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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Amots who wrote (8996)	11/22/1997 6:11:00 PM
From: Rational	Read Replies (1) \| Respond to of 18056

Amots: Is part of the 430 Billion can be a US Treasury/Stocks ? This is not a critical part. It just shows that creditors will get their money from assets of Yamaichi. The critical part of the action is that about $25 bil of Yamaichi assets will be liquidated to pay off creditors. Sankar

To: Amots who wrote (8996)	11/22/1997 6:50:00 PM
From: Snowshoe	Read Replies (2) \| Respond to of 18056

>>The downfall of Tokyo-based Yamaichi would leave behind an estimated 3 trillion yen in unresolved debts... Speaking at an emergency news conference, Atsushi Nagano, director general of the Finance Ministry's Securities Bureau, said Yamaichi is projected to have more than 200 billion yen in unlisted hidden debts. But he said the situation is ''not a serious one'' where Yamaichi's clients or business partners would incur losses, because the brokerage has no capital deficit, with about 430 billion yen in its capital account. "<< Anyone: I'm confused about these numbers. Who are the creditors on the 3 trillion yen debt? And what are the implications of this massive default? BTW, here's some recent Yamaichi headlines from Yahoo: Nov 17: "Yamaichi says job cut report exaggerated" Nov 18: "Yamaichi Sec blames its stock fall on speculation" Nov 19: "Yamaichi Sec says asks Fuji Bank for support" Nov 20: "IBJ says Yamaichi Sec's business foundation solid" Nov 21: "Yamaichi Sec says no problem with debt repayment" Nov 22: "Yamaichi Securities set to close down"