In February 2005, while the Convertible Bond market languished in a vicious volatility crunch, Lehman Brothers in Tokyo stunned the market, privately financing a Moving Strike Convertible Bond for Livedoor. The Yen 80bn deal, worth approximately US$750m, purportedly made Lehman Brothers US$140m. But at what cost?

Livedoor was later found to be an Enron style fraud, and the flamboyant Chief Executive Takafumie Horie faced jail.

Using the Livedoor MSCB as a case study, Nic examines some of the risks and pitfalls of Private debt financing, and what Auditors, Compliance, Investigators and Litigators should be on the lookout for.

#privatedebt #deathspiral #Japan

#finance

More about SKADI:

Website: www.skadilimited.com

X: https://x.com/skadilimited

Linkedin: https://www.linkedin.com/company/skadi-limited

Instagram: https://www.instagram.com/skadilimited/