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70p of every pound United makes to be siphoned off by the Glazers
http://ftalphaville.ft.com/blog/2010...936/penalties/
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Re: 70p of every pound United makes to be siphoned off by the Glazers
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Re: 70p of every pound United makes to be siphoned off by the Glazers
Was tempted to stop reading when it said "a city fund manager said..." Stuck with it for a bit longer, but really, my question is this: With everything that's happened in the last week, let alone the last couple of years, what is the point, or the value, in projecting to 2017? Not much, other than scare tactics and sensationalism. Money will be siphoned off from United. No-one knows what the figures will amount to. We do know where it will go though. Loosely. Anyone got a list of people who've taken up the bond issue yet?
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As to your other assertion about scare tactics and sensationalism, I've been analysing the data from the accounts and other sources for five years now. I've always tried to keep away from conclusions and likely outcomes, preferring instead to simply report the facts as they are known, while allowing the reader to reach their own conclusions. As to your request for a list of the bondholders, I don't think this will be available until after settlement date, 29 January. The only information I have heard on this issue is there are fifty separate investors. |
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Re: 70p of every pound United makes to be siphoned off by the Glazers
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it is fair enough to say that speculation is pretty much all there is to use because the figures don't come out as quickly as they are needed. and without doubt this speculation is valid when projected short term. i've never attacked your analysis, quite the opposite, even if i don't agree with all of it (transfers for example) but i don't think anyone projecting to 2017 actually thinks for a moment that those projections will not be adjusted fairly dramatically one way or another much sooner than that. the list of investors is going to be very interesting. i'd imagine for a start off that a few of the old plc blue chips are back on board. i can see a few reasons why this scheme has been opposed, but you never know who might now have an interest they may wish to take further at some point. |
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Re: 70p of every pound United makes to be siphoned off by the Glazers
I have to say that Andy emailed that FT piece to me for an opinion before he sent it to them and they've changed nothing - not a word. I didn't feel his analysis or conclusions were in any way sensationalist.
If you're talking generally about media coverage, there have been one or two particularly good approaches - David Conn and Owen Wilson in the Guardian online have been excellent. Of course, on the flipside one or two others have taken their usual chance to have a dig - Martin Samuels for instance? I'm surprised you associate me with transfers. It's one of the things I tend to keep away from. It's so difficult to get reliable information on transfers I feel it's an area where there are often many right and wrong answers, based on the little data available. As far as your bond investors are concerned, I think you might be surprised. I can't see L&G being involved as the issue is unrated, it probably wouldn't fit their profile, not for the corporate bond fund anyway. Many institutions would see the offer as too risky. As I'm sure you know, the old plc investors would have been equity funds, rather than bond funds, and they would have a lot more information on company performance and profitability. Not to mention buying equities gave them a voice in the running of the firm, bondholders are just another creditor. Interesting comment from a voice from the past too, today;- Quote:
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