Brussels / Utrecht, 8 December 2008 - Further to information provided in the context of the general shareholders meeting held in Brussels on 2 December, Fortis wishes to clarify the position of holders of bonds issued by Fortis Finance N.V. under its Euro Medium Term Note Program. Fortis confirms that, under the terms of the bonds and given the recent structural changes to the Fortis group, holders of Fortis Finance bonds have the opportunity to demand the early redemption of their claim in accordance with Conditions 7(a)(vii) and 7(a)(ix) of the Terms and Conditions. For all bonds other than credit-linked notes, such redemption will proceed at nominal amount increased with accrued interest until the date of effective payment. Investors in Fortis Finance bonds who wish to be redeemed are advised to proceed through their customary bank channel or financial intermediary from 16 December 2008. The total amount of bonds outstanding under the EUR 15.0 billion Euro Medium Term Note Program today stands at EUR 7.6 billion.
Brussels / Utrecht, 9 December 2008 - As stated before, Fortis reconfirms that sufficient means are made available in the Group to service all debt. The financial situation as communicated in the press release of 14 November 2008, will not be materially impacted even in case of substantial reimbursements.
Showing posts with label economic downturn. Show all posts
Showing posts with label economic downturn. Show all posts
Fortis Comments on Financial Market
Fortis Comments on Financial Market [14-Nov-2008] Fortis analyst Philippe Gijsels gives his view on the financial market events of the week of November 10 and 17.
Securities Law and Bankruptcy Law Firms Join Forces for Lehman Bankruptcy
Investors were led to believe these were safe, protected investments, but they were really nothing more than the naked, unsecured debt of a struggling financial services company - The law firms of Zeisler & Zeisler and Deutsch & Lipner are investigating and will be filing claims on behalf of former clients of Lehman Brothers Inc. who purchased Lehman's "Structured Products" from the firm. These investments, in which the clients' money was supposed to be "principal protected", turned out to have no protection at all when Lehman Brothers Holdings, Inc. filed for bankruptcy in September 2008. Those who bring and establish such claims may be eligible for a larger share of Lehman's remaining assets.
Garden City, NY (PRWEB) December 10, 2008 -- The law firms of Zeisler & Zeisler and Deutsch & Lipner have again joined forces to represent aggrieved investors in a major Wall Street bankruptcy. The two firms are investigating and filing claims for clients against Lehman Brothers Inc. based upon the sale of Lehman's so called "Structured Products." These investments, in which the clients' money was supposed to be "principal protected", turned out to have no protection at all when Lehman Brothers Holdings, Inc. filed for bankruptcy in September 2008.
"Investors were led to believe these were safe, protected investments, but they were really nothing more than the naked, unsecured debt of a struggling financial services company," said Seth E. Lipner, a law professor and a member of Deutsch & Lipner. Mr. Lipner added that depending on the circumstances, former Lehman clients may have claims for misrepresentation, conversion, or violation of the securities laws. "Even though Lehman is in bankruptcy, these claims can still be brought in the bankruptcy court," said Mr. Lipner, a long-time advocate for investors. Just this week, the Bankruptcy Court for the Southern District of New York, which is administering the Lehman Brothers Inc. bankruptcy, sent SIPA Claim Forms to all of Lehman's former clients. The Bankruptcy Court forms that were sent out last week state that individuals who wish to file claims with the SIPC have until June 1, 2009 to do so. But Jed Horwitt of Zeisler & Zeisler, an experienced bankruptcy and SIPC attorney, warned that in fact investors should file their claims within the shorter 60 day deadline of January 30, 2009, an alternative date also mentioned in the claims notice. "Otherwise, the amount they receive could be lower," Mr. Horwitt said.
Jeff Hellman, another Zeisler litigation partner and an NASD arbitrator, explained that buyers of the Structured Products (which are sometimes called "Principal Protected Notes" or "Barrier Notes") are creditors of Lehman Brothers Holdings Inc., the brokerage's parent company. "While they cannot expect to receive full payment for the principal invested, they will hopefully get something in the bankruptcy. Lehman has billions in assets. A big pie is going to be divided up. Those who file claims should get a piece of that pie," Mr. Hellman explained.
But in addition, Mr. Lipner, the securities lawyer and law professor, stated that those who bought Lehman's "Structured Products" in 2008 might also be able to establish securities law claims against both the brokerage (which underwrote and sold the securities) and its parent, Lehman Brothers Holdings (which issued the securities). Mr. Horwitt, the bankruptcy lawyer, said some investors might also have SIPC claims. If such claims can be established, these investors may be entitled to a second payment, that is, in addition to the payment they will get as holders of Lehman's notes. Depending on the claim and its size, Mr. Lipner said, the amount could be substantial. Deutsch & Lipner (DeutschLipner.com) is a law firm in Garden City, N.Y. that for over 20 years has been dedicated to the protection of investor rights. The firm has already filed cases against UBS for its improper sale of these Lehman's "Structured Products". The firm's co-founder, Prof. Seth E. Lipner, is the author of SECURITIES ARBITRATION DESK REFERENCE from Thomson/West.
