Thursday, May 22, 2008
Estate agent shocker
I'm presuming Robert is a "doom-sayer" bear ... "Britain's largest estate agent, Countrywide, has toggled. ... If it weren't for the way that Apollo screwed this mind-boggling deal out of the lenders - if Countrywide hadn't been able to suspend cash-interest payments and borrow to pay interest - the prospects for this business and their jobs would be a good deal worse (though in view of the mess in their market, that's probably not a reason to be too cheerful)."