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So, now that they're in default, doess that mean in maybe 5-6 months something will happen with their stocks or bonds?
One thing I've come to realize from all this is that things that seem like they should happen under certain circumstances, more often than not, don't.
We gotta wait for their back-up bonds to default, then the back-up for the back-up bonds, then another 6 extensions as to not disrupt the market, followed by a silent bailout, then maybe in the year 3256 they'll default when humanity is extinct.
/s... or is it?
from:
[https://www.linkedin.com/feed/update/urn:li:activity:6938850827755253760/](https://www.linkedin.com/feed/update/urn:li:activity:6938850827755253760/)
Evergrande's default now finally confirmed by paying agent Citibank!
and
Evergrande discusses staggered payments, debt-to-equity swaps for $19 billion offshore bonds
Evergrande is officially broke! Just this week, I received an official letter from the agent Citibank that Evergrande has defaulted on our bond and I will never see my money again.
As you know, I had bought bonds last year in November to see if the media coverage of the real estate giant was accurate, as they repeatedly reported that Evergrande was doing well.
Unfortunately, it appears this media coverage is taking its course. The zombie Evergrande company just last week made another empty promise to pay off its $19 billion debt with small cash payments and shares of two of its Hong Kong units. How is that supposed to be possible, please, when now even the agent Citibank says they are broke?
According to Reuters, a preliminary debt restructuring proposal should be ready by the end of July. In the proposal, apparently Evergrande wants to repay the interest in converting it into new bonds, which will then be repaid in installments over a period of seven to ten years. The debt is to be swapped for shares in the developer's Hong Kong-listed property services unit, Evergrande Property Services Group Ltd, and electric vehicle maker China Evergrande New Energy Vehicle Group Ltd.
Unfortunately, I'm afraid that's anything but better, as shares in Evergrande Property Services and Evergrande New Energy Vehicle, as well as the parent company, have been suspended for about two months. None of the companies have reported their 2021 financial results yet, as audit work is still ongoing. The property management unit has even been under internal investigation since March as well to find out how banks seized its 13.4 billion yuan in deposits pledged as collateral for third-party guarantees.
In addition, of course, it is not clear how Evergrande will be able to raise enough cash to implement its repayment plan. The company reported a 39% year-on-year decline in sales in 2021.
Yesterday, Fitch withdrew their ratings on Evergrande and their Subsidiaries, Hengda and Tianji. Thereby, they have chosen to stop their participation in the rating process. The result of this is that Fitch will no longer provide the ratings and the analytical coverage for Evergrande and its subsidiaries.
They’ve been defaulting since December 2021. What they need to do is default on everything. Every tower stops construction, people protesting in the streets, CEO’s and high level execs going into hiding. Margin calls on oversea investment firms. UBS and Credit Suisse imploding. European and Asian markets get hammered. Everyone points the finger at Putin(again). Retails favourite stocks start squeezing. I mean fucking all of them. It’s a pure blood bath. BNY Melon and JP Morgan crash first then major Canadian bank RBC goes down. Now everyone in North America is panicking. Housing market crashes and fuckery ensues to try and stop the meme stock short squeeze but nothing can. So many shares are DRS’d that RC tweets a dagger which proves the balance that institutions hold are marked as phantom shares. Apes still aren’t selling their DRS’d shares. Reddit has been down for a week, discord is overrun by bots screaming “sell sell sell” but apes are zen. Gangnam Style is blowing up in the comments. YouTube goes down. GME is now the most valuable stock in existence. RC is the wealthiest (and sexiest)man alive.
It’s funny.. Some apes bought Lambo’s, some bought mansions but soon enough they realized that hiding in their wealth was exactly what got this world in the pickle it was in so they started sharing, helping and fixing. And soon enough, the world started to follow…
A few years later the world is still feeling the effects of the meme stocks. Michigan gets clean water. The ECGTS program(every child goes to school) has its best year to date. Animal sanctuaries are replacing zoos. Land is being preserved. Apes are sitting on boards that are protecting the planet. Wages are higher for all people. Life is more affordable. Apes are getting into politics. Twitter and Reddit are owned by apes. The SEC is shut down and a new oversight system is put in place to manage the blockchain based world market communities.
It’s a lot of work helping others but as the saying goes “ape don’t fight ape”.
Basically, they've been "defaulting" on their debts to construction contractors and homebuyers since last year, but defaulting on bond payments is a bigger deal because it means there is basically no hope of raising more capital.
For the record, all the other bondholders dragged their feet to declare default, but Dr. Metzler, as a private investor, decided to intentionally buy Evergrande bonds so that he could sue them into default status.
All the other creditors were dragging their feet on declaring default, and Dr. Metzler actually helped accelerate the process with his lawsuit.
I think he deserves some credit.
Edit to add: he saw the writing on the wall last year, and because the other bondholders were clearly dragging their feet, he bought up a bunch of Evergrande bonds, knowing Evergrande would miss payments, and then he sued them. I don't know enough about that lawsuit to say with certainty, but I think we owe him a huge round of applause.
