Jump to content
House Price Crash Forum

Champion Of The B T L Brigade Going Down--fast


Recommended Posts

BRADFORD & BINGLEY 42.00 -8.00 -16.00%

Anything to do with "property" is poison. I wonder what Halifax is going to report as the latest MoM decline?

Analysit says B&B 'May collapse'

Goodwin, Analyst, Says Bradford & Bingley May Collapse: Video

July 7, 2008 06:36 EDT -- Leigh Goodwin, an analyst at Fox-Pitt, Kelton Ltd., and Roger Lawson, director of the U.K. Shareholders' Association, talk with Bloomberg's Rishaad Salamat in London about the bailout of Bradford & Bingley Plc after TPG Inc. abandoned plans to buy a 23 percent stake last week. Six banks including Banco Santander SA agreed to guarantee as much as 220 million pounds ($436 million) of the 400 million pounds being raised by Bradford & Bingley Plc after TPG Inc. abandoned plans

http://www.bloomberg.com/apps/news?pid=conews&tkr=BB:IX

Link to comment
Share on other sites

Complete dribbling retards with no economic sense whatsoever can see the writings on the wall for B&B, I'd love to be an analyist and get paid for pointing out the obvious. Right now if I was an property analyist I would be getting paid for predicting a property slump lol

Link to comment
Share on other sites

Goodbye.

http://uk.biz.yahoo.com/080707/214/i2v7l.html

Monday July 7, 12:36 PM
B&B faces fee despite failed deal
:lol:
| | |
LONDON (ShareCast) - Bradford & Bingley (LSE: BB.L - news) will have to pay fees to Goldman Sachs (NYSE: GS (Advertisement)
- news) , which gave the bank advice on an investment from a US private equity group, even though the deal fell through.
The mortgage lender is to cough up a basic "success fee" plus an additional amount on the completion of a new funding package, according to the Sunday Telegraph.
TPG Capital had agreed to take a 23% stake in the lender worth £179m, but is thought to have changed its mind after learning of an expected ratings downgrade by Moody's.
Several of B&B's large institutional shareholders have been forced to step in and rescue its £400m fundraising after US private equity group Texas Pacific (TPG) walked away.
The company's share price plunged to a new low today and beneath the rights issue price of 55p. Experts fear the fall will deter shareholders from stumping up fresh cash.
Last month's stubborn rejection of overtures from Resolution forced insurance entrepreneur Clive Cowdery's bid vehicle to scrap plans to invest £400m in the business.
Resolution and the bank's four biggest investors, Standard Life (LSE: SL.L - news) , Legal & General Investment Management, M&G and Insight, had wanted to kill B&B's existing fundraising plans.
Link to comment
Share on other sites

Goodwin, Analyst, Says Bradford & Bingley May Collapse: Video

July 7, 2008 06:36 EDT -- Leigh Goodwin, an analyst at Fox-Pitt, Kelton Ltd., and Roger Lawson, director of the U.K. Shareholders' Association, talk with Bloomberg's Rishaad Salamat in London about the bailout of Bradford & Bingley Plc after TPG Inc. abandoned plans to buy a 23 percent stake last week. Six banks including Banco Santander SA agreed to guarantee as much as 220 million pounds ($436 million) of the 400 million pounds being raised by Bradford & Bingley Plc after TPG Inc. abandoned plans

time to add Santander to the list then....

Link to comment
Share on other sites

It's looking increasingly likely that a government-backed rescue of B&B will take place.

As we all know, if this happens, it will be covered up by the BoE and Gordon. The question is, are B&B's problems so massive that a bail-out could not feasibly be hush-hushed?

The question is to what extent have they already done it?

Link to comment
Share on other sites

I imagine that the BOE and AD are already in heavy behind the scenes rescue mode. They will be arm twisting the city to put together another consortium of rescuers. The last thing they want is to have to take B&B into public ownership; the NR flak was bad enough. If B&B falls then A&L can't be far behind.

Link to comment
Share on other sites

Fox-Pitt, Kelton cut its target price for B&B shares to 43p on Monday on the assumption the rights issue was completed at the 55p subscription price and the Bank of England and Financial Services Authority ensured B&B did not "fail".

"However, we cannot rule out the possibility of an effective failure, with shareholders receiving little or nothing for their shares," said analysts Fox, Pitt-Kelton.

Link to comment
Share on other sites

It's looking increasingly likely that a government-backed rescue of B&B will take place.

As we all know, if this happens, it will be covered up by the BoE and Gordon. The question is, are B&B's problems so massive that a bail-out could not feasibly be hush-hushed?

You will know about this bailout when you buy a loaf of bread or fill up at the petrol station. :angry:

Link to comment
Share on other sites

B&B is worth 0p, from what everyone is saying it's assets don't cover it's liabilities. Therefore the B&B must be worthless.

I read somewhere assets and liabilities were both around 24bn. With rapidly deteriorating assets, that could soon be a lot of debt. I don't see what difference this notional 400m is going to make.

I also read somewhere that Cowdery might be tempted back in at 20p a share . . . but you have to wonder at what point trading will be suspended. In any normal market, this would have happened by now surely.

We don't know what the FSA and BoE are doing behind the scenes, but it does appear that they are currently masking insolvency rather than doing their duty to protect us all from it.

Link to comment
Share on other sites

Oops, shood-ah added my latest post on the latest on B&B here instead of starting a new thread. IMO< they are about to fold--EGM cancelled and the credit rating will prevent them from doing business. If they go A&L should be number 3 in line.

I wonder if the Qs are forming to get savings out as the deposit gurantees are uncertain.

Link to comment
Share on other sites

Oops, shood-ah added my latest post on the latest on B&B here instead of starting a new thread. IMO< they are about to fold--EGM cancelled and the credit rating will prevent them from doing business. If they go A&L should be number 3 in line.

I wonder if the Qs are forming to get savings out as the deposit gurantees are uncertain.

Perhaps we'll hear some news tomorrow morning on this, i'm keen to see what the shares will open at, particularly with the US banks doing so badly, the Dow Jones is down over 1% already.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.