Hi Elmat, some of that USD 100 mm was probably realized slightly but more productively in an Indonesian owned USD 10 million boat I had the pleasure of partying on, at the on set of their crisis, and then sold 8 months later for HKD 1.2 million (USD 150 thousand; no, you read the numbers correctly). The former owner, a Dole Distributor who diversified into all kinds of businesses he had no business in, was able to save some of what he had from the banks and is operating a plantation in China.
There were cognitive dissonances at several levels in the anecdote, at the time, and even to this day.
I suppose the USD 100 million was actually better spent than Enron pleasuring itself in naming a field for same.
At least some of the wealth is recycled and not totally vaporized, each and every crisis. Apparently, 98% decline marks a fairly safe 'bottom', as a rule of thumb. The issue is the then absence of recovery, the L with the long tepid tail, even as copious liquidity is hand-pumped into a lifeless body.
Chugs, Jay |