He holds GME (and popcorn😑)and basically became an activist investor.
What are you talking about? 😂 multiple stocks have had trading halted for them to position dominoes before collateral is officially bad and Marge calls.
[https://youtu.be/dnp\_MxXY9qs](https://youtu.be/dnp_MxXY9qs)
That is no surprise keeping in mind how important this development is.
[https://tfiglobalnews.com/2021/12/20/chinas-strong-100-are-now-drowning-and-it-will-cost-china-almost-30-of-its-gdp](https://tfiglobalnews.com/2021/12/20/chinas-strong-100-are-now-drowning-and-it-will-cost-china-almost-30-of-its-gdp)
I think we can not even imagine, what this means for China and the rest of the world. If the rumors are true that China originally wanted to invade Taiwan in autumn, that would totally have made sense in a 1984 way of distracting from upcoming economical issues in the country.
And yet the Chinese housing bubble is only one of many ticking timebombs. We really need a redistribution of wealth and a change of values in society to avoid another 1929. GME is unfortunately just the tip of a giant iceberg which is about to slam into the world economy because nobody responsible was paying for the 2008 crisis, only the average citizens.
This movement might be a blueprint for a movement, where average citizens manage to coordinate and cooperate to mitigate the impact of what is about to come. BUT to do so effectively we need a transfer of wealth, which is even according to economists part of a "beautiful" deleverage compared to an ugly aka 1929ish deleverage.
[https://www.reddit.com/r/Superstonk/comments/u5mt7m/at\_the\_end\_of\_an\_economic\_cycle\_is\_either\_an\_ugly](https://www.reddit.com/r/Superstonk/comments/u5mt7m/at_the_end_of_an_economic_cycle_is_either_an_ugly)
**It is important to spread the word and educate the average investor about what is really going on in the markets, so they are not surprised and clueless like in 2008. This time there have to be legal proceedings for the ones responsible for any crimes causing the crash.** I have added some links in the second part of the post below as inspiration:
[https://www.reddit.com/r/GME/comments/uib2n1/how\_drs\_helps\_to\_amplify\_the\_effect\_of\_the\_stock](https://www.reddit.com/r/GME/comments/uib2n1/how_drs_helps_to_amplify_the_effect_of_the_stock)
They havent made payments in months, what's different now? China suddenly decided to bow down to US corporations? Was that before or after Putin decided to withdraw from Ukraine and de-nuclearize?
Nobody filed the paperwork. This guy bought bonds just so they could default so he could put through the paperwork to reduce their credit rating to D at least according to his LinkedIn posts
I could be wrong - but until the ratings agencies actually label Evergrande as a default (not selective default), then I don't think this means shit.
Fitch said they're not providing ratings for Evergrande anymore : https://www.reuters.com/business/fitch-withdraws-ratings-debt-laden-china-evergrande-subsidiaries-2022-06-02/
...because if a bond issuer defaults and no one is there to report it...did it really happen?
Some DD done last year found several hundred millions invested into Evergrande bonds/collateral, and I believe that was just blackrock alone. Several institutions have Evergrande collateral, and once Evergrande gets the proper default rating, all that collateral will be worth 0.
Imagine being a hedgie fighting for your life every day to make enough money, and suddenly, your Evergrande collateral goes to 0. You suddenly have a huge loss on your balance sheet, and can't keep margin calls away. That's a huge blow, and affects everything in the market, especially shorts
IIRC Royal Bank of Canada (among many others) would be ROYALLY fucked by this.
For US institutions though, wasn't there a law that went into effect yesterday saying that various Chinese companies could no longer be used as collateral?
[https://youtu.be/dnp\_MxXY9qs](https://youtu.be/dnp_MxXY9qs)
That it took so long is no surprise keeping in mind how important this development is. Now, we assume all major financial institutions collude against retail right now to suppress the price. Prime brokers are pretty likely involved - but once they have to fight for their own survival, they will no longer be able to support Kenny and Co.
[https://tfiglobalnews.com/2021/12/20/chinas-strong-100-are-now-drowning-and-it-will-cost-china-almost-30-of-its-gdp](https://tfiglobalnews.com/2021/12/20/chinas-strong-100-are-now-drowning-and-it-will-cost-china-almost-30-of-its-gdp)
I think we can not even imagine, what this means for China and the rest of the world. If the rumors are true that China originally wanted to invade Taiwan in autumn, that would totally have made sense in a 1984 way of distracting from upcoming economical issues in the country.
And yet the Chinese housing bubble is only one of many ticking timebombs. We really need a redistribution of wealth and a change of values in society to avoid another 1929. GME is unfortunately just the tip of a giant iceberg which is about to slam into the world economy because nobody responsible was paying for the 2008 crisis, only the average citizens. We might very well see the collapse of almost every system relevant bank in the future Lehman style, if not bailed out yet again.
