AN EXPLANATION OF THE RISE OF SUBRIME CDO'S

http://www.rgemonitor.com/blog/setser/212496

CHINA STOCK MARKET BY THE NUMBERS...

Remember all those lines about how the Shanghai stock market - like the Chinese economy generally — would hold firm right through until the Olympics?

Well, here’s the Shanghai Composite, over two years:

And here’s the Beijing Olympic stadium, where finishing touches are still being made to the construction.

The Shanghai Composite fell a further 5.3 per cent to 2748 on Friday amid rumours of an inflation-fighting rate hike this weekend. But worry not, Shanghai speculators - there is a limit to the pain the Chinese authorities expect you to endure. From the Xinhua news agency:

China’s securities regulator on Wednesday ordered publicly-traded companies to boost corporate governance in the latest move to stabilize the equities market.

A long-term mechanism should be put into place to prevent the majority shareholders and affiliates from embezzling funds of the listed firms, the China Securities Regulatory Commission (CSRC) said.

Board directors, supervisors and senior executives would be turned in to prosecutors if found helping the embezzlement, the CSRC noted.

The companies should strive to tackle the problems before Nov. 30. The regulator said it would not approve any stock incentive and refinancing applications if they failed to meet the deadline.

The CSRC also urged to improve the information disclosure mechanism to avoid insider trading and price manipulation for the interest of the small and medium investors.

CSRC Chairman Shang Fulin on Sunday pledged to rationally balance the market supply and demand, and regulate the pace of fund raising to promote a stable and healthy development of the capital market.

Shang added the regulator would boost a crackdown on market manipulation, irregular information disclosure, and false information and rumors.

With the series of measures, the securities regulator hoped to boost investor confidence and stem share falls, analysts said.

ICAHN ON YAHOO

http://www.icahnreport.com/

PROJECT BETTER PLACE - ELECTRIC CARS IN ISRAEL

This is a bold solution to energy independence and carbon footprint reduction...

http://www.projectbetterplace.com/

BUFFET ON SELLING TO BH vs. PE

``You can sell it to Berkshire, and we'll put it in the Metropolitan Museum; it'll have a wing all by itself; it'll be there forever,'' he says at the February meeting. ``Or you can sell it to some porn shop operator, and he'll take the painting and he'll make the boobs a little bigger and he'll stick it up in the window, and some other guy will come along in a raincoat, and he'll buy it.''

Substantial basis point increases for Auto related CDS

Human beings will still drive.


http://ftalphaville.ft.com/blog/2008/06/25/14060/cds-report-market-hammers-us-car-industry/

UK TIMBER - NO INCOME / CORP TAXES

In the 12 months to December 2007, forestry in the UK returned 31.6 per cent on the back of surging timber prices, compared with 5.3 per cent for equities, 6.4 per cent for bonds and a negative 3.4 per cent on commercial property.

According to Investment Property Databank:

Substantial fiscal advantages available to the investor through investment in forestry, including the fact that income from timber sales in the UK is free of Income and Corporation Tax and growing timber is exempt from Capital Gains Tax. Further, after two years of ownership, commercial woodlands qualify for 100 per cent Business Property Relief from Inheritance Tax.

Also, see...

http://www.ft.com/cms/s/0/3d67b1f4-0f13-11dc-b444-000b5df10621.html?nclick_check=1

2007 US AD SPEND

WHY REFINERS REPRESENT ATTRACTIVE VALUE

http://www.bloomberg.com/apps/news?pid=20601213&sid=aC42xa9nwu5A&refer=home

THE CASE AGAINST LEHMAN

EINHORN'S CASE
http://www.youtube.com/watch?v=WtKXAoZV84o

LEHMAN CFO RESPONSE
http://www.youtube.com/watch?v=0o4eau98h_w&feature=related

THE CASE AGAINST BOND ISSURERS

http://www.youtube.com/watch?v=neQK0DFIt84&feature=related

http://www.youtube.com/watch?v=IdpoamnN49A&feature=related

http://www.youtube.com/watch?v=5sWppeJ8LaE&feature=related

JANA DROPS THE FIGHT

This is textbook execution and an excellent conclusion. Bravo.

http://uk.reuters.com/article/mediaNews/idUKN1932010620080619?dbk

AN ACTIVIST ICAHN: PAYING HOMAGE

http://www.icahnreport.com/

PETROL INFLATION IN CHINA: AN IMMINENT BACKLASH?

http://www.nytimes.com/2008/06/21/business/worldbusiness/21gas.html?ref=business

CHINA AS A COMMODITY VORTEX : CEMENT DEMAND

TOTAL RETURN SWAPS - CSX v. TCI, official legal brief

This is the most important case affecting event driven funds today - amendment to disclosure requirements of TRS derivatives will take away an advantageous strategic weapon from an activist's array. This doc delineates the pre-trial discovery leading up to the ruling, fascinating.

http://www1.nysd.uscourts.gov/cases/show.php?db=special&id=79

OILS HISTORICAL REAL & NOMINAL PRICING SINCE 1900

http://www.forbes.com/2005/11/01/oil-prices-1861-today-real-vs-nominal_flash.html?feed=rss_news

