£375 MILLION paper loss! Joe Lewis burned by Bear Stearns crash!

[worcestersauce]

So then the way to ruin arsenal is to get better than them and stop them qualifying for the money bonanza known as the Champions League.
I'm up for that!

Still can't get my head round Joe Lewis telling Daniel Levy that he's lost £500m but not to worry it isn't a problem.

 

[Chris12345]

Still can't get my head round Joe Lewis telling Daniel Levy that he's lost £500m but not to worry it isn't a problem.

Haha! Indeed! :lol:

Really makes you aware of your insignificance on this planet :lol:

 

[yanno]

My information is that Lewis IS sueing, and has a good chance of getting a TRO (Temporary Restraining Order) on the "compulsory fire sale" of Bear Stearns to JP Morgan (with the Fed/US taxpayer getting the crap). A TRO would cause the Fed a HUGE headache.

The truth is that Bear Stearns shareholders were screwed, and the Fed/Morgan deal probably did value BSC at considerably less than its bankruptcy value (ie the value of its assets if it had been wound up).

The reason BSC was not allowed to go into bankruptcy is that this would have provoked forced "mark to market" of all the toxic mortgage-backed paper Bear holds as collateral to innumerable counterparty deals. If this toxic paper was sold in the open market, it would sell for cents on the dollar, and flush out the Big Kahuna. Which is that the banks and hedge funds are sitting on lots of paper valued at AAA but which is essentially worthless.

How this plays out will be fascinating. And potentially horrific too.

 

[sweetness]

Given Bear's collapse and potentially Lehmann Bros as well [eek!] then I doubt this is the time any investor is going to be investing in anything. Rich Dubai sheikhs or no rich Dubai sheikhs.

I'd say the exact opposite holds true (well kinda). Investors with heavy petroleum portfolios are bathing in cash atm. Its the LBO /PE guys that are in trouble, and not the oil sheikhs.
Investors with substantial money have huge opportunities. Sheikhs don't do mortgages :hump:

It's just really sad that DIC would never acquire Spurs. We need the dosh no?

 

[Stoof]

I'd say the exact opposite holds true (well kinda). Investors with heavy petroleum portfolios are bathing in cash atm. Its the LBO /PE guys that are in trouble, and not the oil sheikhs.
Investors with substantial money have huge opportunities. Sheikhs don't do mortgages :hump:

It's just really sad that DIC would never acquire Spurs.

We need the dosh no?

No, don't think we do.

And I take your point about overflowing pockets and all that - but I just don't see any relatively major investments being made any time soon? Christ, I've got fuck all knowledge of the market and am only fed snippets at work and from the middle pages of The Times so I'm the last person to overly believe though!

 

[jurgenthegreat]

joe lewis bankrupt?

really sorry if this has been discussed already, i looked for a thread and could not find one.

in the past 24h i have had 3 friends from spain calling me telling me that in the spanish media (el mundo) its being reported that joe lewis has lost a vast amount of money in the american bank that just got taken over by jp morgan and that he was virtually bankrupt.

as he is the owner of enic i was wandering what this would mean for spurs? will it affect us in any way?

again apologies if 1)this has been done already and 2) if i am being a bit simple and panicking over nothing.

thanks

 

[yanno]

http://www.spurscommunity.co.uk/forums/showthread.php?t=28748

 

[Chris12345]

He lost an estimated £500 (or was it $500)

Which is the equivilant of me or you dropping our ice cream or spilling our beer :wink:

 

[Davey-O]

No Joe Lewis has a fortune of approx £1.2 billion according to reports.

He is reported to of lost approx. £450mil due to the bank collapse in the states.

More info here:

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/18/nmeltdown418.xml

 

[dynamoSpurs]

What an absolute plonker he is,if he had invested the money in Spurs we would be the Kings of Europe and the Premiership and be the greatest team on the planet!

there are bigger, better and (more importantly), easier investments then football clubs, let alone tottenham. infact, investing in a football club is more trouble than its worth.

 

[yanno]

Lewis is clearly in big financial trouble because the financial system is on the edge of a huge precipice. Don't take my word for it, take Citibank's:

http://www.marketwatch.com/news/sto...FD-3543-4CF4-BE26-74EA4B9C9330}&dist=hplatest

Citibank: "Leveraged economies, like the U.S., should also be avoided, in favor of emerging market countries, which have reduced borrowing, the bank advised."

Citibank are heading for the deserts to join their new Arab owners...

 

[orkneyspur]

Yanno, I bow to your superior 'ITK' in all things financial and investment, as you are obviously involved in the sector far more than I.
I would like to draw your and others attention to the following website, which I hope will dispel some of the myths surrounding Mr. Lewis and his imminent demise.

www.tavistock.com

click on portfolio and have a look at what's in there.

 

[yanno]

orkneyspur - we are in a financial crisis of unprecedented proportions, because nobody trusts anybody else's collateral/paper and the American real economy is in Recession, and probably headed for Depression.

The issues making systemic collapse possible are very complicated and I could bang on about the toxic nature of MBS paper, the moral hazard of TSLF causing JP Morgan to eat Carlyle & Bear Stearns, and counterparty bank runs until I'm blue in the face. But that isn't for this message board.

I'm off the cashpoint again, and I may look to purchase some weapons for self-protection on the way back... :wink:

 

[Real_madyidd]

I work in Finance, as many of you know. And I can tell you that for Joe Lewis this is little more than a blip. His track record is fantastic, and he has far too much wealth to worry about little things like a global collapse. He has the options of "going to cash" or hedging. He will be fine, we (the club) will be fine, we (the punters) will be skint!