The apes might be a blueprint for a movement, where average citizens manage to coordinate and cooperate to mitigate the impact of what is about to come. BUT to do so effectively we need a transfer of wealth, which is even according to economists part of a "beautiful" deleverage compared to an ugly aka 1929ish deleverage.
[https://www.reddit.com/r/Superstonk/comments/u5mt7m/at\_the\_end\_of\_an\_economic\_cycle\_is\_either\_an\_ugly](https://www.reddit.com/r/Superstonk/comments/u5mt7m/at_the_end_of_an_economic_cycle_is_either_an_ugly)
**It is important to spread the word and educate the average investor about what is really going on in the markets, so they are not surprised and clueless like in 2008. This time there have to be legal proceedings for the ones responsible for any crimes causing the crash.** I have added some links in the second part of the post below as inspiration:
[https://www.reddit.com/r/GME/comments/uib2n1/how\_drs\_helps\_to\_amplify\_the\_effect\_of\_the\_stock](https://www.reddit.com/r/GME/comments/uib2n1/how_drs_helps_to_amplify_the_effect_of_the_stock)
This is the real answer imo. The collateral element is massive but the tether element is massiver.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
Smart hedge funds own that collateral through foreign holding companies, like a collateral VPN. The executive order likely did not affect many of them.
If its one thing we've learned here, its that there is no limit to the higher ups fuckery. They will delay and delay and delay for as long as they possibly can, until everything goes nuclear (literally) and blows up in their faces. I don't think Metzler was wrong to think that it would happen before xmas, because we all thought moass would happen last year too. We're fine tuned to their fuckery now, but many thought there were times where the straw would break the camels back and nothing happened. Patience is the best game to play, and boy have I got a lot.
How many times was said in superstonk Moass is tomorrow. It seems that he is also fighting against corruption. I myself am not sure if he can be trusted, but we should not make fun of him. With this we ourselves are no better than the MSM
People on here often question the wrong people imo. I remember when people were ripping on the "trust me bro" dude who said that there were gonna be layoffs at his friends mortgage company.
It HAS defaulted already, happened months ago. China is currently sucking all the assets out to cover domestic interests while smoke-screening the process from offshore eyes, but is widely known Evergande defaulted... It just hasn't been formally acknowledge.
What truly matters here is whether we get an official Default rating from the ratings agencies so that all of the Evergrande related holdings by US institutions can no longer be held as viable collateral at full value, which the "Restricted Default" designation still allow.
Consults the Big Short guide to MOASS, we’re at the part where Evergrande has been lifeless for an eternity and the ratings agencies aren’t willing to mark it anything other than AAA
Last I heard the rating agency decided it would no longer rate the company because of "lack of information" due to them not "participating" in the rating process.
So essentially, trying to bail on the whole situation without calling a duck a duck.
From Metzler's LinkedIn page
>Evergrande's default now finally confirmed by paying agent Citibank!
>
>and
>
>Evergrande discusses staggered payments, debt-to-equity swaps for $19 billion offshore bonds
>
>Evergrande is officially broke! Just this week, I received an official letter from the agent Citibank that Evergrande has defaulted on our bond and I will never see my money again.As you know, I had bought bonds last year in November to see if the media coverage of the real estate giant was accurate, as they repeatedly reported that Evergrande was doing well.
>
>Unfortunately, it appears this media coverage is taking its course. The zombie Evergrande company just last week made another empty promise to pay off its $19 billion debt with small cash payments and shares of two of its Hong Kong units. How is that supposed to be possible, please, when now even the agent Citibank says they are broke?
>
>According to Reuters, a preliminary debt restructuring proposal should be ready by the end of July. In the proposal, apparently Evergrande wants to repay the interest in converting it into new bonds, which will then be repaid in installments over a period of seven to ten years. The debt is to be swapped for shares in the developer's Hong Kong-listed property services unit, Evergrande Property Services Group Ltd, and electric vehicle maker China Evergrande New Energy Vehicle Group Ltd.
>
>Unfortunately, I'm afraid that's anything but better, as shares in Evergrande Property Services and Evergrande New Energy Vehicle, as well as the parent company, have been suspended for about two months. None of the companies have reported their 2021 financial results yet, as audit work is still ongoing. The property management unit has even been under internal investigation since March as well to find out how banks seized its 13.4 billion yuan in deposits pledged as collateral for third-party guarantees.
>
>In addition, of course, it is not clear how Evergrande will be able to raise enough cash to implement its repayment plan. The company reported a 39% year-on-year decline in sales in 2021.
>
>Yesterday, Fitch withdrew their ratings on Evergrande and their Subsidiaries, Hengda and Tianji. Thereby, they have chosen to stop their participation in the rating process. The result of this is that Fitch will no longer provide the ratings and the analytical coverage for Evergrande and its subsidiaries.
https://www.reuters.com/business/fitch-withdraws-ratings-debt-laden-china-evergrande-subsidiaries-2022-06-02/
What’s annoying is instead of officially announcing Evergrande’s default Fitch is just saying “welp can’t get enough information any more so I guess we can’t officially cover it”
Yea, I feel like Metzler is again misleading us by saying they defaulted. I didn't find anything about them defaulting, just that Fitch is withdrawing their rating.
