somali piractes in discussion to buy citigroup

>>Date: Mon, 24 Nov 2008 08:41:32
>>Subject: Somali Pirates in Discussions to Acquire Citigroup
>>
>>
>>Somali Pirates in Discussions to Acquire Citigroup
>>
>>By Andreas Hippin
>> November 20 (Bloomberg) -- The Somali pirates, renegade Somalis
>>known for hijacking ships for ransom in the Gulf of Aden, are
>>negotiating a purchase of Citigroup.
>>
>> The pirates would buy Citigroup with new debt and their existing
>>cash stockpiles, earned most recently from hijacking numerous ships,
>>including most recently a $200 million Saudi Arabian oil tanker. The
>>Somali pirates are offering up to $0.10 per share for Citigroup, pirate
>>spokesman Sugule Ali said earlier today. The negotiations have entered
>>the final stage, Ali said. ``You may not like our price, but we are not
>>in the business of paying for things. Be happy we are in the mood to
>>offer the shareholders anything," said Ali.
>>
>> The pirates will finance part of the purchase by selling new Pirate
>>Ransom Backed Securities. The PRBS's are backed by the cash flows from
>>future ransom payments from hijackings in the Gulf of Aden. Moody's and
>>S&P have already issued their top investment grade ratings for the
>>PRBS's.
>>
>> Head pirate, Ubu Kalid Shandu, said "we need a bank so that we
>>have a place to keep all of our ransom money. Thankfully, the
>>dislocations in the capital markets has allowed us to purchase Citigroup
>>at an attractive valuation and to take advantage of TARP capital to grow
>>the business even faster."
>>Shandu added, "We don't call ourselves pirates. We are coastguards and
>>this will just allow us to guard our coasts better."
>>
>>