Urgent: Martins suspended payments.

A brief and urgent memo:

"The Board of Directors of Martins-Fadesa, meeting in Madrid, has decided to call a contest Volunteer Creditors whose ultimate goal is to ensure the continuity of their business project, the process of reorganization and restructuring of the company through the instruments of Law Bankruptcy, "stated the company said in a statement.

Eye because we speak of 6,000 million euros, one of the largest in history.

However, it is not a bankruptcy, measures to be taken in the bankruptcy process will allow solving the current problem of liquidity of the company and fulfill the commitments of payment in the shortest time frame possible.

Let's see which said its president 10 months ago:

"The price of housing is not going to turn down promotions in new, annual demand is not going to lose the 450,000 units and interest rates will not rise"

Source: The World and The Economist.

56 comments

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# 1, Notición

July 14, 2008, at 22:57.

Nationalized bank's customers withdrew their money Indymac 'mass'

# 2 Anonymous

July 14, 2008, at 22:59.

And savings that had been submitted to the competition, what will happen

# 3, Tone

July 14, 2008, at 23:09.

This, as we have grown accustomed to hearing from government circles say, is just a slowdown in the property sector. We continue with more of the same, some big tumble dragging a lot of small, I fear, as a small, I painted that this has to be longer than a fair without money. It may be, has already heard a rumor, which receive some ayudilla so that the thing is not as bad as painted a priori. Meanwhile. we are walking the walk street, we can think of the saying "request through the mouth, which will give you the ass." Cheers and good luck to all s.

# 4, ame76

July 14, 2008, at 23:16.

# 2

you can send a text message to 555 with the keyword ... who want to vote for that copper in the first place

# 5, Anonymous

July 14, 2008, at 23:20.

# 4, ame76

Could leave a little joke aside. I am interested to know who is going to happen now. From where you draw the pasta. If it is not much to ask.

Thank you

# 6, 1 billion of debt

July 14, 2008, at 23:22.

The domino effect begin tomorrow, stock exchange, banks all over the damn.

# 7, Guru

July 14, 2008, at 23:23.

Tuesday, 15. Bankruptcy Bank / Fund Spanish.

Tuesday, 15. Tuesday's black bag. Crack of 29.

Fadesa has lit the fuse.

# 8, manonegra

July 14, 2008, at 23:26.

Mss and Srs

The Fire is beginning to purify ...

BURN THEM ALL

# 9, kokito

July 14, 2008, at 23:36.

Good night, vietnam

This ardeeeeeeeeeee

"FDIC, U.S. agency insurer of bank deposits, took control of the bank Indymac California, in what represents the third major collapse of a bank in the history of U.S. Indymac, which specializes in savings accounts and mortgage financing to customers with no income verified, failed to attract new resources and was a victim of a bank run. It is estimated that the collapse will cost the FDIC between U.S. $ 4,000 million and U.S. $ 8.000 billion. "

See you later

# 10, canyago

July 14, 2008, at 23:39.

Here still do not know will happen, what is clear is what is happening on the other side of the pond, the dominoes begin to fall.

http://www.cincodias.com/articulo/empresas/Wall/Street/teme/otros/bancos/contagien/efecto/Indymac/cdsemp/20080714cdscdsemp_38/Tes/

# 11, canyago

July 14, 2008, at 23:41.

Mama mia, which comes on top.

... ... ... ... ...

In this regard, the analyst at RBC Capital, Gerard Casssidy, says that a total of 300 banks could suffer a collapse in the next three years, double its initial estimate made in February.

In the parquet New Yorker's response was blunt. Washington Mutual, the largest U.S. firm of savings and loans, is sinking by 33% in the average meeting, Zions Bancorporation lost 17% and M & T Bank fell more than 15%.

... ... ... ... ...

Nothing reassured that Spain is strong and ready.

# 12, ame76

July 14, 2008, at 23:42.

Okay, jokes aside.

Somebody correct me if I am wrong because I am not an expert on these issues, but as far as I know in a suspension of payments (or composition) after appointing some managers who are responsible for what is intended to authorize the money as it goes into the company, setting priorities in payments based on I do not know very well what criteria.

And if you do not just make enough money to come sooner or later face of all payments, suspension of payments becomes bankrupt and is liquidated society. Removed all the money that can be of its assets, and that more social capital is distributed among creditors. The rest ... nothing, because the liability is limited.