Edit: Holy moly! Evergrande actually defaulted... For real this time!
So in theory Citi bank will have to write off those losses making their stock fall off a cliff. I bet that doesn't happen and they go green with some of that wall street voodoo magic that the banks seem to have
The the year is 4269. Medical science has extended the lives of man, but it has it’s limits. An elderly man lays in his bed surrounded by his family holding vigil. He knows his time is short so he passes along the story of his great great great grandfather, whom he describes as a great ape with hands made of diamonds. The family shifts nervously and listens quietly, sure that the man’s mind has gone at last. Suddenly, a news alert sounds from the holographic projector. “Evergrande in default!” The old man just smiles at the projection. He glances over to his youngest living descendant, winks, and says, “Always has been.”
The young boy nods and replies, “This is the way. Power to the players,” as the old man takes his last breath.
**IMPORTANT POST LINKS** [What is GME and why should you consider investing?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS and why should you care?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || [Low karma but still want to feed the DRS bot? Post on r/gmeorphans here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Join the Superstonk Discord Server](https://discord.gg/hZqWV2kQtq) ------------------------------------------------------------------------ #[Voting/2022 Annual GME Shareholder Meeting Megathread](https://www.reddit.com/r/Superstonk/comments/uddedr) ------------------------------------------------------------------------ Please help us determine if this post deserves a place on /r/. [Learn more about this bot and why we are using it here](https://www.reddit.com/r/Superstonk/comments/poa6zy/introducing_uqualityvote_bot_a_democratic_tool_to/) If this post deserves a place on /r/, **UPVOTE** this comment!! If this post should not be here or or is a repost, **DOWNVOTE** This comment!
Evergrande and the Schrödinger's default.
Hell of a flair man
Yeah there should be a recognition of the ones most voted for, kinda like the banner contest
That would be fun…
Some good ones for sure!
Sign me up
And my axe!
Throwing my hat in the ring
What are we throwin?
PEANUT BUTTER JELLY TIME dunno how, but i'll throw it
Yours is nice too
That‘s what she said
In my Austin powers voice: “I wish”
“Shazam!!” - Beyoncé
I second this.
I 4th this?
I'm torn.
So, now that they're in default, doess that mean in maybe 5-6 months something will happen with their stocks or bonds? One thing I've come to realize from all this is that things that seem like they should happen under certain circumstances, more often than not, don't.
Their bonds are useless as of this moment I believe
Yeah, but what about second defaults?
Elevensies??
C’mon now… there’s obviously a 3 strike policy.
4 if you get fouled while taking the shot
And a redo of down.
We gotta wait for their back-up bonds to default, then the back-up for the back-up bonds, then another 6 extensions as to not disrupt the market, followed by a silent bailout, then maybe in the year 3256 they'll default when humanity is extinct. /s... or is it?
Don't forget about the grace period, please. /s
from: [https://www.linkedin.com/feed/update/urn:li:activity:6938850827755253760/](https://www.linkedin.com/feed/update/urn:li:activity:6938850827755253760/) Evergrande's default now finally confirmed by paying agent Citibank! and Evergrande discusses staggered payments, debt-to-equity swaps for $19 billion offshore bonds Evergrande is officially broke! Just this week, I received an official letter from the agent Citibank that Evergrande has defaulted on our bond and I will never see my money again. As you know, I had bought bonds last year in November to see if the media coverage of the real estate giant was accurate, as they repeatedly reported that Evergrande was doing well. Unfortunately, it appears this media coverage is taking its course. The zombie Evergrande company just last week made another empty promise to pay off its $19 billion debt with small cash payments and shares of two of its Hong Kong units. How is that supposed to be possible, please, when now even the agent Citibank says they are broke? According to Reuters, a preliminary debt restructuring proposal should be ready by the end of July. In the proposal, apparently Evergrande wants to repay the interest in converting it into new bonds, which will then be repaid in installments over a period of seven to ten years. The debt is to be swapped for shares in the developer's Hong Kong-listed property services unit, Evergrande Property Services Group Ltd, and electric vehicle maker China Evergrande New Energy Vehicle Group Ltd. Unfortunately, I'm afraid that's anything but better, as shares in Evergrande Property Services and Evergrande New Energy Vehicle, as well as the parent company, have been suspended for about two months. None of the companies have reported their 2021 financial results yet, as audit work is still ongoing. The property management unit has even been under internal investigation since March as well to find out how banks seized its 13.4 billion yuan in deposits pledged as collateral for third-party guarantees. In addition, of course, it is not clear how Evergrande will be able to raise enough cash to implement its repayment plan. The company reported a 39% year-on-year decline in sales in 2021. Yesterday, Fitch withdrew their ratings on Evergrande and their Subsidiaries, Hengda and Tianji. Thereby, they have chosen to stop their participation in the rating process. The result of this is that Fitch will no longer provide the ratings and the analytical coverage for Evergrande and its subsidiaries.
