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Is that why they Fired the UK excess legals via phone, the files...

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Bugzme

172 Posts.

01/03/16

18:32

Post #: 17158635
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Originally posted by bensterz ↑

Have you considered the risk of the banks selling their debt to distressed debt funds at a discount to face value to extract themselves from what is looking more and more likely a debt default?

If this happens it is likely the distressed debt funds will convert the unserviceable portion of their debt to equity and significantly dilute existing shareholders (potentially reducing their shareholding to nil value depending on the conversion rate).

Insolvency appointment is a no goer. No material physical assets to sell and such an appointment would quickly see client files disappear with solicitors to other law firms (as a law firm can't prevent a client from moving their file to another law firm if they wish to do so).

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Is that why they Fired the UK excess legals via phone, the files remain in the office?

SGH Price at posting: 31.5¢ Sentiment: Hold Disclosure: Held
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