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Greensill


spygirl
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spygirl
13 hours ago, leonardratso said:

is it spocks brother? frock?

Fucked, more like.

That's what several years of crims inbreeding gets you.

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spygirl
3 minutes ago, Loki said:

Never even heard of it, but this story has it all.  Cheers.

 

https://www.ft.com/content/ebeec5fc-4e52-4dd7-9aa1-092df6f0d97b

 

I orignally thought that Lex Pigswill was minor character in the larger Gupta scam.

Its now turns that Looker Lex was the counterparty  to the questions to - Where in fuck is Gupta borrowing the money

Another success for Germans bafin.

If corp Germany continues on like this then we'll have VW moving to the UK.

.

 

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sancho panza
9 hours ago, spygirl said:

I orignally thought that Lex Pigswill was minor character in the larger Gupta scam.

Its now turns that Looker Lex was the counterparty  to the questions to - Where in fuck is Gupta borrowing the money

Another success for Germans bafin.

If corp Germany continues on like this then we'll have VW moving to the UK.

.

 

oh dear......

https://www.theguardian.com/australia-news/2021/mar/05/tens-of-thousands-of-jobs-at-risk-as-greensill-capital-moves-closer-to-collapse

Global financier Greensill Capital has moved closer to a collapse that could cost tens of thousands of jobs in businesses in Europe, the US and Australia, after a court released papers that cast doubt on its insurance of A$10bn (£5.55bn) of loans issued to its customers.

The loans were underwritten by an insurance company, Tokio Marine, which was in a legal battle with Greensill, where former UK prime minister David Cameron is an adviser.

Court filings show the insurer told Greensill it would withdraw cover for around half of the loans, some A$4.6bn, after claiming these contracts were issued by an employee who “exceeded his authority”.

 

Greensill employs 1000 staff in London but is controlled through a holding company in Bundaberg, Australia. Its collapse could put at risk the financing of Gupta’s international steel business, GFG Alliance, which employs 45,000 people around the world, including some 3000 in the UK and 7000 in Australia – most at the Whyalla steel mill.

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sancho panza

so let me get this stright.Has the FInancial intermediary gets caught short by bad laons to Gupta?

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spygirl
8 hours ago, sancho panza said:

so let me get this stright.Has the FInancial intermediary gets caught short by bad laons to Gupta?

Id made the wrong assumption that Gupta had a number of funders. I was wrong.

Id also not noticed Greenswill - why should I? Some Billy Big bollocks from Purpoise SPits playing at being a city banker in some small German town.

What Id missed was the Frankenstein pretend o be a fintech whist hovering up deposits to hand to the bestest industrialist in the world' (c) Gupta mams.

 

 

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sancho panza

https://www.bloomberg.com/news/articles/2021-03-03/greensill-s-overnight-fall-from-grace-was-months-in-the-making

Greensill’s Overnight Downfall Was Many Months in Making

From the outside, 2020 was bringing validation to the idea behind Lex Greensill’s financial empire.

His eponymous firm was seeking funds at a lofty valuation with the pitch that the pandemic laid bare small suppliers’ need to be paid quickly.

But by the middle of last year, two parallel sets of events were quietly threatening two of the biggest sources of funding that enabled his brand of financial disruption -- eventually bringing the firm to a breaking point.
 
In July, an obscure Australian insurer refused to extend policies covering the loans Greensill made, taking away the security blanket that allowed major investors like Credit Suisse Group AG to get comfortable with his courting clients below their radar. And around the same time, the German regulator BaFin started a probe into his fast-growing bank in Bremen.
 
At issue in both cases was the question of risk, and in BaFin’s case, the amount of it that was tied to another entrepreneur in Greensill’s inner circle, Sanjeev Gupta. He had been an early client and investor in Greensill, and the loans to Gupta’s firms fueled the growth of both men’s conglomerates.

Interviews with more than a dozen people familiar with the matter show how the twin threads unraveled rapidly this week, bringing Greensill’s firm to the verge of collapse. Started a decade ago with a promise of “making finance fairer” -- attracting backers such as SoftBank Group Corp. and advisers like former U.K. Prime Minister David Cameron -- Greensill Capital’s swift spiral now is risking thousands of jobs at borrowing companies, disrupting the supply chains of multinationals and even the U.K. healthcare system.

