Quote:
Originally posted by Seven of Nine
Once upon a time, I represented a wee TechCo.
In April of 2000, TechCo issued $250M in notes in exchange for $250M of investors' hard-earned cash.
In March of 2001 (yes, less than one year later) TechCo was hurting, like every other company, and the ratings on their notes were downgraded. This downgrade allowed them to re-purchase $184.7M of their issued notes for a paltry $58.4M.
On the lucite deal toy on my desk, some fucking investment banker had the nerve to characterize the foregoing transaction in a balance-sheet style. At the bottom of the balance sheet is the following entry, circled and in bold:
Net Gain = $125.8M
Seven
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This is the reason I don't do deals. I have no idea what you are talking about and why it is dumb (math error?). Maybe I'm dumb, wait, don't answer that.
