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Optobear

Day Of Reckoning For Monoline Aca Capital

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Old favourite ACA Capital has a 6pm deadline today (15th July) or it goes pop.

$69bn of counterparty risk --- quite a lot of stuff for banks to bring back on balance sheet...

http://www.tradingmarkets.com/.site/news/S...20News/1709633/

and

http://uk.reuters.com/article/bankingFinan...141124820080121

Not much mention of monolines in the press though these days - I suppose having their rating reduced from AAA to CCC meant that everyone has already factored in their demise.

Optobear

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Compared to the trillions at stake elsewhere in the system what's $69bn between friends?

Surely $69bn is about the right amount to trigger a collapse? Too much for a non-government entity to take the hit, but obscure enough that it could pop without the world spotting until it is too late.

Not saying this is the trigger, but it would be something like this, and the knock-on effect with counterparties, that would start a general collapse.

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6pm? Which time zone?

$69billion in exposure. Its getting very close to the bone now, isn't it, eh? Goodness me!

Edited by Dave Spart

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Has the deadline past and what was the upshot?
NEW YORK (Reuters) - ACA Capital Holdings Inc ACAH.PK, a troubled bond insurer, said it won an extra month from customers to unwind an estimated $69 billion of credit exposure stemming from the subprime mortgage crisis.

Use Optobears Reuters URL.

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That's a pretty terminal website: Link

I'd give them $1,000 for the domain name though!

I like the way the Chief Financial Officer's name, email address and telephone number have been commented out but not removed from the web page.....

A quick hack by a techie, not someone who does web pages full time ( or doesn't think things though ).

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I like the way the Chief Financial Officer's name, email address and telephone number have been commented out but not removed from the web page.....

A quick hack by a techie, not someone who does web pages full time ( or doesn't think things though ).

For further information, please contact Lisa Mumford, Chief Financial Officer, at (212) 375-2206, or lmumford@aca.com

Copied here just to keep the spam spiders happy

Edited by moosetea

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Not much mention of monolines in the press though these days - I suppose having their rating reduced from AAA to CCC meant that everyone has already factored in their demise.

Optobear

There was this ... LINKY

But looks like they lived, just!

Linky

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For further information, please contact Lisa *******@aca.com[/email]

Copied here just to keep the spam spiders happy

Thats not nice....

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Guest Shedfish

Bond Insurance - sounds like a right laugh!

yeh mate your bonds are insured... i'm off down the pub

oh...

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NEW YORK, Jul 15, 2008 (BUSINESS WIRE) -- ACA Capital Holdings, Inc. (OTC BB: ACAH.PK) today announced that it has entered into a sixth forbearance agreement with its Structured Credit and other similarly situated counterparties. The forbearance will remain effective through 6:00 pm (New York City local time) on August 11, 2008.

August 11, 2008.

Isn't that Judgement Day? :blink::lol:

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August 11, 2008.

Isn't that Judgement Day? :blink::lol:

Well $69 billion could just be added to the $400 already lost and put into the $1600 billion that lots of analysts estimate.

By the way that was before the Fed bailed out Fannie Mae and Freddie Mac to the tune of $5200 billion.

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