Shoeshine in this weeks NBR column started of with the tale of Lehman Bros whose CEO was going on when Lehman was plummeting that perception was trumping reality .... when we all know that the reality was Lehman was in irreversible decline
However the article was about South Canty and he changed the perception and reality to a subheading Reality or deception?
Going on about how the magical equity injection from Torchlight that prob enabled SCF to get the extended govt guarantee has turned into debt and that Torchkight/PGC bow have $151m over SCF assets
Goes on and tries to explain all the different stories that are told over the deal
Spose Maier is the only one who has any idea and he is not always that upfront but some of the things SCF have done have been pretty desperate
Go to the nearest mag shop and buy a copy .... good aarticle
Also alludes to the Allied Farmers mystery $7m that has never surfaced even though it kept the bankers happy