Petchili bonds

About three years ago, a craze in Mexican historical bonds took off. Owners of these old (junk) bonds became super anxious to unload their bonds because they were led to believe that (non-existent) bond "buyers" would pay millions for them. The truth was that crooked Swiss bankers (swindlers) simply wanted to collect the items to use as collateral for short term loans. The real beneficiaries (besides the crooked Swiss bankers) were the loan applicants and the people in charge of collecting all relevant data from the bond owners. The bond owners would innocently sign over ownership of their bonds to the middlemen in exchange for IOUs. Of course, escape clauses in these contracts enabled the swindlers to legally perpetrate their swindles. Bond owners almost never got paid and, when they did, they collected pennies on the dollar. Many investors actually purchased bonds for thousands of dollars thinking they could flip them for millions. I posted a small article about a Petchili bond seller I knew (in this very blog) and it got 4273 views in one day. Such was the anxiety. 

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.