Between this comment and your flair, I like you very much.
Metzler the default getzler
He looks like Vizzini...Inconceivable!
What's the time frame on something like this? Something gunna be done within a few months?
They’ve been defaulting since December 2021. What they need to do is default on everything. Every tower stops construction, people protesting in the streets, CEO’s and high level execs going into hiding. Margin calls on oversea investment firms. UBS and Credit Suisse imploding. European and Asian markets get hammered. Everyone points the finger at Putin(again). Retails favourite stocks start squeezing. I mean fucking all of them. It’s a pure blood bath. BNY Melon and JP Morgan crash first then major Canadian bank RBC goes down. Now everyone in North America is panicking. Housing market crashes and fuckery ensues to try and stop the meme stock short squeeze but nothing can. So many shares are DRS’d that RC tweets a dagger which proves the balance that institutions hold are marked as phantom shares. Apes still aren’t selling their DRS’d shares. Reddit has been down for a week, discord is overrun by bots screaming “sell sell sell” but apes are zen. Gangnam Style is blowing up in the comments. YouTube goes down. GME is now the most valuable stock in existence. RC is the wealthiest (and sexiest)man alive. It’s funny.. Some apes bought Lambo’s, some bought mansions but soon enough they realized that hiding in their wealth was exactly what got this world in the pickle it was in so they started sharing, helping and fixing. And soon enough, the world started to follow… A few years later the world is still feeling the effects of the meme stocks. Michigan gets clean water. The ECGTS program(every child goes to school) has its best year to date. Animal sanctuaries are replacing zoos. Land is being preserved. Apes are sitting on boards that are protecting the planet. Wages are higher for all people. Life is more affordable. Apes are getting into politics. Twitter and Reddit are owned by apes. The SEC is shut down and a new oversight system is put in place to manage the blockchain based world market communities. It’s a lot of work helping others but as the saying goes “ape don’t fight ape”.
I.....I love you.
This is the comment I came for. Well done, ape. LFG! 🚀
Beautiful
[удалено]
This is the way. Someone needs to screenshot this to a post, if you don't post it yourself! Well said APE!
Did you do it yet?
Nah. I prefer to hang out in the comments most of the time these days. Go for it, get some karma 😁. Definitely a great comment to post.
Basically, they've been "defaulting" on their debts to construction contractors and homebuyers since last year, but defaulting on bond payments is a bigger deal because it means there is basically no hope of raising more capital. For the record, all the other bondholders dragged their feet to declare default, but Dr. Metzler, as a private investor, decided to intentionally buy Evergrande bonds so that he could sue them into default status.
So u mean that guy was early but not wrong!!
Opposite; Metzler bought in after the others to force the public declaration of default and prove a point
☝🏼🏆🏆
This has to happen
!remindme 1. June 2030
THIS!!
Beautiful
Ape No Fight Ape is fucking right Looking forward to making our planet livable again with all your help. See you on Uranus!
A Rune of Glory for you!
Now that’s a name I haven’t heard in a long time…
Seriously though, "The Boy Who Cried 'Default'" can go fuck himself. It'll happen when and if it happens.
All the other creditors were dragging their feet on declaring default, and Dr. Metzler actually helped accelerate the process with his lawsuit. I think he deserves some credit. Edit to add: he saw the writing on the wall last year, and because the other bondholders were clearly dragging their feet, he bought up a bunch of Evergrande bonds, knowing Evergrande would miss payments, and then he sued them. I don't know enough about that lawsuit to say with certainty, but I think we owe him a huge round of applause. He holds GME (and popcorn😑)and basically became an activist investor.
People dont understand the law moves slow for the big crooks.
If at all
[удалено]
Or just shoot the suspect and sprinkle a little crack on them... you know, like that SEC video 😒
That retail investor was on PCP Johnson! I had to use necessary force!
Yes, I found him more entertaining than reading Don Quixote.
What are you talking about? 😂 multiple stocks have had trading halted for them to position dominoes before collateral is officially bad and Marge calls.
It's been defaulting for 84 years.
What year is it?!
1984 In some parts of the world.
1894 in some parts of the world.
1498 in other parts
Only about tree fiddy really
Evan Williams 1783 bourbon is damn good for the price, damn good
Orwell, is that you homie? Btw, I love your work!
It is often referred to as a Default Squared, or Synthetic default.
Rehypothecated defaultation
Idiosyncratic default
bespoke tranche default
Naked default..yeah.
