It seems that the Royal Bank of Scotland Group plc's move to dump assets connected to the leveraged buyout market aren't limited to debt alone. RBS, along with Fortis Bank SA?NV and Banco Santander SA have also reportedly sold off large pieces of the private equity holdings of their new acquisition ABN Amro Holdings NV to Goldman, Sachs & Co.
The report appeared
in Dutch daily Het Financieele Dagblad over the weekend, with a
confirmation of the sale by ABN Amro's CEO Mark Fisher. The story did
not include a price.
The three banks bought ABN Amro for €67 billion
($100 billion) last year and have been steadily selling off assets from it ever since,
as the credit crunch and write-downs have hit RBS and Fortis very hard,
resulting in the need to raise new capital and the resignation of Fortis' CEO. - George White
Mr. Mark Fisher
Valeriussstraat 122-h
1075 GD Amsterdam
Subject : announcement of personal liability
Amsterdam : 23 September 2008
Dear Mr. Fisher,
As a follow-up to my e-mail of 18 September 2008, I hereby reconfirm my intentions, namely
to insure that you are held personal accountable for all damages suffered by
Mediscan, in regard to the non-payment of the issued bank guarantee.
It can be stated that while the ABN-AMRO bank and it’s mother company Fortis collapse, lose billions of their value and therefore damaging their stockholders, while misleading the same stockholders about the real financial status (which probably in the worldwide financial chaos the banking industry (oxymoron) is in) is a total mystery for those how are responsible and should know.
However as larger financial institutions in the United States compared to Fortis seek financial shelter with the Federal Government, it is likely to assume that Fortis/ABN-AMRO do not have the minimum requirements of cash assets 6 to 8% which is required by law.
The reason why the bank still has some leeway is because through its size, therefore information about the value of their assets can be obscured.
However you still find it in your time to fight the Mediscan Company over its own assets.
It is therefore that at the next Fortis stockholders meeting I will request;
1. Your removal as CEO
2. An immediate (external) audit ‘due diligence” in regard to the financial status of the bank at that time and the time before that meeting.
I am quite sure that I will find sufficient co-shareholders who will second the motion in order to recuperate by any means from any person the losses they have suffered on their stocks. Desperate times call for desperate measurements.
If it turns out that at any time the bank was not sufficiently covered, you are liable as Chairman and as a private individual under Dutch and US Law for misleading stockholders and manipulating the stock value of Fortis (because ABN-AMRO is the largest subsidiary of that company).
However I am still in the market for a settlement out of court (which is now continuing), out of the media and out of the stockholders meeting.
Mr. Mark Fisher
Valeriussstraat 122-h
1075 GD Amsterdam
Subject : announcement of personal liability
Amsterdam : 23 September 2008
Dear Mr. Fisher,
As a follow-up to my e-mail of 18 September 2008, I hereby reconfirm my intentions, namely
to insure that you are held personal accountable for all damages suffered by
Mediscan, in regard to the non-payment of the issued bank guarantee.
It can be stated that while the ABN-AMRO bank and it’s mother company Fortis collapse, lose billions of their value and therefore damaging their stockholders, while misleading the same stockholders about the real financial status (which probably in the worldwide financial chaos the banking industry (oxymoron) is in) is a total mystery for those how are responsible and should know.
However as larger financial institutions in the United States compared to Fortis seek financial shelter with the Federal Government, it is likely to assume that Fortis/ABN-AMRO do not have the minimum requirements of cash assets 6 to 8% which is required by law.
The reason why the bank still has some leeway is because through its size, therefore information about the value of their assets can be obscured.
However you still find it in your time to fight the Mediscan Company over its own assets.
It is therefore that at the next Fortis stockholders meeting I will request;
1. Your removal as CEO
2. An immediate (external) audit ‘due diligence” in regard to the financial status of the bank at that time and the time before that meeting.
I am quite sure that I will find sufficient co-shareholders who will second the motion in order to recuperate by any means from any person the losses they have suffered on their stocks. Desperate times call for desperate measurements.
If it turns out that at any time the bank was not sufficiently covered, you are liable as Chairman and as a private individual under Dutch and US Law for misleading stockholders and manipulating the stock value of Fortis (because ABN-AMRO is the largest subsidiary of that company).
However I am still in the market for a settlement out of court (which is now continuing), out of the media and out of the stockholders meeting.
Dr. M. Fuks