It has been a stunning comedown for a firm that as recently as last year was touting a valuation of $7 billion. Greensill Capital is planning to start insolvency proceedings in the U.K. as it seeks to sell its operating business to Athene Holding Ltd., the annuity seller backed by Apollo Global Management. And Germany’s financial watchdog shuttered Greensill Bank after asking law enforcement officials to investigate accounting irregularities at the lender.

 

Greensill, whose interest in supply-chain finance stemmed from his early years working on his family’s farm in Australia, carved a niche for himself in a fast-growing business that saw a boost in the years following the global financial crisis more than a decade ago. Banks were pulling back from lending to smaller firms, as regulations around risky lending practices grew increasingly more onerous.

Cameron, Gupta

To lawmakers eager to stimulate a recovery, supply chain finance seemed like the perfect solution. In 2012, then-Prime Minister Cameron announced a supply-chain finance program that was designed to get funding to small companies quicker. Greensill was an adviser to the U.K. government on that program, and in 2017 was anointed as a Commander of the British Empire for his services to the economy.

Greensill had started his own firm in 2011 after stints at Morgan Stanley and Citigroup Inc., later attracting $1.5 billion of investment from SoftBank Group Corp. The firm says it provided $143 billion in financing last year.

Over the years, Greensill has also been closely linked to British-Indian businessman Gupta, the man once dubbed the “savior of steel” by the U.K. press because of his penchant to buy up moribund steel plants.

Greensill’s links to Gupta have roiled other money managers. Long-dated project finance notes tied to Gupta’s GFG Alliance and arranged by Greensill were at the center of an investigation that prompted the suspension of GAM Holding AG’s one-time star Tim Haywood in 2018.

BaFin’s Audit

BaFin last year started a forensic audit of Greensill Bank, charging KPMG with the task, after concerns emerged that too many of the assets on the bank’s books were ultimately tied to the same source: Gupta.

Gupta, a former commodities trader, heads GFG Alliance, a loose collection of entities owned by him and other family members. Much of the business, which spans steel, aluminum and renewable energy, was built at a breakneck pace that saw him spend about $6 billion over a five-year period on a series of deals and investments from Scotland to South Carolina. The targets were largely old, unwanted assets in need of significant investment.

Providing the financial firepower that drove the spree was Greensill’s eponymous firm. Gupta told Bloomberg News in October that Greensill was the company’s biggest lender. Athene isn’t planning to take on assets linked to Gupta, according to people with the matter.

The links between Greensill and Gupta ultimately proved to be the focus of BaFin’s probe. The KPMG probe found irregularities with how Greensill Bank booked certain assets linked to Gupta. One of the most serious findings was that the bank had booked claims for transactions that hadn’t yet occurred but which were accounted for as if they had.

“BaFin found that Greensill Bank AG was unable to provide evidence of the existence of receivables in its balance sheet that it had purchased from the GFG Alliance Group, ” according to a statement from the German regulator.

‘Extensive Advice’

Greensill said in a statement late Wednesday that it had received “extensive advice,” from law firms in the U.K. and Germany, “which informed the way in which the assets were classified.” The company also said that it immediately complied after BaFin advised it late last year and early this year that it didn’t agree with its accounting.

“Greensill Bank has at all times been transparent with its regulators and auditors about its approach to classifying assets and the methodologies for determining such classifications,” a spokesman for the company said by email.

Pressure from BaFin was a factor that prompted Greensill to look for potential buyers for its exposure to Gupta earlier this year. One of the parties that Greensill reached out to was Credit Suisse, people familiar with the matter said.

 

But on the other side of the globe in Australia, separate developments were afoot. In a last-ditch effort to make its insurer extend policies that were due to lapse on March 1, Greensill took Bond and Credit Company, a unit of Tokio Marine Holding, to court. The company warned that losing $4.6 billion in insurance coverage for its 40 or so clients could spark defaults and put 50,000 jobs at risk. But late on Monday a judge in Sydney struck down Greensill’s injunction.

Hours later in Zurich, Credit Suisse suspended its $10 billion family of funds that invested in loans arranged by Greensill, choking off a key source of funding to the companies. The insurance lapse left some debt no longer valued on the strength of the insurer but rather on the underlying borrower, triggering questions on the valuations of the assets.