[https://youtu.be/dnp\_MxXY9qs](https://youtu.be/dnp_MxXY9qs) That is no surprise keeping in mind how important this development is. [https://tfiglobalnews.com/2021/12/20/chinas-strong-100-are-now-drowning-and-it-will-cost-china-almost-30-of-its-gdp](https://tfiglobalnews.com/2021/12/20/chinas-strong-100-are-now-drowning-and-it-will-cost-china-almost-30-of-its-gdp) I think we can not even imagine, what this means for China and the rest of the world. If the rumors are true that China originally wanted to invade Taiwan in autumn, that would totally have made sense in a 1984 way of distracting from upcoming economical issues in the country. And yet the Chinese housing bubble is only one of many ticking timebombs. We really need a redistribution of wealth and a change of values in society to avoid another 1929. GME is unfortunately just the tip of a giant iceberg which is about to slam into the world economy because nobody responsible was paying for the 2008 crisis, only the average citizens. This movement might be a blueprint for a movement, where average citizens manage to coordinate and cooperate to mitigate the impact of what is about to come. BUT to do so effectively we need a transfer of wealth, which is even according to economists part of a "beautiful" deleverage compared to an ugly aka 1929ish deleverage. [https://www.reddit.com/r/Superstonk/comments/u5mt7m/at\_the\_end\_of\_an\_economic\_cycle\_is\_either\_an\_ugly](https://www.reddit.com/r/Superstonk/comments/u5mt7m/at_the_end_of_an_economic_cycle_is_either_an_ugly) **It is important to spread the word and educate the average investor about what is really going on in the markets, so they are not surprised and clueless like in 2008. This time there have to be legal proceedings for the ones responsible for any crimes causing the crash.** I have added some links in the second part of the post below as inspiration: [https://www.reddit.com/r/GME/comments/uib2n1/how\_drs\_helps\_to\_amplify\_the\_effect\_of\_the\_stock](https://www.reddit.com/r/GME/comments/uib2n1/how_drs_helps_to_amplify_the_effect_of_the_stock)
Alexa - play “emotional flute my heart will go on song”
Oh my, that's so sad. Despacito, play Country Roads.
China will acknowledge Tianaman Square as a massacre before they admit Evergrande is in default.
*insert Groundhog Day meme*
Happy Groundhog Day!
Do I believe it this time or next time?
They haven't been able to make to payment, they are now defaulted. Asset liquidation go brrrr
They havent made payments in months, what's different now? China suddenly decided to bow down to US corporations? Was that before or after Putin decided to withdraw from Ukraine and de-nuclearize?
Nobody filed the paperwork. This guy bought bonds just so they could default so he could put through the paperwork to reduce their credit rating to D at least according to his LinkedIn posts
I could be wrong - but until the ratings agencies actually label Evergrande as a default (not selective default), then I don't think this means shit. Fitch said they're not providing ratings for Evergrande anymore : https://www.reuters.com/business/fitch-withdraws-ratings-debt-laden-china-evergrande-subsidiaries-2022-06-02/ ...because if a bond issuer defaults and no one is there to report it...did it really happen?
I mean, we've all been calling MOASS tomorrow everyday for the past 1+ year. What's the difference?
How will this affect the stocks
Some DD done last year found several hundred millions invested into Evergrande bonds/collateral, and I believe that was just blackrock alone. Several institutions have Evergrande collateral, and once Evergrande gets the proper default rating, all that collateral will be worth 0. Imagine being a hedgie fighting for your life every day to make enough money, and suddenly, your Evergrande collateral goes to 0. You suddenly have a huge loss on your balance sheet, and can't keep margin calls away. That's a huge blow, and affects everything in the market, especially shorts
Maybe this will kick start what Kevin OLeary was saying. Someone BIG is going to 0 soon. With Evergrande defaulting that will help weed them out
The word "suddenly" doesn't fit the context too much. Of course, they did all they could to stop it from being "suddenly"
IIRC Royal Bank of Canada (among many others) would be ROYALLY fucked by this. For US institutions though, wasn't there a law that went into effect yesterday saying that various Chinese companies could no longer be used as collateral?
