My portfolio includes some Serie A Bonds of Kardan NV that will expire on 31 October and are sold today with a 60% discount on its peer value. The market is very cautious because Kardan has no cash to pay and it build on the sale of TAHAL to finance the payment, scheduled for February 2019. The Fortissimo Fund is interested in buying TAHAL, which has several contracts in Africa, mostly projects of doubtful profitability. Anyway, these bonds could be seen as an intere
sting speculation, save the existence of the Serie B bonds, whose owners are afraid that after the sale of TAHAL there will remain no saleable properties to pay THEM. The situation is complicated because Serie B owners are considering to demand the immediate payment of their bonds, and that will cause such a legal jam that no one will see a cent for years. On the other hand, Kardan has been broke for years, yet it survives. TAHAL, the company that was my home for decades, was at some point offered on sale for one sheqel and no one wanted it. Benno Gitter, a banker specialized in appropriating State owned industries, rejected it. He told me. If Benno could mis-valuate TAHAL as worthless, then who am I to valuate Kardan today? Pic Yosy Grinfeld, owner of Kardan, the one who bought TAHAL now worth hundreds of millions.
sting speculation, save the existence of the Serie B bonds, whose owners are afraid that after the sale of TAHAL there will remain no saleable properties to pay THEM. The situation is complicated because Serie B owners are considering to demand the immediate payment of their bonds, and that will cause such a legal jam that no one will see a cent for years. On the other hand, Kardan has been broke for years, yet it survives. TAHAL, the company that was my home for decades, was at some point offered on sale for one sheqel and no one wanted it. Benno Gitter, a banker specialized in appropriating State owned industries, rejected it. He told me. If Benno could mis-valuate TAHAL as worthless, then who am I to valuate Kardan today? Pic Yosy Grinfeld, owner of Kardan, the one who bought TAHAL now worth hundreds of millions. 
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