And I will not give it enough money to come because the assets were overvalued on balance sheets, so at least someone will run out of charge.

# 13, kokito

July 14, 2008, at 23:43.

Good night, vietnam,

was going to go to sleep, but I stay a little bit, if this is a great event. Like watching Rome burn.

See you later

# 14, pillalli

July 14, 2008, at 23:52.

And it is this that Solbes dale dale to tighten their belts, while we are going to drown.
We raise fuel, food, gas, electricity, water, transportation, mortgage, municipal tax hikes, ... and uncle dale dale that with the containment of wages or with the last of lace for a Currito Walking to eliminate the clauses of revision of wages with the CPI.
I gave him a salary during mileurista nothing more than a year and the month you do not get the money to work to pick and shovel in full sun for four euros an hour. And it is still committed to the pieces of this country bandarras, buscafortunas, thieves and other citizens pay the latter.
As a friend said my good friend Sigridio this economy minister spoke to the inside, but for me when I see one of their big ideas me laugh.
Mr Solbes, Why not squeeze on banks and big builders are those who have taken profits in recent years of economic boom? ...

http://globosonda.blogspot.com/2008/07/el-sueldo-de-los-politicos-en-funcin-de.html more ...

+12

# 15, kokito

July 14, 2008, at 23:52.

Good night, vietnam

Since we're here for some

Can you explain that if you enter (at least until Saturday) on the Bombay Stock Exchange New york, clicais Indimac Bank, going to his Annual Report 2007, see their balance sheets.
You will see that what is true of its 32,000 million dollars in assets. But funds managed by 72,000 billion in mortgages, and of those 6% in subprime mortgage (as they say in its Annual Report), but also say the value of subprime since 2004, it did not know anybody, I do not understand.
You can do the same with Fannie and Fredi, leaving the value their subprime, I think that between the two assets were nearly 600,000 million, and did not get the Subprmies ... ... .. too.

Who will have eaten their securitization?.

See you later

# 16, pillalli

July 14, 2008, at 23:53.

# 17, Guru

July 14, 2008, at 23:59.

The bag peta morning.

Often crack us.

# 18, 2 / / 8

July 15, 2008, at 0:04.

Faced with this crisis is fundametal Spain to regain the confidence of foreign investors, with this president is impossible.

# 19, color

July 15, 2008, at 0:18.

I have a question.

Banking institutions that are beneath the building. Can not lost if you assume a liability of 6,000 million euros. as if such a thing?

good night

# 20, Concerned

July 15, 2008, at 0:24.

Concerned by Fernando Martin and the future that awaits him. But above all concerned about the thousands of families that run worse luck with the bankruptcy of Martins. And business partners, which will be for them when they lose their biggest customer? And all those entities that provided these 6000 million, of which make the money?, I am concerned that my savings used for purposes not clear. I go by tomorrow to pick up all my money, who knows if the day after tomorrow may do so.
Also I am concerned about the attitude of our president and his change of mood before elections and after elections. I'm worried because I do not think it is clear that we were coming over this, and still less clear solutions to these problems. If the sample solution is the Martins, my concern is maximum.

I'm worried because I'm on a boat off the track, people falling overboard and helmsman no credible.

# 21, Guru

July 15, 2008, at 0:26.

Calm brothers, but come the apocalypse, beer we want.

"The Belgian-Brazilian InBev and U.S. Anheuser-Busch, have agreed to merge, creating the largest brewer worldwide"

# 22, SOY FERNANDO MARTÍN

July 15, 2008, at 0:36.

********************

And I wish you HAPPY CHRISTMAS!

I'm not going to come ... so I hope he does not bother me forward.

Good night and good luck.

# 23, Euribor up up!

July 15, 2008, at 0:38.

*********

By the way ... someone points to buy shares of companies like Ferrovial or ...?

Who is the brave ...? To see these "nuncabajistas" ... where are they?

Good night.

# 24, San Fermin

July 15, 2008, at 0:41.

"A San Fermin we ask, for being our skipper, guide us in giving us his blessing seclusion." At the finish he shouts Korean Viva San Fermin! Gora San Fermin!

-6

# 25, joldi's web

July 15, 2008, at 0:43.

