Bailout 7: Bank goes into bankruptcy발음듣기
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Bailout 7: Bank goes into bankruptcy
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So the example of the bank we've been studying, we're actually kind of doing it in real time.발음듣기
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Because when this last piece of debt came due, it couldn't sell its CDOs for enough money to pay off that debt.발음듣기
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But what they were able to do is to convince some foreigners who were enamored by the brand of this institution of American capitalism.발음듣기
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And now this company would have, if you have $1 billion in cash and $4 billion of CDOs, it would think that it has $5 billion of assets.발음듣기
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When you take some of your assets and you get the value of the assets that you think they're worth and you pay off some liabilities, it doesn't change the value of your equity.발음듣기
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And you'll find that lot of companies that are startups and technology companies, a lot of those have very little debt.발음듣기
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So the book value of the shares, if you eve believe that these are really worth $4 billion, they went from $4 to $2.발음듣기
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Because I've mentioned before that the market price when you buy or sell a share, it's just transacting between another person who used to be holding that share.발음듣기
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And when the government of Singapore, or any investor, wants to buy new shares, they use the market value, what that stock is trading at, as a good reference point for what you might have to pay for those shares.발음듣기
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Oftentimes if it's kind of a desperate situation and this person is kind of saving you, they'll pay below the market price.발음듣기
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But sometimes, if they say, oh, this is a lucky opportunity to get such a large number of shares and essentially take control of the company, I might be a little premium over it.발음듣기
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So I'll pay $2 per share, which is a little bit of premium over the market value at the time, which was $1.발음듣기
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But anyway, that's why the market price of something in the secondary markets, where a share is just trading between people who aren't related to the company, why that's important.발음듣기
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Because when the company needs to raise money, that is used as kind of the fair market value of a company's shares.발음듣기
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All of these sovereign wealth funds, they've got burned, because they invested in Citibank last year and the stock just continued to plummet.발음듣기
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They invested in Merrill Lynch, all of these they invested in and it just continued to plummet.발음듣기
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These people, Loan C, they say, we're not going to give you a new loan, you can't pay this loan, because even if you sold these CDOs, you're only getting a $1 for them.발음듣기
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When you break one of the - they call it the covenants - with one of the people who lent you money.발음듣기
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The covenants say, if you don't pay a loan within this amount of time or some other thing happens to your financials, you are then declared insolvent and you go into bankruptcy.발음듣기
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So the bankruptcy court, OK we'll liquidate these CDOs just because everyone agrees that they're really shady.발음듣기
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So what essentially the bankruptcy court is going to do, they're going to create a new corporate entity.발음듣기
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So they essentially create a new entity, where the new entity has $2 billion of assets, $2 billion of cash.발음듣기
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Or actually maybe these people, they say we'll even give you some money - no, I don't want to confuse things.발음듣기
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Because when you liquidated the company, or at least when you tried to value the company, we didn't liquidate it.발음듣기
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So this is an interesting example, because I've seen people on CNBC say, oh what a great deal, I could buy shares of Lehman Brothers for $1.발음듣기
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They'll say Lehman Brothers has all of these assets and it's never going to completely disappear.발음듣기
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But Lehman Brothers' assets might be greater than its liabilities, which means that its equity is actually worth negative.발음듣기
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If you really thought that Lehman Brothers in the long term was going to come back, what you might want to do is somehow try to become one of its bondholders.발음듣기
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And then when it goes through bankruptcy, on the other side of the bankruptcy you might end up in shares of the new bank, whatever it's called.발음듣기
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In the next video I'm going to put it all together and show you, one, why our financial system is freezing.발음듣기
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