The Author of this article has a short position in Noble
We all know that Noble and its partners in crimes several times wiped out their credit and equity depositors. How this time is it different ?
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In September 2017 Noble posted a -1.8B losses only 3 months after Wildrik De Blank (Mr. NOBLE Treasury) issued Noble 8.75% 2022 (750M USD). That’s his record.
The lead manager book runner was ING Bank N.V. they made flat fees in this operation regardless of if Noble had or hadn’t any valid business.
The new noble is no different: it’s the same trader with no business except that now they have a plan which is implicitly crafted to ensure Noble can default on perpetuity (…) and they will.
The banks and the management made enormeous fees when Noble built up assets and => spread the losses of the old assets into new assets. This also worked in reverse => when the market unwind Wilfrik de Blank’s financial hoodoo.
How this time is it different ?
Noble is shifting empty shells and ING and DB will make a 100-150M USD flat fee.
Article by The Noble Files