16/04/2024 4comments  |  Jump to last

As a follow-up to her guest editorial in the Washington Post about 777 Partners and the off-shoring of American reinsurance, Mary Walsh looks at the continuing fallout from Bermuda's decision to put the would-be Everton buyers' subsidiary, 777 Re, under administrative control.

"British soccer regulators discovered that the parent, 777 Partners, couldn’t provide audited financial statements, an unheard-of breach in the insurance business. 777 Re was belatedly downgraded to C-minus by A.M. Best. That’s close to a death sentence. The Bermuda Monetary Authority put it under administrative control. No one can remove a penny without permission. 

"But is there even a penny left to remove? Lawsuits are piling up."

» Read the full article at Substack

Reader Comments (4)

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Bobby Mallon
1 Posted 16/04/2024 at 22:13:21
Does it really matter?

For some unknown reason, Moshiri wants these fuckers and I don't know why. Being tangled up in Russian blood-money has fucked our club over.

Jack Convery
2 Posted 17/04/2024 at 00:41:08
It looks to me that the Premier League won't pull the plug on 777 Partners and Moshiri until the season ends. If they do it before, we will go into administration immediately and the 9-point deduction will send us down.

The Premier League won't want that to happen – they've had a mare of a season and a club being bankrupted, however indirectly, will not be a good look.

The aim, as Paul the Esk has said, is to get the club over the line for this season and hopefully still in the Premier League. Then go into administration and a new owner comes forth to take the reigns. Let's hope it's a new beginning and not more of the same shit show next season, even if we start with –9 points.

Jerome Shields
3 Posted 17/04/2024 at 08:15:06
In 2012, I attended an Investment Seminar. During a break, I was speaking to a Swiss-based Financier, a friend of the presenter of the Seminar. He told me that the crash of 2007 happened when the exposure of the banking industry to derivatives became known.

He said that a similar situation exists in the pensions industry, but wasn't apparent because of restrictions on exposure, especially when offshore. What a reinsurance does is to securitize debt and then sell those bundles of debt on getting as high a debt rating as possible for them.

The debt rating is the reinsurer debt rating. They are called derivatives. Reinsurer 777 Re being reduced to a 'C' rating means they would have difficulty selling on their derivatives and would not have funds to invest.

I would favour Jack's opinion @2 for our future scenario.

Martin Farrington
4 Posted 17/04/2024 at 18:58:31
Jerome, sounds like The Big Short.
All bankers are fraudsters. Directly or indirectly. Ponced up Ponzi schemes or covering for huge losses gambled on dodgy trading markets.
777 are amateurs

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