Financial Times | Anorak

Posts Tagged ‘Financial Times’

Monarch: paper profits and discounts as capital for the super rich

Monarch Airlines is bust. And in the Sunday Times we get an insight into the bizarro world of the mega-mega-rich. Monarch is owned by private equity outfit Greybull.

Amid a battle for orders between Boeing and Airbus, Monarch secured a cut-price deal for 30 new planes — which later rose to 45. The market value of the aircraft was greater than Monarch’s agreed price, so creating a paper profit.

And then it got even better.

Greybull was able to persuade Boeing to release more than £100m of this trapped equity as cash, pumping it into the airline through Petrol Jersey.

Can it be that the seller gave discount as capital?

And why now did the firm bust? The Times notes:

Questions have been raised about timing. Monarch went down with £48m of cash in the bank, over which Greybull has a strong claim as primary secured creditor. Swaffield’s statement revealed that the cash pile was shrinking rapidly and would have been £20m by the end of the month. Greybull’s Marc Meyohas said the timing of the collapse “was influenced by Atol, not by us running out of cash”.

Fair enough?

“The families, Greybull, Petrol Jersey, however you want to put it, will have lost money on this deal,” said Marc Meyohas. “We are absolutely disappointed by the outcome. We do feel we have been responsible owners, but we have failed nonetheless.”

As for placing questions marks over the owners, well, is it fair to portray them as grinners, as the FT does?



Expect a lot to follow – little of which will help the poor sods now out of jobs and fretting about pensions.

Spotter: Times

Posted: 8th, October 2017 | In: Broadsheets, Money | Comment

Letter Of The Day: The Financial Times Is Best For Keeping Champagne Cold

LETTER of the day: why did you read the Financial Times:

finanacial times champagne


Spotter: @jimallthetime)

Posted: 13th, January 2014 | In: Money, Reviews, The Consumer | Comment

Election In Photos: Manish Sood Damns Gordon Brown And Other Tactics

MANISH Sood, the Labour Party’s candidate for North West Norfolk, says Gordon Brown is the worst Prime Minister Britain has ever had” (via). Bookies Paddy Power , never ones to miss a bit of PR, have projected the face of Conservative Leader David Cameron onto the Houses of Parliament and began paying out on a Conservative win.

In other news, the Financial Times has come out in support of the Conservatives. The only thing that can stop the Tories is tactical voting. The Daily Mirror calls for it. Ed Balls wants it. So, we’re all agreed – vote David Cameron and get rid of Gordon Brown…


Picture 1 of 11

Prime Minister Gordon Brown shares a plate of chips with businessman Duncan Bannatyne (right) in a fish and chip shop in Great Yarmouth.

Posted: 4th, May 2010 | In: Reviews | Comments (3)

Financial Markets Rally On The Susan Boyle Factor

SUSAN Boyle Watch: Anorak’s looks at Britain’s Got Talent agonist Susan Boyle in the news and how she is helping the financial markets rally. It’s the Boyle Bounce!

What do equity rallies have in common with the whizzing around in cyberspace of the latest Youtube sensation — a clip of Britain’s Got Talent contestant Susan Boyle wowing the judging panel of Simon Cowell, Amanda Holden and Piers Morgan?

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Posted: 18th, April 2009 | In: Money | Comment

A Good Day To Bury Goldman Sachs

U.S. Securities and Exchange Commission Chairman, Christopher Cox, last seen trying, and failing, to explain to Congress just how the US financial institutions could be so comprehensively f*cked without him noticing anything amiss, has issued another defence of his regime coupled with a clarion call for improved regulation.

In the darkest reaches of the Washington Post.

On Election Day.

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Posted: 4th, November 2008 | In: Money | Comments (3)