Qvt overseas liquidating ltd
While Mc Donald's book focused on different viewpoints and sources, Tibman takes a different approach by almost exclusively using his own sole account of what occurred within those hallowed walls. On the positive side, this account is fresh, opinionated, and truly has a tenured insider feel.The negative aspect of this, though, is the fact that the book leaves with you with a limited viewpoint.The WSJ reports that QVT, headed by one Angelo Moskov, is "spearheading efforts to rally holders in bonds in Dubai World subsidiary Nakheel, including hedge funds and other money managers in New York and London...About 15 or 20 investors in bonds of Dubai World's real-estate subsidiary have come together in an effort to explore their options, after suffering huge losses." As traditionally those most exposed within any given committee are presented the privilege to "head" such ad hoc initiatives, we are fairly certain that the QVT gentlemen have absorbed the lion's share of said "huge losses." And as the bonds have dropped from 110 to 40 in two days, and are trading below such liquidating names as Nortel, with other credits fully on the government's bailout/subsidiary payroll, this could easily be the single worst performing issue of 2009.The number of shares one receives for each bond and the price one pays for those shares are determined when the convertible bond is issued.This allows bondholders to take advantage of both the low risk of a bond and the potential price appreciation of the underlying stock.Some market specialists estimate that as many as half of bondholders were international buyers, with the rest owned by United Arab Emirates banks.
The book takes aim at Dick Fuld as it chronicles his 20 year rise and fall at the firm and is additionally laced with attacks at various members of the government.But Julian Lim, a London-based bond analyst at Nomura, says there are question marks about the value of the land backing the bonds.