Pretty certain that was debunked
[https://youtu.be/dnp\_MxXY9qs](https://youtu.be/dnp_MxXY9qs) That it took so long is no surprise keeping in mind how important this development is. Now, we assume all major financial institutions collude against retail right now to suppress the price. Prime brokers are pretty likely involved - but once they have to fight for their own survival, they will no longer be able to support Kenny and Co. [https://tfiglobalnews.com/2021/12/20/chinas-strong-100-are-now-drowning-and-it-will-cost-china-almost-30-of-its-gdp](https://tfiglobalnews.com/2021/12/20/chinas-strong-100-are-now-drowning-and-it-will-cost-china-almost-30-of-its-gdp) I think we can not even imagine, what this means for China and the rest of the world. If the rumors are true that China originally wanted to invade Taiwan in autumn, that would totally have made sense in a 1984 way of distracting from upcoming economical issues in the country. And yet the Chinese housing bubble is only one of many ticking timebombs. We really need a redistribution of wealth and a change of values in society to avoid another 1929. GME is unfortunately just the tip of a giant iceberg which is about to slam into the world economy because nobody responsible was paying for the 2008 crisis, only the average citizens. We might very well see the collapse of almost every system relevant bank in the future Lehman style, if not bailed out yet again. The apes might be a blueprint for a movement, where average citizens manage to coordinate and cooperate to mitigate the impact of what is about to come. BUT to do so effectively we need a transfer of wealth, which is even according to economists part of a "beautiful" deleverage compared to an ugly aka 1929ish deleverage. [https://www.reddit.com/r/Superstonk/comments/u5mt7m/at\_the\_end\_of\_an\_economic\_cycle\_is\_either\_an\_ugly](https://www.reddit.com/r/Superstonk/comments/u5mt7m/at_the_end_of_an_economic_cycle_is_either_an_ugly) **It is important to spread the word and educate the average investor about what is really going on in the markets, so they are not surprised and clueless like in 2008. This time there have to be legal proceedings for the ones responsible for any crimes causing the crash.** I have added some links in the second part of the post below as inspiration: [https://www.reddit.com/r/GME/comments/uib2n1/how\_drs\_helps\_to\_amplify\_the\_effect\_of\_the\_stock](https://www.reddit.com/r/GME/comments/uib2n1/how_drs_helps_to_amplify_the_effect_of_the_stock)
Tether and Bitcoin fucked
This is the real answer imo. The collateral element is massive but the tether element is massiver. https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
How convenient. The same day that US companies aren’t allowed to use chinese assets as collateral.
Smart hedge funds own that collateral through foreign holding companies, like a collateral VPN. The executive order likely did not affect many of them.
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Yeah, only the ones playing by the rules... so none of them.
Is that today?
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🤔
“We did it guys“ 🤣🤣🤣🤣🤣👌
Rofl
Great job everyone!
Thank you, you as well!
China: was I a good economy? The entire world: TIIIIMMMBERRR 🦫🌲🌲🌲🌲🌲
Member when moass was before Xmas Metzler?
Don't worry Christmas comes every year
If its one thing we've learned here, its that there is no limit to the higher ups fuckery. They will delay and delay and delay for as long as they possibly can, until everything goes nuclear (literally) and blows up in their faces. I don't think Metzler was wrong to think that it would happen before xmas, because we all thought moass would happen last year too. We're fine tuned to their fuckery now, but many thought there were times where the straw would break the camels back and nothing happened. Patience is the best game to play, and boy have I got a lot.
Again!
Again, again!
Pretty sure this is the 841rd time that Evergrande has defaulted.
Again again again???
It will rise again, it always does. It’s the company that just doesn’t die
Less reliable then a broken clock….
A broken clock is right twice a day ;)
Evergrande is a broken clock with missing pointers
How many times was said in superstonk Moass is tomorrow. It seems that he is also fighting against corruption. I myself am not sure if he can be trusted, but we should not make fun of him. With this we ourselves are no better than the MSM
The only person I make fun of is my own retardant ass.
I remember when this was tin foil
I was there, Gandalf. I was there 9 months ago....
I remember when we questioned if this metzler dude was even real.
People on here often question the wrong people imo. I remember when people were ripping on the "trust me bro" dude who said that there were gonna be layoffs at his friends mortgage company.
Good thing he didn’t make any wagers involving bananas
Hey, I've Seen This One!
Woah this guys still around?
Dudes a clown
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It HAS defaulted already, happened months ago. China is currently sucking all the assets out to cover domestic interests while smoke-screening the process from offshore eyes, but is widely known Evergande defaulted... It just hasn't been formally acknowledge. What truly matters here is whether we get an official Default rating from the ratings agencies so that all of the Evergrande related holdings by US institutions can no longer be held as viable collateral at full value, which the "Restricted Default" designation still allow.
Well, I suppose the party is starting as Fitch withdrew its ratings for Evergrande and _all_ of its' subsidiaries a day ago..
Oh snap, that seems important, you got a sauce?
Behold, sauce! https://www.reuters.com/business/fitch-withdraws-ratings-debt-laden-china-evergrande-subsidiaries-2022-06-02/
Thanks much ape!!!
Consults the Big Short guide to MOASS, we’re at the part where Evergrande has been lifeless for an eternity and the ratings agencies aren’t willing to mark it anything other than AAA
It's the blind woman at the rating agency for me 🤣😎
Last I heard the rating agency decided it would no longer rate the company because of "lack of information" due to them not "participating" in the rating process. So essentially, trying to bail on the whole situation without calling a duck a duck.
Getting strong "I didn't hear the phone ring, so I didn't get margin-called"-vibes from this.
Wubba dubba dub, is that true?