Greensill Exposure

Credit Suisse's frozen funds tied to Greensill include SoftBank links

Source: Credit Suisse fund reports, positions as of Jan. 21

 

 

Cracks on the value of the loans had started to show last year. Several companies that borrowed through Greensill-backed Credit Suisse funds collapsed, including NMC Health, Agritrade International, and BrightHouse.

The insurance arrangements had given firms like Greensill’s the flexibility to court smaller borrowers that wouldn’t otherwise be able to get investment-grade ratings, with a measure of security that an insurance policy brings. The impeccable credentials also allowed Credit Suisse to sell funds to investors such as pensions and corporate treasurers seeking suitable assets to help boost returns.

It’s not clear why Bond and Credit Company allowed the policies to lapse. In denying Greensill’s injunction to force the insurer to renew the contracts, the Australian judge noted that “despite the fact that the underwriters’ position was made clear eight months ago, apparently Greensill only sought legal advice about its position” in the last week of February.

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spygirl
39 minutes ago, sancho panza said:

image.png.6b83b8705c1a763047aa58fbad6f14c5.png

https://www.wsj.com/articles/greensill-used-credit-suisse-investment-funds-to-lend-to-its-own-backers-11614982505

Greensill Used Credit Suisse Investment Funds to Lend to Its Own Backers

Financial startup made $350 million loan in 2019 to General Atlantic, its second-largest outside investor after SoftBank’s Vision Fund

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sancho panza

I think thsi story is bigger than people realsie.

https://www.abc.net.au/news/2021-03-08/lex-greensill-fall-from-grace-could-wallop-the-city-of-whyalla/13225332

As fairytales go, Lex Greensill's meteoric rise wasn't your classic rags to riches story.

Hailing from the rich red soils of Bundaberg, he learned first-hand how to turn a small family farm into a world class business in a hugely competitive market.

Two decades ago, when he swapped the 2,000-hectare farming juggernaut for London and a career in banking after a stint at a local solicitor, there was little indication of the impact he would have on global finance. Or the crisis he would create.

A visitor to Buckingham Palace, where he was awarded a CBE, feted by 10 Downing Street and an advisor to Barack Obama, Greensill carved himself a niche role that, until recently, valued his eponymous firm at more than $9 billion.

Last year, it engaged in $143 billion in financing for 10 million customers in 175 countries.

Now it is on the ropes as the 43-year-old Greensill desperately tries to stave off a collapse that threatens the livelihood of thousands and could ricochet from London to Bremen and all the way to Whyalla, the home of Australia's second biggest steelworks.

The rise and fall of a financial engineer

A little over a decade ago, the global economy was left teetering on the brink of destruction after the world's brightest minds applied their talents, not to exploring the realms of the universe or ridding the world of disease, but to create ever more elaborate means of gambling.

In a world awash with excess cash and capital, they plunged into the murky realms of securitisation, creating evermore exotic and ultimately toxic financial instruments.

They allowed the banks to borrow and bet on almost anything. The asset du jour pre-2008 was a shaky boom in American real estate. Credit default swaps, synthetic derivatives and a host of other complex investments all conspired to obscure the extent to which debt had permeated the system, until the system cracked and then crashed.

If anything has changed since then it is that there is vastly more debt at household, corporate and government levels. And with vast trillions of dollars in stimulus coursing through the financial system and interest rates at zero, a new generation of nimble minded geniuses have applied themselves to carving off a slice for themselves.

Grensill's grand plan was innovative and yet well established, extremely complex but based upon a simple principle, incredibly lucrative and yet deeply flawed.

For several years, during the worst of the financial crisis, he worked for a couple of major investment banks in London. His specialty was what's known as "supply chain financing". Essentially, he was providing finance to the suppliers of big corporations.

It's an age old idea that normally is called factoring. If you're a supplier, instead of waiting 90 days to be paid by a big company, a financier will advance you a slightly smaller amount of cash immediately and then pick up the payment in full down the track, thereby making a small return for themselves.

When he struck out on his own in 2011, Greensill altered the model ever so slightly. The supplier was still paid at a slight discount, but the debt was owed by the company instead of the supplier, and that simple shift allowed the company to extend and alter the repayment terms without it appearing as though it was taking on more debt.

To finance this, Greensill bundled these debts together — just as was done in the lead up to the GFC — sliced them up into portions and sold them off to investors.

The returns were attractive in a zero interest world, and to add an element of safety to the whole thing for investors, he insured the debt bundles.

