Three cheers for ‘Fred The Shred’ – we all now own 60% of whatever debt mess that Philadelphia Media Holdings are in. A mother of a mess, by all accounts.
General | (1)
One other little thought crossed my mind yesterday - that in the wake of the unprecedented banking bail-out of late me, you and every other ordinary tax-payer out there now owns 60% of Fred the Shreds' screaming baby, the Royal Bank of Scotland.
All of which means that we now also 'own' our share in this little flight of total fancy...
http://outwithabang.rickwaghorn.co.uk/?p=142
... the 60% of whatever stake RBS has in PhillyMedia, courtesy of that sweet-tongued charmer Brian P Tierney.
As Philly.com itself reported earlier this summer, they were already defaulting on their loan payments then... http://www.philly.com/dailynews/local/20080606_Senior_lenders_block_PHM_debt_payment.html
... and you can't imagine that the situation ...