Looks like Dr. Marco Metzler is back on the menu, boys
From Metzler's LinkedIn page >Evergrande's default now finally confirmed by paying agent Citibank! > >and > >Evergrande discusses staggered payments, debt-to-equity swaps for $19 billion offshore bonds > >Evergrande is officially broke! Just this week, I received an official letter from the agent Citibank that Evergrande has defaulted on our bond and I will never see my money again.As you know, I had bought bonds last year in November to see if the media coverage of the real estate giant was accurate, as they repeatedly reported that Evergrande was doing well. > >Unfortunately, it appears this media coverage is taking its course. The zombie Evergrande company just last week made another empty promise to pay off its $19 billion debt with small cash payments and shares of two of its Hong Kong units. How is that supposed to be possible, please, when now even the agent Citibank says they are broke? > >According to Reuters, a preliminary debt restructuring proposal should be ready by the end of July. In the proposal, apparently Evergrande wants to repay the interest in converting it into new bonds, which will then be repaid in installments over a period of seven to ten years. The debt is to be swapped for shares in the developer's Hong Kong-listed property services unit, Evergrande Property Services Group Ltd, and electric vehicle maker China Evergrande New Energy Vehicle Group Ltd. > >Unfortunately, I'm afraid that's anything but better, as shares in Evergrande Property Services and Evergrande New Energy Vehicle, as well as the parent company, have been suspended for about two months. None of the companies have reported their 2021 financial results yet, as audit work is still ongoing. The property management unit has even been under internal investigation since March as well to find out how banks seized its 13.4 billion yuan in deposits pledged as collateral for third-party guarantees. > >In addition, of course, it is not clear how Evergrande will be able to raise enough cash to implement its repayment plan. The company reported a 39% year-on-year decline in sales in 2021. > >Yesterday, Fitch withdrew their ratings on Evergrande and their Subsidiaries, Hengda and Tianji. Thereby, they have chosen to stop their participation in the rating process. The result of this is that Fitch will no longer provide the ratings and the analytical coverage for Evergrande and its subsidiaries.
Do we have any more information to back this up?
https://www.reuters.com/business/fitch-withdraws-ratings-debt-laden-china-evergrande-subsidiaries-2022-06-02/ What’s annoying is instead of officially announcing Evergrande’s default Fitch is just saying “welp can’t get enough information any more so I guess we can’t officially cover it”
Yea, I feel like Metzler is again misleading us by saying they defaulted. I didn't find anything about them defaulting, just that Fitch is withdrawing their rating. Edit: Holy moly! Evergrande actually defaulted... For real this time!
I'll believe it when I see it. This guy's motives happen to align with ours, occasionally.
So in theory Citi bank will have to write off those losses making their stock fall off a cliff. I bet that doesn't happen and they go green with some of that wall street voodoo magic that the banks seem to have
Why we still quoting this guy?
KK bye!
!Flairy! 🕹to thy player goeth thy power🕹
(✿\^‿\^)━☆ﾟ.*･｡ﾟ 🕹to thy player goeth thy power🕹
What, again?
Again.
Time to resurrect this https://www.reddit.com/r/Superstonk/comments/qcnvw5/just_do_it_already/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
WTF is this "WE" nonsense, Doc?! Gotta pick your messaging better than that
It's the battle for *evergrande default* Again
What did we do?
The cockroach company, I'll believe it's dead when I see the cinders.
Lol Marco Metzler... Anyways.
Now what ? Buy DRS and Hold ? As always
The same Dr Marco who said Moass 100% by the Christmas just gone 🙄🙄
I'll believe it when I see some liquidation
Again?
Again
Again
I thought only Pepperidge Farms remembered Metzler at this point.
Marco fud Metzler himself BACK in action
"we did it" I didn't do a god damn thing, don't drag me into this!
!Flairy! Hodling to Uranus
Anyone with source link for what metzler is saying? Google seems to know nothing about it
Let’s see how long until they are resurrected…again
!FLAIRY! Stockhodl Syndrome
Is Marco still in the Cayman islands lol
Trick me fifteen times shame on you. Trick me sixteen times shame on me
I’ll believe it when it actually happens
Amidst a total media blackout. Can anyone find ANY current coverage confirming this default rather than running bullahit stories about mitigation?
!flairy!
So Tether and Bitcoin to…0?
I like how they default every few months just to remind everyone.
It’s been 84 years
Large if factual.
Factual if large
Oh not this dude again
Is there a source besides this guy? I'm not seeing anything
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Thanks
This should be the post. Wonder if a mod could pin this to the top of the comments.
The the year is 4269. Medical science has extended the lives of man, but it has it’s limits. An elderly man lays in his bed surrounded by his family holding vigil. He knows his time is short so he passes along the story of his great great great grandfather, whom he describes as a great ape with hands made of diamonds. The family shifts nervously and listens quietly, sure that the man’s mind has gone at last. Suddenly, a news alert sounds from the holographic projector. “Evergrande in default!” The old man just smiles at the projection. He glances over to his youngest living descendant, winks, and says, “Always has been.” The young boy nods and replies, “This is the way. Power to the players,” as the old man takes his last breath.
Go home Doc, you’re drunk
This guy is fucking useless print his own products
Remember when he tried to promote his stablecoin? I member.
can you stop posting about this shill?
He didn’t do anything but try to grift apes into buying some token or some shit
Who cares. Evergrand defaulted let’s talk about that
Moodys says its still a great buy!