Zeisler & Zeisler, P.C. (Zeislaw.com) is a law firm with particular experience in corporate insolvency, business reorganization and bankruptcy litigation. Jed Horwitt, a long-time member of the firm, has for many years been recognized in the publication "The Best Lawyers of America" as a leader in bankruptcy law. He is joined in this representation by his partners Jeff Hellman and Stephen Kindseth, who are both experienced bankruptcy and SIPC litigators. Deutsch & Lipner and Zeisler & Zeisler have previously led the way for investors and investor groups in broker/dealer liquidations under the Securities Investor Protection Act and the Bankruptcy Code, including in In re Adler Coleman, the case which, until the Lehman bankruptcy, was the largest SIPC liquidation in history.
Garden City, NY (PRWEB) December 10, 2008 -- The law firms of Zeisler & Zeisler and Deutsch & Lipner have again joined forces to represent aggrieved investors in a major Wall Street bankruptcy. The two firms are investigating and filing claims for clients against Lehman Brothers Inc. based upon the sale of Lehman's so called "Structured Products." These investments, in which the clients' money was supposed to be "principal protected", turned out to have no protection at all when Lehman Brothers Holdings, Inc. filed for bankruptcy in September 2008.
"Investors were led to believe these were safe, protected investments, but they were really nothing more than the naked, unsecured debt of a struggling financial services company," said Seth E. Lipner, a law professor and a member of Deutsch & Lipner. Mr. Lipner added that depending on the circumstances, former Lehman clients may have claims for misrepresentation, conversion, or violation of the securities laws. "Even though Lehman is in bankruptcy, these claims can still be brought in the bankruptcy court," said Mr. Lipner, a long-time advocate for investors. Just this week, the Bankruptcy Court for the Southern District of New York, which is administering the Lehman Brothers Inc. bankruptcy, sent SIPA Claim Forms to all of Lehman's former clients. The Bankruptcy Court forms that were sent out last week state that individuals who wish to file claims with the SIPC have until June 1, 2009 to do so. But Jed Horwitt of Zeisler & Zeisler, an experienced bankruptcy and SIPC attorney, warned that in fact investors should file their claims within the shorter 60 day deadline of January 30, 2009, an alternative date also mentioned in the claims notice. "Otherwise, the amount they receive could be lower," Mr. Horwitt said.
Jeff Hellman, another Zeisler litigation partner and an NASD arbitrator, explained that buyers of the Structured Products (which are sometimes called "Principal Protected Notes" or "Barrier Notes") are creditors of Lehman Brothers Holdings Inc., the brokerage's parent company. "While they cannot expect to receive full payment for the principal invested, they will hopefully get something in the bankruptcy. Lehman has billions in assets. A big pie is going to be divided up. Those who file claims should get a piece of that pie," Mr. Hellman explained.
But in addition, Mr. Lipner, the securities lawyer and law professor, stated that those who bought Lehman's "Structured Products" in 2008 might also be able to establish securities law claims against both the brokerage (which underwrote and sold the securities) and its parent, Lehman Brothers Holdings (which issued the securities). Mr. Horwitt, the bankruptcy lawyer, said some investors might also have SIPC claims. If such claims can be established, these investors may be entitled to a second payment, that is, in addition to the payment they will get as holders of Lehman's notes. Depending on the claim and its size, Mr. Lipner said, the amount could be substantial. Deutsch & Lipner (DeutschLipner.com) is a law firm in Garden City, N.Y. that for over 20 years has been dedicated to the protection of investor rights. The firm has already filed cases against UBS for its improper sale of these Lehman's "Structured Products". The firm's co-founder, Prof. Seth E. Lipner, is the author of SECURITIES ARBITRATION DESK REFERENCE from Thomson/West.
Zeisler & Zeisler, P.C. (Zeislaw.com) is a law firm with particular experience in corporate insolvency, business reorganization and bankruptcy litigation. Jed Horwitt, a long-time member of the firm, has for many years been recognized in the publication "The Best Lawyers of America" as a leader in bankruptcy law. He is joined in this representation by his partners Jeff Hellman and Stephen Kindseth, who are both experienced bankruptcy and SIPC litigators. Deutsch & Lipner and Zeisler & Zeisler have previously led the way for investors and investor groups in broker/dealer liquidations under the Securities Investor Protection Act and the Bankruptcy Code, including in In re Adler Coleman, the case which, until the Lehman bankruptcy, was the largest SIPC liquidation in history.
Lionsgate Cuts Staff Ahead of Earnings Report
Lionsgate is cutting 8% of its staff, which had grown from 350 to 550 over the past four years. In all, 41 positions are being eliminated, with 17 rank-and-file staffers being laid off. The cuts span all divisions and almost all are at the megaindie’s Santa Monica headquarters.
read more | digg story
read more | digg story
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