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Originally Posted by Hugh
Actually...
And the corporate shareholders (none of the billionaires used their own funds) would have been able to write off any losses against tax liabilities.
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I worked for ntl at the time, and had shares which just before the bubble burst we’re valued at something like $130 per share, within weeks they were worth less than $1.
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In return for writing off their debt, [11billion]the bondholders will end up with 100 per cent of NTL's UK and Ireland ops - initially
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Yes of course, they had liability of 11billion and in return were given a company worth substantially less than that at the time, and had to be recapitalised with new investments in order to operate.
Many telcos went into Ch11, and their assets once worth 10s of billions sold off for substantially less than their worth.
Worldcom, Global Crossing, 360 networks I could go on and on.
Believe me people lost money.