We all know that Noble & cie several times wiped out their credit and equity depositors. How this time is it different ?
In September 2017 Noble posted a -1.8B losses only 3 months after Wildrik De Blank (Mr. NOBLE Treasury) issued Noble 8.75% 2022 (750M USD). That’s his record.
The lead manager book runner was ING Bank N.V. they made flat fees in this operation regardless of if Noble had or hadn’t any valid business.
The new noble is no different: it’s the same trader with no business except that now they have a plan which is implicitly crafted to ensure Noble can default on perpetuity (…) and they will.
The banks and the management made enormeous fees when Noble built up assets and => spread the losses of the old assets into new assets. This also worked in reverse => when the market unwind Wilfrik de Blank’s financial hoodoo.
Noble is shifting the empty shells. ING and DB, who are caught participating in the act, will make a 100-150M USD flat fee (more than its current capitalization).
ING Bank NV and Deutsche Bank are defendants Goldilocks Investment Co. vs Noble Group Ltd. HC/OS 480/2018