Everything went swimmingly until last year. That's when the flaws became obvious.

Instead of vast numbers of suppliers, the clients were a smallish number of large corporations. There wasn't enough diversity to spread the risk, and when a few UK companies experienced difficulties in a COVID induced crisis, the insurers had to cover the losses.

The banks then realised some of these corporations were carrying far more debt than they'd disclosed, the insurers became twitchy about extending policies and the investors, sensing greater risk than they'd anticipated, began to back out.

That's when the whole scheme began to unravel. A fortnight ago, one of the biggest insurers for the scheme declined to renew policies over $US4.6 billion worth of investments and the investment banks directing clients to stump up the cash pulled the plug.

The Greensill-Gupta partnership

Here at home, Greensill had an impressive client list.

Telstra and construction giant CIMC were there. So too was an organisation called the GFG Alliance, a loose group of companies controlled by UK magnate Sanjeev Gupta.

In 2017, as part of an international buying spree, Gupta's company bought the Whyalla steelworks in South Australia which had imploded under a mountain of debt the previous year. It employs around 6,600 Australians with mini-steel mills in Sydney and Melbourne and metal recycling.

Primarily a commodities trader at the turn of the century, Gupta snapped up ailing power, steel and aluminium plants in the UK and across Europe before expanding into renewables and now operates in 35 countries with a 35,000 strong workforce.

Privately owned, it has been difficult to get a handle on the group's finances or how Gupta has managed to turn a collection of ailing businesses into a money spinner. Often the purchases have been completed with government finance or concessions and usually with a promise of turning dirty old industries like steelmaking into "green" enterprises.

For the past few years, one of his biggest financiers was Greensill Capital, although the exact nature of the relationship is difficult to pin down. Both, however, have ridden an extraordinary wave of success together.

A fortnight ago, reports in some UK newspapers suggested difficulties within GFG, claims that have been refuted by the group. In response, the German banking regulator froze the operations of Greensill Bank, a small Bremen based band the financier had bought.

The regulator was concerned the bank was over-exposed to GFG and investigations last week left it dissatisfied about the status of receivables from GFG along with reports that it referred some matters to the courts.

Whyalla on the ropes again?

Whyalla, South Australia's fourth biggest city, boasts a population of a little over 20,000. The steelworks, once owned by BHP before being hived off into a standalone company, directly employs about 6 per cent of the town, but a large proportion of other businesses in the town rely upon the operations.

When Arrium, the company that owned the steel operations, collapsed in 2016, shockwaves ran all the way through to Canberra. With an election just three months away, the federal government pulled out all the stops in a bid to save the operation.

Sanjeev Gupta's arrival as saviour was as unexpected as it was welcome. In recent months, however, the British steelmaker in his GFG Alliance announced plans to lay off more than 350 workers due to "challenging conditions", but the founder denied similar moves were afoot in Australia.

By that stage, Greensill Capital behind the scenes was experiencing severe difficulties and Greensill reportedly was scouting around for finance to keep his empire afloat, including plans for a stock exchange listing.

Last week, there were reports GFG had suspended repayments to Greensill Capital. That followed court action by Greensill earlier in the week to take security over shares in GFG's Australian steelmaking operations, an aggressive move that would deliver it some protection if things went pear-shaped.

The partnership that had driven the mutually beneficial ambitions of the pair finally had ruptured.

The exact financial relationship between the two groups, and the extent of their financial links, remains shrouded in mystery, but with Lex Greensill's empire in ruins and major parts fighting to stave off insolvency in the coming week, Whyalla's future could once again be under a cloud.

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spygirl

https://www.ft.com/content/68ea9df2-aa69-4a0b-9462-d3ed6491cee6

Comments:

There's been a few commentators asking where the regulators are on Greensill.   The answer, as usual, is it depends.  This is almost a classic case of regulatory arbitrage.
 
Greensill has two main businesses, Greensill Bank based in Germany,  a formerly sleepy municipal-style bank based in Bremen, and litely regulated by BaFin (until Wirecard exploded) on the basis that it was a fintech, challenger bank.
 
In the UK, Greensill Capital Securities Limited, was classified as an investment adviser, ie. with very little capital required as it did not have any capital-at-risk.  It had the veneer of being regulated,  as it was, until  Friday, 5 March 2021, the appointed representative (AR) of a principal firm.  
 
