At six o'clock on Wednesday, the final date for negotiations between the settlement on Nasdaq and the Einar power lines reached a proposal for 166 members of the Norwegian stock exchange, and all the members had to agree.
When the clock hit six, there was one friend who said no to the deal. It was Enger Energie, which is Einar's local power station. Einar Aas previously worked for a subsidiary of Agder Energi.
"We found that the deal left too much for Einar Aas," says Tom Nysted, CEO of Agder Energy.
"Some of the settlement is that it is moving forward and we think it will settle too much in relation to what it owes to the fund owners.It should not be under the chair because part of this settlement is against one of our owners, the municipality of Grimstad, and we think that is inconsistent with what makes sense, Nysted says he will not comment on the details of the agreement.
Thursday afternoon, however, Agder Energi also came to the scene, and now everyone has given his support voluntarily. Einar Aas thus avoids bankruptcy and may keep his house in Grimstad, a few cars and boats. The agreement implies that AAS will actively contribute to the realization of its values in favor of creditors. He also wants an incentive to do most of the assets.
Shake off the electricity market
– The agreement finally establishes all questions between the creditors and Einar Aas. This allows the process of selling a large part of its assets, which are shares, assets and art. It determines how the money is to be distributed between it and the creditors. As a result, there is no dispute about Nasdaq's handling of the market or anything else, "said attorney Marius Morseund Geswald, representing Einar Aas.
It has been two months since Einar Aas shocked the entire Nordic electricity market when he sent a message that he played a fall and was under the management of the Nasdaq Stock Exchange.
The strongest power of the country for many years noted that the result was either a chord or personal bankruptcy.
A few days later, Einar Aas and NASDAQ Clearing began negotiations to reach a voluntary agreement. The alternative would be much more long-term solutions, such as negotiations on public debt, where there is sufficient support from members who represent 75% of the capital of the Nasdaq hedge fund or arbitration.For the Settlement Fund, there is also an option to beat the AER Bankruptcy AAS.
Negotiations took place between the lawyers on the Nasdaq and the attorneys of Einar A, respectively, in Wierholm and Vickburg Rhine, behind which there is a large collection of lawyers representing the many members of the Nasdaq fund, who together had to pay $ 1 billion to the bailout fund when Ace could not compensate For that.
NASDAQ's stated goal was to make most of the loss of NOK 1.1 billion, which arose when it sold the giant portfolio that fell to Einar AAS at a closed auction on September 13. To ensure equal treatment of creditors, the most expensive assets and assets are frozen that control Remains Wickburg Rin, representing AAS.
After DN knows, Nasdaq members have access to documents along the way, and they were able to see how the process evolved.
The money that Nasdaq will be able to repay will return to members who may spit to cover the loss in the hedge fund of the clearing house.
Nasdaq has always refused to provide a general overview of hedge fund members, and companies have lost what it is: Portugal Portugal is the biggest known loser, with almost NOK 200 million, while Statkraft has approved a loss of almost NOK 50 million. , Was forced to invest close to 20 million kronor, while Ander Energie paid 18 million kronor.
Values for hundreds of millions
All AAS values have been frozen since Tuesday, September 18. These are the most well-known assets:(Conditions)Copyright Dagens Næringsliv AS and / or our suppliers. We want you to share our issues with us through a link that leads directly to our pages. Copying, or any other form of use of the Content in whole or in part may only be made by written permission or by law. For additional terms see here.
- Einar Aas owns a number of properties in Norway, including an expensive apartment in Tjuvholmen in Oslo, a large Nissedal chalet melody in Telemark and some coastal properties in southern Norway. The assets were purchased for 131.5 million, and some of them are significantly upgraded. Thus, the value is expected to be significantly higher today.
- The power trader has also invested over $ 250 million in two major real estate projects on the Spanish sun beach, owned by his business partner Oddvar Fodstad and Wilhelm Wilhelmman of Toluma Investment Corporation, as well as the British investment fund CTH.
- A large loss of AAS can also give it a tax return of $ 208 million, according to the calculations Agderposten made. It will allocate NOK 98 million to the Grimstad Municipality, over 22 million from the Ost-Agder region and nearly NOK 88 million from the state.