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...with a pseudonym. Most of it came from the refinancing of a 1999 Brazilian deal, under which Bank of America raised $300 million from U.S. investors to acquire a stake in Parmalat's Brazilian group. News of the transaction sent Parmalat stock soaring 17% in a single day, as investors were cheered by the idea that Americans were buying into the company. The transaction is now a central element of Bondi's case against the bank; he says it made a loan look like an equity infusion, a charge the bank denies. The refinancing was even more controversial: Sala admitted...
...idea how bad things were about to get. Parmalat was trying to style itself as the "Coca-Cola of milk," and Ferraris, 46, a former Milan-based corporate banker for Citigroup, had spent six years building its operations in Canada and Australia. But in late February the company stock had nosedived when the firm's irascible CFO, Fausto Tonna, announced an unexpected new bond issue - a fresh increase in corporate debt - that came on the heels of several other big capital-raising moves. Parmalat's founder and lifetime CEO, Calisto Tanzi, called back the bonds the following day and replaced...
...fees for doing so. In the company's final weeks, Deutsche Bank took on the assignment of helping it work with Standard & Poor's, which kept its "investment grade" rating on the firm until 10 days before the collapse. And analysts worldwide encouraged investors to keep buying its stocks and bonds. According to one study, 75% of the analysts covering Parmalat had a "buy" or "neutral" rating on the stock three months before it collapsed. Were these financial stalwarts victims of Parmalat's deceptions? Or, as the failed company's bankruptcy administrator Enrico Bondi alleges, were they more like well...
...station called Odeon TV that it hoped to build into Italy's third major network, but which collapsed after three years. To stave off bankruptcy, Tanzi engineered a so-called reverse merger, under which it sold itself to a dormant holding company already listed on the Milan stock exchange. The combined firm then raised about €150 million from outside investors. That enabled Parmalat to go public in 1990, and plug some of the gaps in its accounts; at the time it had a market value of around €300 million. But as early as 1993, Parmalat allegedly began...
...number of reasons, although it's not known who was responsible for Olivetti's move. In December 2002, a full year before the company collapsed, Joanna Speed, Merrill Lynch's food industry analyst in London, became the first big bank analyst to issue a "sell" recommendation on Parmalat stock; she found the accounts incomprehensible. Despite such misgivings, however, business continued as usual. Six months before the collapse, Kenneth Lewis, the chief executive of Bank of America, flew to Parma to pay a call on Tanzi. Ferraris recalls that the June 2003 meeting with Lewis was cordial. If the American...