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Roman Abramovich's Millhouse Warns Ireland Of Legal Action Over Irish Nationwide Bail-Out

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8042534/Roman-Abramovichs-Millhouse-warns-Ireland-of-legal-action-over-Irish-Nationwide-bail-out.html

Millhouse, Roman Abramovich's asset management company, has lashed out at the Irish government and given warning of “huge reputation loss” and possible legal action if it continues to push it to foot part of the bill to bail out Irish Nationwide Building Society.

The warning comes after Brian Lenihan, the Irish finance minister, said that subordinated bondholders of two state-controlled Irish lenders – Irish Nationwide Building Society, or INBS, and Anglo Irish Bank – should make a “significant contribution toward meeting the costs” of a planned government bailout.

Mr Abramovich’s asset management company, Millhouse LLC, would be among the first in line to shoulder INBS’s burden if Mr Lenihan gets his way.

In August 2009, Millhouse bought an unspecified amount of the £126m in subordinated bonds issued by INBS. The government guarantee on those bonds ran out October 1.

In a statement emailed to The Daily Telegraph, a spokesman for Mr Abramovich, the billionaire owner of Chelsea football club, said in Moscow that Millhouse was “extremely concerned” by the recent collapse in the value of these bonds, adding that Mr Lenihan’s statement “did not help the situation”.

“We bought [the bonds] because the Irish Government …promised to guarantee these bonds and promised to have a strategy for the bank. A year later, there is no guarantee and no strategy. We now believe that we have been misled and deceived,” the statement said.

Millhouse also complained of discrimination, claiming that other investors in INBS received regular updates on the bank’s performance, while Millhouse did not hear anything from management.

How the hell could you have possible been misled you bought bonds in a giant turd on the premise the good old Irish taxpayer would somehow magic up the money to cover your potential losses. Any idiot could see the real state of affairs and that the govt guarantee wouldn't run forever.

Clearly the taxpayer should shoulder 100% of the cost. You took a stupid risk with clients money tough 5h1t.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8042534/Roman-Abramovichs-Millhouse-warns-Ireland-of-legal-action-over-Irish-Nationwide-bail-out.html

How the hell could you have possible been misled you bought bonds in a giant turd on the premise the good old Irish taxpayer would somehow magic up the money to cover your potential losses. Any idiot could see the real state of affairs and that the govt guarantee wouldn't run forever.

Clearly the taxpayer should shoulder 100% of the cost. You took a stupid risk with clients money tough 5h1t.

An easy mistake to make interestrateripoff. Being Russian, the people there have no idea what it means for the state to default.

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http://www.telegraph...e-bail-out.html

How the hell could you have possible been misled you bought bonds in a giant turd on the premise the good old Irish taxpayer would somehow magic up the money to cover your potential losses. Any idiot could see the real state of affairs and that the govt guarantee wouldn't run forever.

Clearly the taxpayer should shoulder 100% of the cost. You took a stupid risk with clients money tough 5h1t.

Normality doesn't apply to these new brEEd Billionaire Satanic supaclasses!

Like the companies they own, they are trying to manipulate and thieve from whole countries on ONE WAY BETS - just like they've set up in the City.

It's ultimately the taxpayers who pay for everything - they in turn are deprived of services, school funds, new roads etc

It doesn't help that the same type of ilk have stooges within each Govt who pretend to argue with their demands, then roll over and pay up.

What's the betting his mates already have Billions in hedges riding on the result.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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