The AR regime is  the most ludicrous method to "oversee" financial participants as the principal is usually unaware or do not have adequate resources to fully comprehend what their representatives are up to.  The regime covers a gamut of activities. Today SCF makes the headlines, next week crypto advisers? 
 
This whole regime requires serious attention, because effectively, it is a quasi public/private enterprise where the FCA has outsourced regulating financial entities to so-called principal firms, who by the way, are often owned by private equity firms. These principal firms' business model work on the principle of more ARs, more fees.  Pretty sure this case, the principal firm involved was so caught up by the glamour of association with a certain Rt. Hon. gentleman, ex-PM, they completely lost perspective.  Bet it even used that association as a marketing tool.  These advisers want and need to be seen to be regulated, when in fact they give all sorts of  "advice" which have devastating consequences for investors and consumers, since they absolutely have no skin in the game of the products they sell.   As for the principal firms, what does it matter, this one dies, another chancer is queuing downstairs....
 
Of course, not all advisers have the wherewithal to then arbitrage the system and buy a bank in Germany, which BaFin wasn't fully aware was also advising Swiss banks and funds to fund its own securitized products.  The obvious conflict was not so obvious, given regulators don't seem to talk to each other... though one sometimes wonders if they read anything in the papers about the participants they regulate.
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wherebee
7 hours ago, eek said:

Nah - that would require effort, and worse it would mean they would have to do some real work. 

I have been amazed at how little regulators actually inquire about the world around them.  I read news and alternative sources constantly.  Like 3-4 hours a day - it's part of the value I bring clients.

And yet I have met regulators who don't even know whether the aussie dollar is going up or down, or about tensions between countries, etc etc.  How the hell can you manage risk if you don't have a global view of risk drivers?

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wherebee

IAG has sought to calm investors over its exposure to Greensill, saying it has no net insurance exposure to trade credit policies, including those sold through broker BCC to the collapsed supply chain financier. 

IAG sold its 50 per cent interest in Sydney-based insurance broker BCC in April 2019 to Japan’s Tokio Marine “with the result of eliminating net exposure to trade credit insurance,” the listed insurer told the market on Tuesday, hours after it had entered a trading halt.

IAG shares dropped 10% until it clarifies it was not exposed.  Someone is going to end up holding the pile of shit that Gupta and Greensill have created.  Whoever it is is going to be fucked to some degree.  Is this the black swan?  Contagion risk?

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spygirl

Thinks its got no net exposure..

Until a few months ago, Greenswill would have appeared to be nothing more than obscure corporate cheque cashing service.

AS it implodes, it become obvious that it is much more bigger and more bank like.

Everyone's going nuts as banks are meant to be better regulated.

Greenswill has basically shown the system can still be massively and dangerously gamed.

The big reputation damage on this is going to be the UK civil service, as Looker Lexy seemed to have go his intro - and path cleared for him - by the head honcho Jeremy Heywood. Forget the Cameron stuff, its Heywood that bent the regulations and allowed Looker Lex to create this monster.

 

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sancho panza
2 hours ago, spygirl said:

Thinks its got no net exposure..

Until a few months ago, Greenswill would have appeared to be nothing more than obscure corporate cheque cashing service.

AS it implodes, it become obvious that it is much more bigger and more bank like.

Everyone's going nuts as banks are meant to be better regulated.

Greenswill has basically shown the system can still be massively and dangerously gamed.

The big reputation damage on this is going to be the UK civil service, as Looker Lexy seemed to have go his intro - and path cleared for him - by the head honcho Jeremy Heywood. Forget the Cameron stuff, its Heywood that bent the regulations and allowed Looker Lex to create this monster.

 

As I remember from 2008,one reason why Londinium is so popular with bankers is that we allow rehypothecation loans ie so the loans can be used as collateral mulitple times (can't see a problem there......:ph34r:.:ph34r:.........)

