-million for unresolved adjustments and claims surrounding the acquisition of newspaper assets from Hollinger."Quote, "In March 2009 Canwest in an arbitration award received $34 million in full settlement in its dispute with Hollinger International Inc."
http://www.financialpost.com/story.html?id=2071964
Hollinger paid a fine to CanWest for misrepresenting newspapers pre tax earnings, yet can expropirate the buyer company based on pre tax earnings. CanWest shareholders have rights.
Active concern of both our nations' securities regulators, that Hollinger International (Sun-times) as part of their US Chapter 11, in the disposition of the vendor financing agreemnt at 15 cents on the dollar. Holliinger International not banckrupt, if their CanWest bonds valued at real value. [Fifty nine papers sold for 5 million cheats the free market.]
Issues with a Canadian company selling Canada's newspapers, and transfering the vendor financing agreement off shore to avoid Canadian taxes. Could be that, certain hedge funds owe Canadian taxes on the the sale of the Canadian newspaper vendor financing agreement bonds. It is not right to depict these bonds as regular, as bonds registered under rule 144A, restricted from being sold on the open market in North America.
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CanWest sold Ten for more than 50.1% for 1.2 billion. Extra funds for Ten, CanWest Ten funds could pay down intercontect guaranteed debt, also pays interest costs of this debt. Ten stable.
Aug. 4, 2009Ten issues new stock, dilutes Canwest's stake Australian TV network Ten Network Holdings raises $124-million through equity offering to pay down debt but dilutes Canwest's stake to 50.1% from 57% in the process.
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CanWest has paid more that 60 to 70 percent of purchase price. Also gave shares. Also transfered not compete fees of 20 million. Also dervatives costs of hundreds of millions, and the 275 milliion bond restructuring the interest rate from12 to 8 percent. Seats on CanWest board. News control. An alterted CanWest financial documents like using interest rate averages to disclose debt to shareholders. Etc. [Ruling in Enron is that influencing debt disclosure is a billion dollar fine.]
~~~~
Hollinger International's vendor financing agreement demands full repayment of loan, based on CanWest pre tax earnings. During when an abritrator is reworking aspects of this deal, and declares a final settlement. CanWest didn't even recieve the full 51 million settlement amount awarded. Quote, "Jan. 29, 2009 Canwest receives an arbitrated award of about $51-million for unresolved adjustments and claims surrounding the acquisition of newspaper assets from Hollinger."Quote, "In March 2009 Canwest in an arbitration award received $34 million in full settlement in its dispute with Hollinger International Inc."
http://www.financialpost.com/story.html?id=2071964
Hollinger paid a fine to CanWest for misrepresenting newspapers pre tax earnings, yet can expropirate the buyer company based on pre tax earnings. CanWest shareholders have rights.
Active concern of both our nations' securities regulators, that Hollinger International (Sun-times) as part of their US Chapter 11, in the disposition of the vendor financing agreemnt at 15 cents on the dollar. Holliinger International not banckrupt, if their CanWest bonds valued at real value. [Fifty nine papers sold for 5 million cheats the free market.]
Issues with a Canadian company selling Canada's newspapers, and transfering the vendor financing agreement off shore to avoid Canadian taxes. Could be that, certain hedge funds owe Canadian taxes on the the sale of the Canadian newspaper vendor financing agreement bonds. It is not right to depict these bonds as regular, as bonds registered under rule 144A, restricted from being sold on the open market in North America.
~~~~~~~~~~
CanWest sold Ten for more than 50.1% for 1.2 billion. Extra funds for Ten, CanWest Ten funds could pay down intercontect guaranteed debt, also pays interest costs of this debt. Ten stable.
Aug. 4, 2009Ten issues new stock, dilutes Canwest's stake Australian TV network Ten Network Holdings raises $124-million through equity offering to pay down debt but dilutes Canwest's stake to 50.1% from 57% in the process.
