Basically, the Brits decided their own laws were too friendly for businesses, and they no longer want Cityscape operating over there in a way that will be profitable for them. Those people who can't qualify for conventional loans will now be out of luck. Of course, in England, I think people can just find a vacant building, break in, and set up house.
CTYS obviously doesn't have any friends in the U.S. administration or Congress, or this wouldn't have happened. I'd like to see the U.S. retaliate against British businesses operating over here. How about British Petroleum? "Well, while they may be operating totally within U.S. and state laws, we just don't like those green signs, and will seek an injunction against the company's use of them."
Hopefully, CTYS will exit the U.K. market as quickly as possible, and will be able to survive in the U.S. However, this may cause them to go into Chapter 11. |