The news is not expected to shake up, and that is that this is one of the largest in the country and also the largest suspension of payments of the real estate business and also the biggest in corporate history Spanish. Little more could add that has not been commenting on various media, so single, remember that a few months ago, Fernando Martin, president of Martins-Fadesa, was dispatched with the following statements: "the prices of flats again a dizzying climb, "Well, if indeed this bluster, it is clear that I do not get together. The first big real estate is already KO, the questions are amontanan: the more you follow?, As many financial institutions go back? ... Bet.
joldi's web
http://www.telefonica.net/web2/jordiros/

# 26, Fernandina Classic at San Martín

July 15, 2008, at 0:46.

"A San Martín ask, for being our skipper, guide us in giving us his blessing seclusion." Viva San Martín! Gora San Martín!

-8

# 27, Euribor up up!

July 15, 2008, at 0:46.

*************

Hopefully tomorrow there will be a monumental disaster in the style of the crack 29.

To be jo ... give all the speculators and other chupasangre.

If God hears my ... meets this little illusion that you ask.

->>> CAER MAKE THE WORLD A 20% EXCHANGES

Thanks!

-10

# 28, Euribor up up!

July 15, 2008, at 0:48.

*************

TOMORROW ->>> GLOBAL CHAOS!

-9

# 29, That evil evil

July 15, 2008, at 0:55.

Mayan flight operations. Everyone selling like mad.

Collapse of the entities that bear the brunt of the debt of Mr Martin. Which has Liao!

# 30, fyahball

July 15, 2008, at 0:56.

The largest corporate bankruptcy in Spanish history!
Xavales Adelante! This has just begun!
Petardazo of usury American! Memorable day!
Tomorrow. Time to burn.

BABYLON Junkie BURN! GIVE THANKS AN PRAISE!

HA HA HA! AN AN BURNING BURNING BURNING! MADRIIIIIITTTTTTT!

http://www.youtube.com/watch?v=JYy8bYkSanc

-5

# 31, Menudo SOLUTION

July 15, 2008, at 1:07.

It surprises me the joy with which they receive this kind of news.

Do we think that for some will be blind, others do not we will stay eyed?

And the thousands of families who, without being in this spiral, they will pay the duck.

And the self-employed business that will close due to such "disasters"

BURN THEM ALL, if, if, if, as I am not going to play right? One is going to take more of a surprise when firefighters could not extinguish the fire, and suddenly being surrounded by it.

A SALUTE, AND GOOD LUCK.

+13

# 32, Enculator

July 15, 2008, at 2:12.

The fyhaball this is silly or eat cocks?

-9

# 33, fyahball

July 15, 2008, at 2:24.

ummmmm such subtlety, class and manor can only be enculao ...
how long!
Ostia still selling the apartments to Arabs do not?
You purchased the 4th floor imaginary?
this is my triunfadoh of pizito!

BABYLON BURNIIIIINNNNNG Junkie!

-9

# 34, marbelladelnorte

July 15, 2008, at 2:47.

panic in the streets of beautiful movie Elia kazan.El 15th rerun in Spain.

# 35, Enculator

July 15, 2008, at 3:14.

For if we continue selling here storeys as ever ... or do you think we are all like Martins? I hope that you are saving to buy a lot zulo for the year 2040. Meanwhile all right at home your parents right? jajajaja

Come on! Good night and good luck!

# 36, ale

July 15, 2008, at 4:31.

First they took ...

First they took the Communists,
but I am not imported because I was not;
took away some workmen,
but to me I do not mind that I was neither;
After arresting trade unionists,
but I am not imported because I am not a trade unionist;
then arrested a few priests,
but as I am not religious,
I also imported;
Now take me to me, but it is too late.

Bertolt Brecht.

When the crisis tap your door it will be too late.

+13

# 37, kokito

July 15, 2008, at 4:55.

Good morning, vietnam

The Tokyo stock market dropping

The Euro / Dollar 1.5922

The Santander you get in trouble:

"Alliance & Leicester, whose roots date back to the mid-nineteenth century, has about six million customers and a stake of about 4% of the British mortgage market."

See you later

# 38, korrrkito

July 15, 2008, at 5:58.

So in anticipation of this and many other problems, take a few months ago all my savings and I put it safe, just spending it, and when I enter my company payroll, leaving just enough to pay the mortgage, lest the PETE system and I like to go with some stamps, I can not sleep thinking about this bunch of españolitos to be lifted within a few hours without eating or drinking it screwed, just that some are ready to increase their margins and others that are not exactly stupid let them do, for me are as guilty as some others.

