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24 Nov 2008 10:34 am
Saving Citi
A rescue is in the works. On the other hand:
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.
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