~~~~~~~~~~
CanWest has paid more that 60 to 70 percent of purchase price. Also gave shares. Also transfered not compete fees of 20 million. Also dervatives costs of hundreds of millions, and the 275 milliion bond restructuring the interest rate from12 to 8 percent. Seats on CanWest board. News control. An alterted CanWest financial documents like using interest rate averages to disclose debt to shareholders. Etc. [Ruling in Enron is that influencing debt disclosure is a billion dollar fine.]
Hedge Funds expropratiing CanWest shares, have already tripled their original investment in the company -- according to Goldman Sachs investment bank
CanWest's senior unsecured debentures were traded for as little as 15 cents on the dollar over the past year. CanWest shareholders now buying this same debt, dollar for dollar.
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Quote, "Wall Street hedge fund Angelo Gordon, specializing in distressed-debt plays, has been buying CanWest debt since it filed for creditor protection in October. In hedge fund circles, there's [hope] that CanWest's bonds may eventually be worth far more than they currently command - about 70 cents on the dollar."
Angelo Gordon pruchase of CanWest bonds. http://www.theglobeandmail.com/report-on-business/hedge-fund-buys-canwest-bonds/article1350531/
~~~~
Secondary source for 15 cent bonds. Same article mentions and omits the 15 cents on dollar purchase of CanWest bonds disclosure. Canadians and CanWest shareholder have been obstructed from accessing this disclousre.
http://www.friends.ca/news-item/8860 Sources the 15 cents on the dollar bonds, the purchase price for 97% of CanWest shares. [Very odd to buy a debt instrument and be paid 3 times on your loan in months.]
http://www.theglobeandmail.com/blogs/streetwise/canwest-beats-back-goldman-sachs/article1401779/ Same article omits referencing that CanWest debt sold for 15 cents on the dollar.
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Quote, "Wall Street hedge fund Angelo Gordon, specializing in distressed-debt plays, has been buying CanWest debt since it filed for creditor protection in October. In hedge fund circles, there's [hope] that CanWest's bonds may eventually be worth far more than they currently command - about 70 cents on the dollar."
Angelo Gordon pruchase of CanWest bonds. http://www.theglobeandmail.com/report-on-business/hedge-fund-buys-canwest-bonds/article1350531/
~~~~
Secondary source for 15 cent bonds. Same article mentions and omits the 15 cents on dollar purchase of CanWest bonds disclosure. Canadians and CanWest shareholder have been obstructed from accessing this disclousre.
http://www.friends.ca/news-item/8860 Sources the 15 cents on the dollar bonds, the purchase price for 97% of CanWest shares. [Very odd to buy a debt instrument and be paid 3 times on your loan in months.]
http://www.theglobeandmail.com/blogs/streetwise/canwest-beats-back-goldman-sachs/article1401779/ Same article omits referencing that CanWest debt sold for 15 cents on the dollar.
Wall Street hedge fund Angelo Gordon, specializing in distressed-debt plays, has been buying CanWest debt since it filed for creditor protection in October. In hedge fund circles, there's hope that CanWest's bonds may eventually be worth far more than they currently command - about 70 cents on the dollar. [http://www.theglobeandmail.com/report-on-business/hedge-fund-buys-canwest-bonds/article1350531/] Goldman Sachs in filings has argued that CanWest's major creditors – led by U.S. funds GoldenTree Asset, Beach Point Capital and Toronto's West Face Capital – have already tripled their original investment in the company. CanWest's senior unsecured debentures were traded for as little as 15 cents on the dollar over the past year.
Friday, February 5, 2010
Hedge Fund gang expropriating 97% of CanWest shares, complainted it was unfairly frozen out of great Canadian newspaper auction
Misinformation and mischief to report that Canada's banks running the show in CanWest bankruptcy. CanWest debt in US funds.
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CanWest debt program not from Canada, hence CanWest's (150 million 09 currency/interest hedging losses,) and (277 million 09 foreign currency gain.) Canadian banks concerned that the newspapers buyer backed by an international hedge fund with an agenda, will manipulate Canada's news, to consolidate (merge) Canada's banks.