PD. Now surely there will be some help for this macroempresa no longer remember when the fat and earned trillion trillion over, however if the Currito not pay the mortgage, because your boss can not pay, with a deguello and remove the pisito that carries 10 years to pay, shameful.

ARDA ARDA THAT YOU, ME AND IF YO BURNS because I JODO. HE SAID

# 39, kokito

July 15, 2008, at 6:00.

Good morning, vietnam

The best of the fall of M / F

"As head Caja Madrid, which gave 800 million to Martin, and La Caixa, with a somewhat smaller amount. It was followed by the People's Bank, whose weight in the syndicated loan is around 400 million. "

http://www.elpais.com/articulo/economia/inmobiliaria/Martinsa/protagoniza/mayor/suspension/pagos/historia/elpepueco/20080715elpepieco_2/Tes

The Eur / Dollar 1.5938

See you later

# 40, condonacion_jeje

July 15, 2008, at 7:03.

Fuck that speculators and banks affected by what the Fadesa .. Fuck that !!!!!!

# 41, condonacion_jeje

July 15, 2008, at 7:05.

AND IF THE STOCK EXCHANGE CAE ... even better!

# 42, m. Carme

July 15, 2008, at 7:20.

# 41, condonación__jeje

AND IF THE BAG ... CAE. better yet! ... well ... why fall Pension Funds that may have your folks, because they see no danger even if you can salvage.

AND IF THE STOCK EXCHANGE CAE ... .. perhaps the company in which you work and had invested in stock market falls too, and is paying your needs.

AND IF THE BAG ... CAE. to follow ... what you'll see how many things will fall too.

# 43 m. Carme

July 15, 2008, at 7:28.

Will be RIT Martins.
Sanitoris Roca fired 70 workers. Most will be retirement.

-1

# 44, Copero

July 15, 2008, at 7:30.

I do not think that banks suffer a lot for this.

La Caixa waived a debt of 1,300 billion at the PSC in exchange for "favors" in the takeover bid from Gas Natural (which is a shareholder) for Endesa, and neither is despeinó, so I imagine that they pose to 700 million ...

jump-three guys on the street becomes the scapegoat and the commissions will rise a bit, and voilá ... astronomical profits.

Sincerely yours.

# 45, condonacion_jeje

July 15, 2008, at 7:42.

# 42, m. Carme
July 15, 2008, at 7:20.

fails to do ... cheap demagoguery.

-1

# 46 m. Carme

July 15, 2008, at 8:14.

# 45, condonación_jeje

For you will be cheap demagoguery. For many others will be the plate of food on the table.

# 47, manonegra

July 15, 2008, at 8:50.

Wenas!

With whom he is dropping the Santander purchase a mortgage bank English on the verge of bankruptcy by 1600 million! Often loot must have Don Emilio!

# 48, ca.o

July 15, 2008, at 8:54.

Hello.
Morning, will not be the last, the crisis is for the whole industry suppliers and I am in contact with the construction sector and the whole world is on a tightrope, have laid off half the workers and finish work on a in a hurry and without, but when we finish those are in place there is no longer required new building permits which means an absolute took in six months or a year. In the colleges of architects and rigging is not all that much and in town halls, either. This implies further loss of unemployment that municipalities can not do nothing but managed to get by. In the real estate rents only become aware of any that has made two sales in one year. Everybody is trying to hold out but you can not endure indefinitely, it speaks of maximum six months or have to begin to lay off for not going into bankruptcy. They are not big companies that benefit, but staving off the medium with many years and are betting their capital and particularly not to lose yet see no way out. I got lucky and wound up 5 years ago also in the field, but I have already stopped solar spend 4 or 5 years we will see, while to spend a vacation as possible (forced) but I have been lucky that I was caught without much credit. others will have not so lucky.

-1

# 49, Hellraiser

July 15, 2008, at 9:04.

The time of pain ...

Now comes the pain! Now comes the pain!

-1

# 50, Guru

July 15, 2008, at 9:17.

Tuesday, 15. Bankruptcy first bank / Spanish Fund.

Tuesday, 15. Black Tuesday of the Spanish stock exchange. Crack of 29.

NOW YES!

-4

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