Monday, July 15, 2013

Petchili bonds

We got very close to selling 20 Petchili bonds last month - so close that we almost started thinking about how we would spend the substantial commissions. Well, as usual, the deal didn't happen because the buyers were in one place and the sellers were in another and the two could never agree to trust each other enough to meet halfway. On the other hand, so many sellers have gone to Zurich to sell their bonds for millions and even billions - with contracts in hand and bank invitations as well - then they have been let down BIG TIME. Who would want to go through that again? I know one seller who has had his packages with a strong and well-connected broker for two months and NOTHING has happened and, by all indications, NOTHING will happen. He is now to the point that if someone shows up with 70 thousand in cash, he will sell, even though he has been promised 50 million per bond. A bird in the hand is better than two in the bush, as they say.