This is part 3
Part 1 is here.
Part 2 is here.
It is with great displeasure that I announce that Bridgecorp has gone under.
This, sadly, means that a fourth major mezzanine financier has gone to the wall, and appears to have taken with it about AUD $25 million of investors' money.
I don't really want to add much more to this. It's a sad tale, and I don't know much about Bridgecorp's circumstances. Suffice to say, there can't be much more carnage on this front.
Standard but necessary disclaimer: This is not advice. Only a complete idiot would think that any of this constituted advice. It's not even vaguely reasonable to consider this to be advice. If you are in any doubt as to the content of this, see a good, independent financial adviser immediately. They do exist.
4 comments:
Dikkii: Yeah, I'm fine. Taking a bit of a break from the blogosphere is all.
Well, playing nerdy online war games actually...:)
BTW, it's either the Telstra PC I'm using or your posts aren't expanding...:(
Unusual, they're not expanding, either.
Must investigate. Good to see you back, Plonka.
Hey, I heard this morning as I was waking up that "former cricket great" Craig McDermott was involved in Bridgeport.
And something about they had borrowed at 30%, were giving their investors 9%, just a couple of % above the ~7% they could have got from putting money in the bank. Does this sound right, or did I sleep through something important... because those numbers above sound screwy, you'd have to be nuts to be involved in it at any level.
Kathryn, the whole thing is just outright weird. I've put the numbers through my head that many times that I don't even know what was going on.
Yes, you're right about Craig McDermott. It turns out that he was a debtor, but the funny thing is that so much of Bridgecorp's debt was tied up in one of his developments that if he was to re-finance, Bridgecorp's investors may actually see something.
Interesting.
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