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http://www.montrealgazette.com/news/todays-paper/Canwest+creditors+round/2515161/story.html
CanWest newspaper quote, "Unsecured bondholders for Canwest Global Communications Corp.'s newspaper division moved yesterday to insert themselves into a sales process being run by Canada's largest banks. In documents filed with the Ontario Superior Court, a group led by Golden Tree Asset Management LP said it was unfairly frozen out of the auction of Canwest Limited Partnership by the unit's senior secured lenders, which include the Bank of Nova Scotia and Canada's other four big commercial banks.
"Another source said the moves were made to give Golden Tree greater visibility in the sales process and limit the amount of control the banks could exercise." "Say the stalking horse bid (from the banks) is a billion dollars, and a bid comes in at a billion one. The banks can't simply say: 'No we like our bid better,' " the source said. "It gives them a say, and quite frankly gives them the option to take court action if they want to stop it."
"The group, which is owed about $400 million, won approval from Judge Sarah Pepall on several amendments to the procedure, including extending the window during which interested parties can come forward to bid from Feb. 26 to March 5."
[Lack of debate of newspaper buyer's point of view on editorial content in great Canadian newspaper auction.]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
CanWest debt program not from Canada, hence CanWest's (150 million 09 currency/interest hedging losses,) and (277 million 09 foreign currency gain.) Canadian banks concerned that the newspapers buyer backed by an international hedge fund with an agenda, will manipulate Canada's news, to consolidate (merge) Canada's banks.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
http://www.montrealgazette.com/news/todays-paper/Canwest+creditors+round/2515161/story.html
CanWest newspaper quote, "Unsecured bondholders for Canwest Global Communications Corp.'s newspaper division moved yesterday to insert themselves into a sales process being run by Canada's largest banks. In documents filed with the Ontario Superior Court, a group led by Golden Tree Asset Management LP said it was unfairly frozen out of the auction of Canwest Limited Partnership by the unit's senior secured lenders, which include the Bank of Nova Scotia and Canada's other four big commercial banks.
"Another source said the moves were made to give Golden Tree greater visibility in the sales process and limit the amount of control the banks could exercise." "Say the stalking horse bid (from the banks) is a billion dollars, and a bid comes in at a billion one. The banks can't simply say: 'No we like our bid better,' " the source said. "It gives them a say, and quite frankly gives them the option to take court action if they want to stop it."
"The group, which is owed about $400 million, won approval from Judge Sarah Pepall on several amendments to the procedure, including extending the window during which interested parties can come forward to bid from Feb. 26 to March 5."
[Lack of debate of newspaper buyer's point of view on editorial content in great Canadian newspaper auction.]
Thursday, February 4, 2010
Canadian banks seek changes to Canadian Bank Regulations to permit banks to own and operate businesses that have nothing to do with banking
Canada's banks to retool North America's industry into a clean energy, green economy
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Banks must be allowed to invest outside of banking. Canada has unofficial bank regulations that limit bank growth to banking.
Basically, banks do better to grow outside of banking. Key Bank Regulation: is that the banks themselves reduce their influence in other business sectors through share splits. Non banking industries developed by the banks are made into new public companies and shares given to bank shareholders. Awesome for bank shareholders. Bank, non banking share splits seed new stocks for stock market. Regulation includes that, there will be no bank mergers. Two banks can invest more than a combined bank.
Canada's banks are positioned very well to invest in other industries.
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Banks must be allowed to invest outside of banking. Canada has unofficial bank regulations that limit bank growth to banking.
Basically, banks do better to grow outside of banking. Key Bank Regulation: is that the banks themselves reduce their influence in other business sectors through share splits. Non banking industries developed by the banks are made into new public companies and shares given to bank shareholders. Awesome for bank shareholders. Bank, non banking share splits seed new stocks for stock market. Regulation includes that, there will be no bank mergers. Two banks can invest more than a combined bank.
Canada's banks are positioned very well to invest in other industries.
