privatejack, I am interested in this comment of yours:
"I am 45 yrs old and will be long gone before Hastie pay back this debt of $300m (Banks & Lazard)."
Did Lazard *loan* the injection of cash into HST or "gift" it?
I was around at the time of the capital raising- after the placement- and I was amazed that it seemed like no effort was made to have the share price anywhere near the raising price for retail holders to contribute. As it was, some poor schmucks put in $1m, and immediately were in negative equity to the tune of about 45%.
Is it possible that Lazard could do a distressed purchase of HST and negotiate with the banks to pay back about 1/10 of the debt owed? This happened with RPF (another dog I owned), where hedge funds bought out the debt from the banks- for about 1/10- and then made a lowball offer to RPF holders of about 1/10 of NTA.
I have been thinking that Lazard will never get their money back, but if they got HST and bought out the debt at a reduced price, they could probably make a killing. Lazard are PE after all. So, they are either clueless and flushed their money away, or something else.
Thoughts?
HST Price at posting:
28.5¢ Sentiment: None Disclosure: Not Held
