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Anglo Irish clients plan €500m revenge fund - Sindo
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Author:  verbatim [ Sun Apr 27, 2008 10:18 am ]
Post subject:  Anglo Irish clients plan €500m revenge fund - Sindo

Quote:
Anglo Irish clients plan €500m revenge fund

By Shane Ross


Sunday April 27 2008

A GROUP of clients of Anglo Irish Banks, including big builders and entrepreneurs, plan to set up a large investment fund to buy shares in the troubled bank.

A meeting took place in a Dublin hotel recently in which it was decided to buy shares worth up to €500m. Gerry Gannon of Gannon Homes and Sean Quinn are thought to have been targeted to join the consortium. Quinn is already a large shareholder.

Sources close to the group suggest that each member will be asked to put in several million euro. When the fund reaches €500m, it will be leveraged up with borrowings to buy further Anglo shares.

...


Leveraged up with borrowings eh? I wonder where they'll get the cash.

Author:  mr_anderson [ Sun Apr 27, 2008 10:22 am ]
Post subject:  Re: Anglo Irish clients plan €500m revenge fund - Sindo

Leveraged up with borrowings eh? I wonder where they'll get the cash.[/quote]


Why Anglo of course :P

Author:  Green Bear [ Sun Apr 27, 2008 11:45 am ]
Post subject: 

Let's say they do succeed at what they intend, this will give the short sellers a second bite of the cherry and relieve them of even more money.

Author:  mr_anderson [ Sun Apr 27, 2008 12:51 pm ]
Post subject: 

Green Bear wrote:
Let's say they do succeed at what they intend, this will give the short sellers a second bite of the cherry and relieve them of even more money.


Completely agree GB.
I suggest they call Joe Lewis for advice.

Author:  double down [ Sun Apr 27, 2008 1:44 pm ]
Post subject: 

Now that's doubling down.

Author:  CelloPoint [ Sun Apr 27, 2008 1:57 pm ]
Post subject:  Re: Anglo Irish clients plan €500m revenge fund - Sindo

Quote:
Anglo Irish clients plan €500m revenge fund

By Shane Ross


Sunday April 27 2008

A GROUP of clients of Anglo Irish Banks, including big builders and entrepreneurs, plan to set up a large investment fund to buy shares in the troubled bank.

A meeting took place in a Dublin hotel recently in which it was decided to buy shares worth up to €500m. Gerry Gannon of Gannon Homes and Sean Quinn are thought to have been targeted to join the consortium. Quinn is already a large shareholder.

Sources close to the group suggest that each member will be asked to put in several million euro. When the fund reaches €500m, it will be leveraged up with borrowings to buy further Anglo shares.

...


My opinion is that the buy-up clan have their backs to the wall and simply cannot afford to let Anglo drop.

The big question is -- who's going to loan them the leverage?

I hope the old boys' club know what they're doing.

Another thing -- surely you'd want to keep a plan like this a secret?

Why let this information advantage out in to the public?

Something's fishy...

Author:  CelloPoint [ Sun Apr 27, 2008 2:07 pm ]
Post subject: 

Green Bear wrote:
Let's say they do succeed at what they intend, this will give the short sellers a second bite of the cherry and relieve them of even more money.


Maybe that's what the smoke and mirrors "hotel meeting" cum press-release is all about.

CelloPoint's conspiracy theory: Friday's Anglo closing price was jacked up for the weekend newspaper coverage where an information bomb was dropped -- the intention is to fool the short-term market manipulators. Anglo has been a bit of a honey pot the last couple of weeks -- if the manipulators think things are "all settled down now", they'll quit and move on to the next target.

If they'd just go away! They're like flies hovering all around is. Once they're gone, we can go about converting our horse manure back in to precious jewels.

Author:  Carnage [ Sun Apr 27, 2008 6:03 pm ]
Post subject:  Re: Anglo Irish clients plan €500m revenge fund - Sindo

CelloPoint wrote:
Quote:


I hope the old boys' club know what they're doing.

...


They were on the money with ISTC:wink:

Author:  CelloPoint [ Sun Apr 27, 2008 9:29 pm ]
Post subject:  Re: Anglo Irish clients plan €500m revenge fund - Sindo

Carnage wrote:
CelloPoint wrote:
Quote:


I hope the old boys' club know what they're doing.

...


They were on the money with ISTC:wink:


Whatever happens, it's gonna be dramatic. Should be an interesting week.

Author:  Panzraam [ Sun Apr 27, 2008 9:29 pm ]
Post subject: 

Shorting is a game built on rumour and fear e.g. start a rumour saying that anglo is running out of cash and shareholders and depositers will take fright giving the shorter a healthy profit. Combating shorters is done in exactly the same way e.g. start a rumour that X of Irish richest business are going to going to pool Z million and borrow Y million and invest it all in anglo stocks and this a. encourages other investors to get in ahead of them to profit from the inevitable run up b. scares shorters that their buy back will get more expensive and encourages them to close out their short positions c. discourages any further shorting because of the prospect of a run up in the price.

The whole article is laughable.

Author:  the edge [ Sun Apr 27, 2008 9:38 pm ]
Post subject: 

As Thatcher's economic guru Alan Waters used to say, you can't buck the market.

Author:  yoganmahew [ Sun Apr 27, 2008 9:39 pm ]
Post subject: 

Panzraam, does the fact that Shane Ross wrote the article not lend it a certain credibility? Considering his article a fortnight ago:
http://www.independent.ie/opinion/colum ... 46192.html
Or do you think he has been taken for a ride and that that is the revenge the 'friends of Anglo' are after? (Sounds like an Agatha Christie novel, if only I could remember which one!).

Author:  the edge [ Sun Apr 27, 2008 9:42 pm ]
Post subject: 

Also, isn't this a form of market manipulation?

I demand that ISFRA immediately investigate these people.

Author:  CelloPoint [ Sun Apr 27, 2008 9:43 pm ]
Post subject: 

So who's gonna empty their barrel into the lake tomorrow? I'd say there'll be a lot of toe dipping to see how hot things really are.

Image

Definitely one for the big boys.

Author:  Green Bear [ Sun Apr 27, 2008 10:35 pm ]
Post subject: 

the edge wrote:
Also, isn't this a form of market manipulation?

I demand that ISFRA immediately investigate these people.


Couln't find anything specific

Insider Dealing and Market Manipulation (Market Abuse)
http://www.entemp.ie/commerce/companyla ... tabuse.htm

Market Abuse (Directive 2003/6/EC) Regulations, 2005 (Market Abuse Regulations)
http://www.financialregulator.ie/frame_ ... in_nav.asp

Though it may hark back to an earlier scandal

Guinness share-trading fraud
http://en.wikipedia.org/wiki/Guinness_s ... ding_fraud

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