[Marxism] Somali Pirates to acquire Citigroup

["Anthony Boynton" <anthony.boynton@xxxxxxxxx>]

Somali Pirates to acquire Citigroup

December 2, 2008 – 5:57 pm
http://optionarmageddon.ml-implode.com/2008/12/02/somali-pirates-in-discussions-to-acquire-citigroup/



(hat tip Walnuts)



November, 2008 (Bloomberg) — The Somali pirates, renegade Somalis known for
hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase
of Citigroup.



The pirates would buy Citigroup with new debt and their existing cash
stockpiles, earned from hijacking numerous ships, including most recently a
$100 million Saudi Arabian oil tanker.  The Somali pirates are offering up
to $0.10 per share for Citigroup, pirate spokesman Sugule Ali said earlier
today.  The negotiations have entered the final stage, Ali said.  "You may
not like our price, but we are not in the business of paying for things.  Be
happy we are in the mood to offer the shareholders anything," said Ali.



The pirates will finance part of the purchase by selling new Pirate Ransom
Backed Securities.  The PRBS's are backed by the cash flows from future
ransom payments from hijackings in the Gulf of Aden.  Moody's and S&P have
already issued a AAA investment grade rating for the PRBS's.



Head pirate, Ubu Kalid Shandu, said "We need a bank so that we have a place
to keep all of our ransom money.  Thankfully, the dislocations in the
capital markets have allowed us to purchase Citigroup at an attractive
valuation and to take advantage of TARP capital to grow the business even
faster."



Shandu added, "We don't call ourselves pirates.  We are coast guards and
this will just allow us to guard our coasts better."
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