This stinks and I,m not takling about Noonans socks!
Originally posted on NAMA Wine Lake:
“You wanna hear a great story”
So starts the Bloomberg TV interview with David Tepper, an American hedge fund manager and the founder of Appaloosa Management. Zerohedge has the video here, though the focus of the Zerohedge blogpost is not what we’re interested in here. David tells us about his dealings with Bank of Ireland subordinated bonds, from about 15:00 into the video and here’s the abridged transcript
“We invested in the Bank of Ireland… and we bought their bonds, subordinated bonds…They [BoI] wanted to ‘cram us down’ … So we took them to court.. We were gonna go into the English and Irish courts to fight the Bank of Ireland, and fight the Irish Government for that matter…We finally won at the beginning of this year… The debt was trading at 40/50 cents…..So the Bank of Ireland this year, goes and issues a new issue, of the same…
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