Noble streams of defaults optionality inside the Noble-Singapore Circus

The Noble Paper for Paper Debt-for-Equity swap will continue to puzzle the WallStreeters and a plethora of Professors in finance for the years to come.

Inside the Noble-Singapore Circus.

The FT reported that an ex-MS-IB will be the leading captain of the “Noble 4 ship”(…)

IAN PORTER (who turned to be the Brainmaster of the “Noble 4” plan crafted to ensure Noble can default on perpetuity) is shortlisted to become the new “new” NOBLE 4 CEO.
By engineering Noble a Perennial Default, Ian Porter has created a precedent in the world of Asian Finance and commodity trading. A precedent, because where did exactly come at from the bulk of these debts ?

(1) From Artificially inflated PnL “assumptions”, and

(2) exagerated asset valuations for the most part.

(read also The Sad Roles of ING, DB and (Mr. NOBLE Treasury)


$850,000,000 gone in the fire.

What is the difference between Clowns and Jokers. The former entertain. They make their living by doing silly things making their audience laugh while jokers on the other hand do jesters, at the expense of other people. ($$$).

  • Noble burnt more than $US 1,650,000 per diem, monday to friday in 3Q-2018.
  • Noble Group’s $850,000,000 2020 noteholders were notified of an event of default on October 28th.
  • In the absence of paying its bondholders with REAL CASH, (it does NOT produce any) the SGX-Singapore trader who is seeking restructuring protection in the UK and U.S juridictions is left with two streams of defaults optionality:
  • Noble 4 will:

1) Default


2) The pay its debtors with always more re-issued IOUs notes...

BUT it is a big mistake to assume that the protognists can continue to swap their liabilities into equity paper ad infinitum…

Under the Singaporean law, shareholders or creditors can apply to wind up a company with the goal of collecting and selling assets in order to pay outstanding debt, expenses or costs etc.

Like all its predecessors, Noble 4 is deemed to fail.

The company is systemically flawed. Its future existence highly uncertain.

(Bonus Read)

“Shipping is running just normal, 😉 its the Trading who ships at a Loss…! “


The Noble Files 贵族档案


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