time compensation and satisfaction for Talk about asr. After the post of September 12 are pleased and proud to write this. Know What I argued in the opponent ... sometimes even if you get bonus seconds , especially on the Saras to Inter and Moratti as he was in full battle for the title of Champion of Italy 2007/08, was not only a result of my delirious fantasy. What could be a place he could think of crowds as any media outlet relevant and talked about, let alone one could not listen to the first blogger to turn. Blogger, the most hated word.
Today, September 23, in the pages of the Republic out an article which states that the expert by the prosecution to Milan is assumed that the collection of the quotation 'inflated' Saras' is mainly served to address the debts of Inter. With a concurrent damage to the market of 770 million.
I return from Dagospia salient passages of the piece published, signed by Walter Galbraith for the Republic:
That title was worth between 4 and 5 euro per share. Instead, the banks and the Moratti family have placed on the market for 6 euro. To do so, according to the reconstruction of the technical advisor of the Prosecutor of Milan, Marco Honegger, would not have published some relevant data in the prospectus. That the stock of Saras, the company's refining Sarroch, it was not a big deal for the market, it was understood from the beginning, when the day after the listing, which occurred May 18, 2006, the title he had lost more than 10 percent of its value. The consultant engineer has reconstructed over 400 pages of a document the reasons for the debacle. He suggested that the proceeds of the admission is served to a particular branch of the family, that of Massimo Moratti, Inter to meet debts. With a concurrent damage to the market of 770 million. All
, analysts, bankers and institutional investors have understood this well during the various stages which led to the Saras Bag, that the value was too high, yet no one has done nothing to correct the shot. One thing became clear Honegger's analysis: the profit of the group, the main indicator on which to evaluate the company's value was inflated. "We have seen that from the information Prospectus - writes consultant - had not shown that there is a substantial component of non-recurring gains in the historical data, only data on which to base the investment decision (at least for the general public ). " The lack
refers to profits in 2005 amounted to 292.6 million euro. A figure quoted as such in the prospectus, without telling investors that the figure was inflated by gains from stock. From the documents seized by the Guardia di Finanza in JP Morgan, a bank advisor for the listing, however, it is clear that in reports on Saras developed prior to the listing, analysts, including Morgan Stanley and Banca Intesa's Caboto (the other two advisors of Moratti) consider the Useful purified ("comparable") to calculate the value of the refining companies.
In February 2007, in a statement, the company revealed that the adjusted net income for 2005 is 230 million euro. With these profits, the value per share of Saras would have been between 4.1 and 5.1 and between € 5.25 and € 6.5, as indicated in the prospectus.
Another banker JP Morgan, Emily R. Saracho (probably private banking) revealed in an e-mail one more detail: "You have to be aware that we have obtained 1.6 billion euro, that both brothers, but one has to pay 500 million in debt, and so that part not see for a long time. " Go to the full version ...
's time for change. It is no longer a game and this is not just football. I hope that this time at least if they start talking, I hope the mainstream media to do their duty and give the right emphasis to the news, without condemning or judging a priori. It is time to work.
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