We provide our readers had already warned on December 20, 2009 about the impending bankruptcy and investing in condos in Project City Center Las Vegas.
On Carnival Monday 2010 then comes the bad news from Dubai: Dubai World
generous 60 cents per borrowed U.S. $ within it would compensate the next 7 years and provided the whole thing generously with a government guarantee.
The cornucopia is not yet distributed, for the bruised vendors can take advantage of version 2 and looks like this:
full repayment of the loans (without government guarantee), with 40%, with shares to be paid to the subsidiary company Nakheel. Interest payments are made, of course not.
What at first looks like a carnival joke to Fastnachstdienstag turns out, however, as the bitter truth. Let us briefly of the Christmas message of Dubai World, had the end of November 2009 for lack of assets just once casually asked for more time for repayment of $ 26 billion. The credit insurance options (derivatives) reacted promptly and shot down 651 basis points upward. That is, to securing $ 10 million options must be ordered for $ 651,000.
Thus, it is now a matter of time, should coincide to the house of cards City Center Las Vegas. For Dubai World puts at just under $ 5.5 billion in the City Center financing. Since the project since the opening of more or less languishing in front of him, is likely to quickly find an investor who buys the Dubai World holding. $ Check the price of 1 cent per U.
Even if the penthouses and luxury apartments at City Center is pending this week to "sell off" given careful, however: What good is a shopping price of $ 150,000 if the monthly charges, taxes and fees are at $ 1.500?
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