Evil Diaries

The Evil Diaries: The Net Is Closing In

The Evil Diaries: The Net Is Closing In

2 mins. to read

Evil discusses Afren, Ithaca Energy, Mitie, Trinity Mirror and rip-off fund managers… Afren (AFR) have managed to persuade the bondholders to defer putting the boot in until end March. It doesn’t make any difference. Stay short. In the interests of fair play, I also offer a counter opinion for Ithaca Energy Inc (IAE). This is…

The Evil Diaries: Quindell Continues to Muddle Me

The Evil Diaries: Quindell Continues to Muddle Me

2 mins. to read

Evil discusses Ithaca Energy, Afren and Quindell… My correspondent in the matter of Ithaca (IAE) opines: ”- Ithaca’s $300m 2019 note was given a Caa1 rating by Moody’s in December (i.e. very high credit risk), and this used a base case of an initial production date for Ithaca’s Greater Stella Area in Q3 2015, which…

The Evil Diaries: Lousey conditions

The Evil Diaries: Lousey conditions

1 mins. to read

Evil discusses new highs, GLI Finance, Private & Commercial Tyratech, AO World and Sir Malcolm Rifkind… New High: if one adjusts the previous FTSE high of c. 7,000, attained in 1999/2000, with an uplift for inflation of, say, 40%, the high to attain is closer to 10,000. This statement of the bleeding obvious is slightly…

The Evil Diaries: There Is No Accounting for Taste

The Evil Diaries: There Is No Accounting for Taste

1 mins. to read

Evil discusses Quindell, Afren, Kenneth Grundlach and Birdman… I really do not know what to make of Quindell (QPP). Today’s RNS is a little coy remarking that a material premium is to be expected above Friday’s closing price. Certainly, the price had been suspiciously buoyant in recent days. Where does this go now? I do…

The Evil Diaries: Democracy is a Greater Good

The Evil Diaries: Democracy is a Greater Good

1 mins. to read

Evil discusses Quindell, Tyratech, HSBC and Philip of Macedon… I owe readers an apology in that when I declared that Morgan Stanley had bought 25m Quindell (QPP) there had already been an RNS issued to the effect that they had sold back to below 3%. I am told that they had 4.9% ex Tosca and…

The Evil Diaries: Afren Continues to Astound

The Evil Diaries: Afren Continues to Astound

1 mins. to read

Evil discusses Phosphorus Holdco PIK Toggle bonds, Afren, Quindell and the Grand National… Back on Phosphorus Holdco PIK Toggle bonds, it has been pointed out to me that BC Partners are not fools and would not have seen this £205m dividend paid away unless they had taken advice to show that such payment would be…

The Evil Diaries: We Cannot Afford This

The Evil Diaries: We Cannot Afford This

3 mins. to read

Evil discusses Phosphorus Holdco, William Hill and HSBC… Phosphorus Holdco, a subsidiary of Phosphorus Jersey Limited (controlled by BC Partners) and the holding company of Phones4U issued in September 2013 £205m in PIK Toggle notes. The purpose was to finance Phosphorus’s £200m dividend payment ultimately to BC Partners and which was paid the same week.…

The Evil Diaries: We Are Governed by Wallies

The Evil Diaries: We Are Governed by Wallies

1 mins. to read

Evil discusses Phosphorus Holdco Plc senior bonds, South African kleptocrats and the Miliband-Fink tax avoidance spat… I have bought Phosphorus Holdco Plc £205m Toggle PIK 10% 2018 at 3.8p. It comes in lots of 100,000. My reason to buy is that this is the senior bond outstanding on the liquidation of Phones4U and this debt…

The Evil Diaries: Caught in Flagrante

The Evil Diaries: Caught in Flagrante

1 mins. to read

Evil discusses Dominic Strauss-Khan, Amira Nature Foods and Geiger counter… It is recorded that a long dead British prime minister, on learning that a 65 year old government servant had been caught in flagrante in St. James’s Park with a lady of the night in sub zero temperatures, declared that it made one proud to…