Tuesday Scattershots

-That is a video of the aftermath to the crash of Delta 191 which happened 25 years ago yesterday as it approached DFW airport in a severe thunderstorm. I remember it well.

-Interesting case out of the Southern District of New York. JP Morgan had a longstanding relationship with the Mexican television company Impresas Cablevision (Cablevision). In fact they had a credit line of $225 million with Cablevision. JP Morgan tried to syndicate the loanbut were unsuccessful in their first few attempts. Then they found someone who wanted to buy a large “assignment” of the note. The problem was that the bank that wanted to buy the note happened to be controlled by the same outfit that controlled a major competitor of Cablevision-Telmex. So when JP Morgan asked permission to sell an assignment to Telmex, Cablevision said “No thank you.” Undeterred, JP Morgan decided to sell a “participation” interest in the loan to Telmex. JP Morgan said that because this was a “participation” instead of an “assignment” they did not have to get the approval of Cablevision. The Judge disagreed and granted a temporaryinjunction preventing the sale of the participation.

-I am running into more and more people who are having problems with banks making it impossible to do loan workouts. And some of the things banks are doing would make you scream. I am involved in a few cases that I can’t wait to put in front of a jury.  

-Here is a picture of a man and his daughter right after he caught a barracuda. Funny picture right? But why is the daughter so frightened? That same barracuda justbit her arm (you can see some blood on her sleeve). The bvite required 51 stitches. But this genius just had to get a picture. Things this man possesses: A barracuda trophy and a fishing pole. Thing he does not possess: a shirt and some common sense.

-How many hipsters does it take to screw in a lightbulb? It’s an obscure number. You probably haven’t heard of it.

-And how about the dyslexic goth kid? He sold his soul to Santa.


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