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As a family member of an investor (in Hanover and Dorchester) it's been a tough month. I cannot understand why the media beats up every time a company gets into difficulty, especially when you could easily argue that Hanover (& Dorchester) are taking this action to avoid a total collapse. Debenture holders will be the ones to decide these companies' fate moving forward. I only hope the 'circling vultures' remember who ultimately loses if the worst case eventuates...
Phil, your comments must be to stimulate reader comment or to save the face of Hanover's management and owners, because what a load of weak rubbish. I would not be surprised if Hanover investors got 30 cents or less back on their investment. I will be driving passed Hanover's big hole in the ground in the weekend which will be that way for a while I suspect.
I saw on Campbell Live last week a fellow being interviewed and he mentioned that the Hanover chaps also have a loan from the 'vultures of last resort', Fortress. I have since heard a Fortress loan figure of $100 million mentioned in learned circles.
If indeed there is such a loan, does this rank equally or ahead of debenture holders? If it ranks ahead of debenture holders, then I fear that we could have a situation like Capital and Merchant Finance where investors are only likey to get back a mere 8 cents in the dollar because of the prior ranking of Fortress' loan.
Perhaps the Hanover fellows could (hopefully) reassure debenture holders re. the Fortress loan and its ranking?
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I agree with comments, hope they are right, however the glossy advertising, when it was obvious they were in trouble, is somewhat offensive.
A investor