Hollinger International Chaper 11: Flock of US newspapers sold for 5 million and debt of 15 million. Chicago Tribune
[Does not include Tribune. Fact check. Sun Times Chicago's other newspaper.]
Sold for a song, yet Chicago Sun-Times employees and reporters take pay reductions, and not sold papers
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[Dozens of newspapers included as a bonus to banker insider. Non profit should have bought these newspapers, made for a better Chicago, and stronger America. Six percent of workforce fired and compensation costs reduced 15%, prior to sale. Assets to make a 5 million pre tax profit.]
Quote, " The last bit of Black's empire, the Chicago Sun-times , has been sold for 5 million. Neat how this works -- The Chicago investor group, led by banker James Tyree, agreed to pay about $5 million in cash and assume $20 million worth of the Sun-Time’s liabilities. Tyree’s group would get the media company’s 59 newspapers and websites including the Chicago flagship tabloid paper.[...]A Stalking-Horse bid is an initial bid on a bankrupt company’s assets from an interested buyer chosen by the bankrupt company. From a pool of bidders, the bankrupt company chooses the stalking horse to make the first bid, called the lead bidder. This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company’s assets. However, it is unclear whether Sun-Times Media Group will have any other suitors, which has sought buyers for months, and has contacted more than 46 parties to gauge their interest.http://www.suntimes.comIt's clear now. The court accepted the "Stalking horse bid"
Pre sale quote, "[C]ompany is cutting pay for nonunion workers by 8 percent, indefinitely, if they make between $25,000 and $100,000. Those making over $100,000 will have their pay cut by 11 percent. The advertising sales staff is exempt, Halbreich said, because their pay has already fallen "significantly."
Quote"To slash expenses, Sun-Times fired 140 people, or 6% of its workforce, in April and said it would cut compensation costs by 15%. With more cuts, the company could perhaps generate a pretax profit of $5 million, Mr. Simonton says, suggesting a top sale price of $15 million."
http://hickeysite.blogspot.com/2009/10/james-tyrees-investment-group-get.html
Sold for a song, yet Chicago Sun-Times employees and reporters take pay reductions, and not sold papers
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
[Dozens of newspapers included as a bonus to banker insider. Non profit should have bought these newspapers, made for a better Chicago, and stronger America. Six percent of workforce fired and compensation costs reduced 15%, prior to sale. Assets to make a 5 million pre tax profit.]
Quote, " The last bit of Black's empire, the Chicago Sun-times , has been sold for 5 million. Neat how this works -- The Chicago investor group, led by banker James Tyree, agreed to pay about $5 million in cash and assume $20 million worth of the Sun-Time’s liabilities. Tyree’s group would get the media company’s 59 newspapers and websites including the Chicago flagship tabloid paper.[...]A Stalking-Horse bid is an initial bid on a bankrupt company’s assets from an interested buyer chosen by the bankrupt company. From a pool of bidders, the bankrupt company chooses the stalking horse to make the first bid, called the lead bidder. This method allows the distressed company to avoid low bids on its assets. Once the stalking horse has made its bid, other potential buyers may submit competing bids for the bankrupt company’s assets. However, it is unclear whether Sun-Times Media Group will have any other suitors, which has sought buyers for months, and has contacted more than 46 parties to gauge their interest.http://www.suntimes.comIt's clear now. The court accepted the "Stalking horse bid"
Pre sale quote, "[C]ompany is cutting pay for nonunion workers by 8 percent, indefinitely, if they make between $25,000 and $100,000. Those making over $100,000 will have their pay cut by 11 percent. The advertising sales staff is exempt, Halbreich said, because their pay has already fallen "significantly."
Quote"To slash expenses, Sun-Times fired 140 people, or 6% of its workforce, in April and said it would cut compensation costs by 15%. With more cuts, the company could perhaps generate a pretax profit of $5 million, Mr. Simonton says, suggesting a top sale price of $15 million."
http://hickeysite.blogspot.com/2009/10/james-tyrees-investment-group-get.html
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