There are myriad issues with the activites iof banks pre 2008 and then post the 2008 fix which was nothing of the sort.Thanks to the sheer poverty of the regulatory response to the causes of 2008,the problems even bigger now.Look at Carillion......In the US a huge chunk of the bond yield market has been borrowing sub 7% and then we see things like this that noone could see coming

 

https://wolfstreet.com/2021/02/04/deutsche-bank-got-jingle-mail-from-1-us-mall-reit-simon-property-group-foreclosed-on-mall-got-no-bids/

Deutsche Bank this week foreclosed on a $177.5 million mall mortgage. The mortgage had been securitized and spread over two commercial mortgage-backed securities (CMBS) in 2012. The collateral is 560,000 square feet of retail space at the 1.2 million square-foot Town Center at Cobb, in Kennesaw, Cobb County, Georgia. The regional mall has over 170 stores, including a Macy’s, a JCPenney, and a Belk (just filed for bankruptcy).

The mall was owned by Simon Property Group, the largest mall landlord and mall REIT [SPG] in America, which, in one of its acts of jingle mail, had returned the mall to the lenders.

At the time of securitization in 2012, the collateral for the loan was valued at $322 million, according to Trepp, a data firm that tracks CMBS. And everything was hunky-dory. In October 2020, the value was slashed by 60% to $130.4 million.

Edited by sancho panza
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3 hours ago, sancho panza said:

As I remember from 2008,one reason why Londinium is so popular with bankers is that we allow rehypothecation loans ie so the loans can be used as collateral mulitple times (can't see a problem there......:ph34r:.:ph34r:.........)

There are myriad issues with the activites iof banks pre 2008 and then post the 2008 fix which was nothing of the sort.Thanks to the sheer poverty of the regulatory response to the causes of 2008,the problems even bigger now.Look at Carillion......In the US a huge chunk of the bond yield market has been borrowing sub 7% and then we see things like this that noone could see coming

 

https://wolfstreet.com/2021/02/04/deutsche-bank-got-jingle-mail-from-1-us-mall-reit-simon-property-group-foreclosed-on-mall-got-no-bids/

Deutsche Bank this week foreclosed on a $177.5 million mall mortgage. The mortgage had been securitized and spread over two commercial mortgage-backed securities (CMBS) in 2012. The collateral is 560,000 square feet of retail space at the 1.2 million square-foot Town Center at Cobb, in Kennesaw, Cobb County, Georgia. The regional mall has over 170 stores, including a Macy’s, a JCPenney, and a Belk (just filed for bankruptcy).

The mall was owned by Simon Property Group, the largest mall landlord and mall REIT [SPG] in America, which, in one of its acts of jingle mail, had returned the mall to the lenders.

At the time of securitization in 2012, the collateral for the loan was valued at $322 million, according to Trepp, a data firm that tracks CMBS. And everything was hunky-dory. In October 2020, the value was slashed by 60% to $130.4 million.

That value is still $140m more than the mall is worth - valuation based on the fact it will cost $10m to remove it when it dies in the near future.

Commercial property valuations are either a lot (if someone is paying rent for the building) or a big fat zero if they aren't.

Edited by eek
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sancho panza
6 hours ago, eek said:

Commercial property valuations are either a lot (if someone is paying rent for the building) or a big fat zero if they aren't.

Excellent point.Succinctly made.

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wherebee

Gupta is spinning to make it look like the problem is Greensill, not his empire.  Cunning as a fox.

"Sanjeev Gupta’s GFG Alliance is understood to have brought in accounting and insolvency advisers at EY, along with restructuring experts at law firm Clayton Utz, to assist with matters relating to its major lender Greensill.

The Lex Greensill-founded business has shocked the global financial industry with its spectacular collapse this week."

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spygirl



US technology company Taulia, which provides the digital platform most of Greensill’s customers use to manage their working capital, is now looking to move its users to other providers, primarily the US bank JPMorgan, the people added.

 

Soooo ... nothing worth buying then. All BS and blather.

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spygirl



Greensill disclosed in its administration filing earlier this week that Apollo had offered $59.5m for its intellectual property and IT systems, which would have involved it taking on “the majority” of the more than 500 employees of its UK business. The US group was “the only credible bidder”, court documents said.

A failure by Apollo to strike a deal would highlight Greensill’s heavy reliance on other companies’ technology platforms, even though founder Lex Greensill frequently touted his company’s prowess in “artificial intelligence” and “machine learning”. Taulia for years had an exclusivity agreement with Greensill, but that expired at the end of 2019. In April last year, the San Francisco-based company announced what it termed a “strategic alliance” with JPMorgan, to match up its technology platform with the bank’s funding.

Ive got a copy of their AI code:

IF surname == "GUPTA" THEN

  ANSWER = YES

 

 

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