This is the argument for replacing the promissory notes with a very long-term bond.
FORBES: How Much Would Ireland Benefit from Replacing the Promissory Notes with a Long-Term Bond?
The promissory notes were debts issued by the Irish sovereign, hence they were sovereign debt.
Furthermore, it was using a non-marketable instrument (the promissory notes) to provide collateral against these loans.
The SEC also claimed Mattera deliberately backdated promissory notes in order to avoid SEC registration requirements.
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Merchant banks must seek permission from a committee of bankers before they call in promissory notes.
To support his claim, he produced upon trial seven promissory notes, though only two were signed.
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Banks argue that holding the promissory notes should be enough evidence that they in fact own the mortgages.
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Howell's favorite way of raising funds was to issue promissory notes that carried coupons paying 7% to 50%.
It bought the loans with promissory notes that the banks can present, all at once, after ten years.
Think unlisted real estate investment trusts, precious metals, promissory notes and private-placement securities.
In relation to the first question, why not simply scrap the promissory notes?
FORBES: How Much Would Ireland Benefit from Replacing the Promissory Notes with a Long-Term Bond?
He offered and sold promissory notes and convinced investors to grant him trading authority over money contained in online brokerage accounts.
Kovachev also is alleged to have put Dreier in contact with a third hedge fund about a transaction involving the promissory notes.
While the promissory notes had additional payments scheduled for years after 2022, these payments could have been cancelled and the bank liquidated.
This may not be the correct forum for this but you do mention the promissory notes in your slides which are excellent.
Even though no payments were made on them, the ones that were supported by promissory notes were treated as loans rather than gifts.
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Pavlo says MCI had to have known the promissory notes were next to worthless but nonetheless told auditors it expected to collect 75% of face value.
Kosta Kovachev, a former broker registered with NASD, was charged with aiding Dreier in the sale of false promissory notes to unwitting hedge funds.
Taylor sold promissory notes, which paid monthly interest, to HCFC and other investors and used the proceeds to invest in a covered call strategy.
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The calculations of the annual cost of the promissory notes are along the lines of those reported in my post from last November.
That would give them leverage over the government that is formed after Greece's elections, which would have to use promissory notes in lieu of capital.
Against this background, the gains from unilaterally cancelling the promissory notes would probably be outweighed by the negative response from the rest of the Eurozone.
FORBES: How Much Would Ireland Benefit from Replacing the Promissory Notes with a Long-Term Bond?
Well the purpose of the promissory notes is for IBRC to pay back the Emergency Liquidity Assistance (ELA) loaned to it by the Central Bank of Ireland.
FORBES: How Much Would Ireland Benefit from Replacing the Promissory Notes with a Long-Term Bond?
If you look at the dates of the promissory notes involved, they go as far back as 1998 and as recently as August 2008, just before Wall Street imploded.
FORBES: Lehman Brothers Loses Promissory Note Collection Case
The SEC alleges that Doug Vaughan violated policies by selling the promissory notes without a securities license and transferring majority of investors' money to Vaughan Company's operating business account.
It is possible that people have had in mind that the promissory notes could be cancelled if Ireland left the euro and so was no longer subject to the monetary financing prohibition.
When thinking about the cost of this kind of arrangement, many people would focus on the interest rate on the bond the government is issuing (just as they focus now on the interest rate on the promissory notes).
FORBES: How Much Would Ireland Benefit from Replacing the Promissory Notes with a Long-Term Bond?
Of course, in keeping with the nature of these Ponzis, Gallardo characterized her real estate investments as safe and went so far as to issue her investors promissory notes that purportedly confirmed the bona fides of the deal.
If the Irish government was able to borrow large amounts of money now over 40 years at Euribor plus 263 basis points then they would have done so and used the money to retire the promissory notes and liquidate IBRC.
And after the lives of far too many folks were upended by the Great Recession, the clean-up crews started the dirty job of finding the bucks to pay the bills which prompted many Wall Street firms to go after the balances on retention bonuses, employee forgivable loans, and a whole host of promissory notes.
FORBES: Lehman Brothers Loses Promissory Note Collection Case
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