The Northern Rock sales memorandum that FT Alphaville was forced by a British court to remove last night has re-emerged on Scribd, a website supporting document uploads. Our thanks to a loyal but anonymous reader who provided the link to us.
Northern Rock Summary [Sribd]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
“Four and twenty blackbirds baked into a pie……”
Pass, although PrimeCo probably has some value in it if you can carve it off at a fire sale price…
Now it’s gone!! Anyone with a link of this or alternate source
It is still in Google’s cache but I expect it won’t be there for long.
http://72.14.253.104/search?q=cache:prp793BJGQ4J:ftalphaville.ft.com/blog/2007/11/13/8844/project-wing-northern-rock-executive-summary/
and scroll down.
de Cosmos,
Thanks for the ft cache link.
any link to the actual pdf file??
Its on Banks-Implode.com
http://www.banks-implode.com
Its on Banks-Implode.com
http://www.banks-implode.com
FinCo is expected to remain listed and to be placed into a solvent run-off with the objectives of (i)orderly run down of the balance sheet; (ii) repayment of creditors; and, if appropriate, (iii) the returnof residual value to Blackbird shareholders.Blackbird invites recipients of this Memorandum to participate in a process for the acquisition of allor parts of the business. This Memorandum is intended to assist recipients in assessing, in particular,the WholeCo, PrimeCO and PlatformsCO structures, the ongoing new business potential, the natureof obligations with FinCo, and the corresponding value of the proposed new standalone entities
The following is excerpt of Project Wing – the executive summary of a plan, put together by
Merrill Lynch, Citi and The Blackstone Group, to sell stricken mortgage lender Northern Rock,
code-named Blackbird. This “Briefing Memorandum” has been sent to all potential acquirers
Blackbird is currently pursuing a sale of its business as a whole (”WholeCo” or the “Whole
Company”). This is Blackbird’s preferred outcome. As an alternative to the sale of WholeCo and to
assist interested parties, Blackbird has defined two discrete preferred asset sale structures, namely
the acquisition of either (i) the Company’s existing infrastructure/operational platform and/or
Blackbird’s retail deposits and matching assets (”PlatformsCo” of the “Platforms Company”) or (ii)
PlatformsCo plus further selected assets and liabilities, including the securitisation and covered
bond funding programmes (”PrimeCo” or “Prime Mortgage Company”). Blackbird and its advisers
encourage offers for assets and liabilities of the business which are different from those
contemplated under the preferred structures. For example, this Memorandum also gives separate
financial information on the retail deposits platform.
Any assets and liabilities not transferred to the purchaser will be retained within an entity called
“FinCo.”
FinCo is expected to remain listed and to be placed into a solvent run-off with the objectives of (i)
orderly run down of the balance sheet; (ii) repayment of creditors; and, if appropriate, (iii) the return
of residual value to Blackbird shareholders.
Blackbird invites recipients of this Memorandum to participate in a process for the acquisition of all
or parts of the business. This Memorandum is intended to assist recipients in assessing, in particular,
the WholeCo, PrimeCO and PlatformsCO structures, the ongoing new business potential, the nature
of obligations with FinCo, and the corresponding value of the proposed new standalone entities