HEDGE FUNDS SUPPLANT TRADITIONAL BANKS IN LENDING SENIOR DEBT

http://www.nytimes.com/2008/06/13/business/13hedge.html?_r=1&dbk&oref=slogin

DISTRESSED FUNDS ATTRACTING MORE CAPITAL

http://dealbook.blogs.nytimes.com/2008/06/18/gso-and-monarch-said-to-raise-funds-for-distressed-investing/


HATZLOCHA ANDREW

YAHOO BOARD UPDATE

http://dealbook.blogs.nytimes.com/2008/06/18/some-support-remains-for-icahns-yahoo-slate/

CSX vs. TCI, updated

http://dealbook.blogs.nytimes.com/2008/06/10/csx-grasps-at-straws-to-end-proxy-battle/

Cerberus / Chrysler Update via Nardelli

http://www.nytimes.com/reuters/business/business-chrysler-nardelli.html?_r=1&dbk&oref=slogin

OPTIONALITY PROVISIONS AS PER REVERSE TERMINATION FEES

http://dealbook.blogs.nytimes.com/2008/06/11/neither-fish-nor-fowl/

EQUITY SWAPS FOR THE PURPOSE OF GAINING MAJORITY CONTROL WITHOUT A SC13D RULED LEGIT BY SEC

http://www.marketwatch.com/news/story/story.aspx?guid=%7B5D4BF9A0%2D2AFC%2D4705%2DA22C%2D9977E258703C%7D&siteid=dbk

AMENDING THE 1968 WILLIAMS ACT: THE FUTURE OF THE TENDER OFFER

http://dealbook.blogs.nytimes.com/2008/06/06/the-future-of-tender-offer-regulation/

via SETH KLARMAN, BAUPOST GROUP...

http://1-2knockout.typepad.com/12_knockout/files/Seth_Klarman_MIT_Speech.pdf

6/4/08 MARKET CLOSES...

US markets
DJIA down 100.97 at 12,402.85
Nasdaq down 11.05 at 2,480.48
S&P500 down 8.02 at 1,377.65

Asian markets
05:17am BST
Nikkei up 146.61 at 14,355.78
Topix up 13.44 at 1,420.88
Hang Seng down 77.21 at 24,298.55

European markets
FTSE100 up 50.09 at 6,057.70
Eurofirst 300 up 9.94 at 1,329.07

Currencies
05.17am BST
€/$ 1.5447 (1.5531)
$/Y 105.16 (104.33)
£/$ 1.9628 (1.9626)

Commodities
Brent Crude (Jul) down $0.38 at $124.20
Light Crude (Jul) down $0.40 at $123.91
Copper 24HR down $25.00 at $7,865.00
100 Oz Gold (Jun) down $2.60 at $882.90

10-year government bond yields (%)
US 3.92 (3.98)
UK 5.03 (4.95)
Germany 4.43 (4.36)
Japan 1.78 (1.72)

NG Storage as insurance

Centaurus, Carlyle, Quantum Energy buy NG storage tanks

Gas caverns are used to maintain NG holdings under anticipation of a price rise - increased volatility means a higher premium for storage.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aC0XVAQrWCiU&refer=home

MOBILE VOIP OPTIONS

http://gigaom.com/2008/06/03/mobile-voip/

THE WENCHUAN EARTHQUAKE, CHINA

2.28pm on May 12th, 90km from Chengdu, Sichuan Province, a 7.9 richter scale earthquake erupts with the force equivalent to 400 atomic bombs. This is the single greatest force majeure of the current Chinese generation. See link below.

http://www.ft.com/cms/s/0/3201043a-210c-11dd-a0e6-000077b07658,dwp_uuid=9c33700c-4c86-11da-89df-0000779e2340.html

10YR TREASURY YIELDS ACROSS GLOBAL MARKETS

FED: BERNANKE REMARKS

http://www.bloomberg.com/apps/news?pid=20601087&sid=alQst9kC7wV4&refer=home

http://www.bloomberg.com/apps/news?pid=20601087&sid=aDDOmSR74wEE&refer=home

FED IN UNCHARTED TERRITORY

Sc 13D & SHARE SWAPS

driving change or parking stock - for my money, less legislation the better, boards beware.


http://dealbook.blogs.nytimes.com/2008/05/23/the-rules-of-engagement/

AIRLINE'S DISTRESS

Another one bites the dust - Silverjet is terminating ops, joining the ranks of EOS, Frontier, Hawaii, ATA this year in bankruptcy court.

http://www.iht.com/articles/2008/05/30/business/jet.php

ELECTING THE PIK TOGGLE

Pay-In-Kind notes may near-term alleviate pressure on cashflows but is this a band-aid on a bullet wound?

http://www.ft.com/cms/s/0/e3f2c884-30f4-11dd-bc93-000077b07658.html?dlbk

CASINO'S IN DISTRESS

High yield recap's of casino industry confront "recession-proof" supposition...

http://www.bloomberg.com/apps/news?pid=20601213&sid=ai5fFOMi9bag&refer=home