Posted on 12/01/2004 9:22:43 PM PST by MeneMeneTekelUpharsin
There's too much going on behind the scenes for outsiders to really form an opinion.
Well, I passed this info along to Rush Limbaugh and to Sean Hannity also. I asked if they could read your comments and the article and discuss it on their shows.I don't know if they will pick it up, but if not, it's not because they don't have the info in front of their beady eyes now. :^D
Crossing fingers and toes. :^)
Enron was trying to be "asset-free" whereas Mirant and others had hard assets to back them up.
Not to be picky or unsympathetic to your situation, but Mirant is not an electric utility. They are a merchant generator with no service territory who leveraged debt to buy up assets scattered across the country that Electric Utilities no longer wanted. The vast majority of their generating capacity is gas fired and with high natural gas prices, their costs have risen dramatically while demand has remained relatively flat.
Glad to send the info along to them.After I sent them, I recalled that Rush is off today and tomorrow, too, I think.
No problem. If Rush is truly for the working conservative, he'll probably end up at least reading it. What is that saying? "...for evil to come, it only requires that good men do nothing."
Excuse me...Mirant owns significant coal-fired generation in Maryland I believe AND in the Philippines which is making good money and coal is much cheaper than any other fuel. Just ask LCRA in Texas.
Mene
And now we find out that three parties (probably more) have made overtures about buying some of Mirant's assets and Mirant has failed to notify the shareholders' committee. Interesting little tidbit filed in court today. I don't think the Honorable Judge Michael Lynn is going to be very happy with Mirant management...just an idea I had. If only the financial news outfits would finally pick up on this story. Why the Wall Street Journal, Forbes, etc. have not written an investigative piece on this attempted ripoff of the common shareholders is beyond me.
This Mirant story brings to light the underpinning reality that will ultimately destroy the American way of life. We as a nation will not survive when the linchpin of capital markets is destroyed. What am I talking about: The right of the people to decide their own fate.
When corporate managers and lawmakers allow financial institutions to dictate the upflow of investor dollars to the coffers of the elite few, they circumvent the orginal cornerstone of American financial truth: the people have control of their own investments.
That control has been handed to one man; a judge. He must rule and pass judgment on hundreds of thousands of people and their families who have lost everything in retirement plans and investments. He will be told by those who have a duty to those people that what they have invested has no value. He will be told by the financial institutions that those families have nothing. He will be told by everyone who stands to gain substantially that it is just business, nothing personal. The judge will hold his chin up, make comments to the effect that I must be impartial and simply look at the facts as presented by those who have no incentive to represent a fair assessment.
PEOPLE OF THE UNITED STATES: you are being fleeced without mercy. You are ignorant of what is transpiring in the underworld of high finance, large corporate bankruptcy, and investment banking. When you find out what has been done to you behind the scenes you will be disgusted. Will you do anything about it?
You live under the illusion that you are secure and that your nestegg is yours. I say no...you are grossly mistaken. The level of debt you as Americans have is unsustainable...and in your mind your retirement investments will be there to bail you out if you work long enough. The truth that is underreported and hidden by those who have power is that the greatest threat to you as a citizen is your reliance on financial institutions. They give you credit cards to hang yourself, and then take your dollars without recourse in bankruptcies such as Kmart and Mirant. Investigate who the players are, and what they stand to gain at the expense of the average citizen.
The intergration of the world economy makes the US particulary vulnerable to problems in other nations, such as war and energy supply. Your dollars, funneled to world financial institutions such as CitiCorp are weakening the American people's ability to secure themselves in the face of disasters like September 11. It is just a matter of time before you will be tested beyond what your means allow. To give your value over to banks in a Chapter 11 or any other government sanctioned theft because you do not act is tantamount to capitulation. You are marching to slaughter.
Every shareholder of a public company should be pounding the doors of our government in mass, to force them to change the laws that allow the simily-faced banks to rob you legally. If this change does not occur in the very near future, there will be absolutely no incentive to keep the company you own, otherwise healthy, from filing bankruptcy. On the contrary, every incentive exists for company management to file: they get huge "golden parachutes", the banks get the company, the cronies of the judge gets paid, the investment bankers get paid huge fees, all off the backs of individual investors who were quashed without mercy.
KMart was a travesty of justice. The prior shareholders were literally robbed blind. The creditors claimed the assets had insufficient value. After the bankruptcy, suddenly the assets had tremendous value. The EXACT SAME THING is happening in the Mirant case. In fact, Mirant has not made a move to IPO the Philippines operation when the Philippine government is encouraging it to do so. Revenue from such an IPO would help eliminate Mirant's U.S. debt difficulties. It is a deliberate attempt to steal from the common shareholders in the U.S.
That we do...our legal team in this case is outstanding. I am very encouraged by the actions our lawyers are taking up to and including to day. The judge in the case seems to be very fair and the outcome is going to be based on justice, IMO, not shenanigans by a bunch of Wall Street Wipeout Wizards. The financial news networks are complicit in the attempted fraud if they do not pick up this story and investigate what is going on. Why they have not is beyond me.
Margaret Newkirk of the Atlanta Journal Constitution has been writing some revealing stories, but has not launched into a full-scale investigative report as of yet. A reporter or group of reporters who lock onto this one are going to make history upon revealing the behind-the-scenes attempt to steal this company from its rightful owners, the common shareholders. In this case, it is hundreds of "mom and pop" investors who are being hurt until the case is suitably resolved. Mirant should have obtained refinancing and no valid reason exists to have prevented them from having obtained such.
Thanks. I believe we're going to be a big surpise to a lot of people. Rock on...
Man, I hate them simile faced banks, too. Metaphorically speaking, I hate 'em more than Alle Gorical politicians.
A definite coincidence. I looked over some activity recently that involved Mirant. The broker had put a lot of his clients into Mirant in early July. They BK 11'd a couple of weeks later, the 3rd Wednesday or Tuesday of July, IIRC.
Options for July were still being traded. The broker bought puts to control the losses for his clients -- they lost, but not all of what they invested. Actually, a textbook example of using puts to minimize losses on a tanking stock.
Best of luck to you, Mene.
Best of luck to y'all.
/jasper
Thank you. I wonder why a major media outlet has not picked up this story yet? It IS a big story and worthy of coverage. The previous thread about a broker having apparently set some clients up with all of the correct moves is very interesting.
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