haben dei wohl kein Geld mehr und das heißt das das JV null und nichtig wird!
Wenns stimmt!!!!
Maximus muscles in with asset-backed paper woes
2007-08-20 18:46 ET - News Release
Mr. Francois Viens reports
MAXIMUS COMMENTS ON STATUS OF SHORT-TERM INVESTMENTS
Maximus Ventures Ltd. has felt the impact of recent disruptions in global credit markets on $4.8-million of its $5.4-million in cash and short-term investments. The amount of $4.8-million was invested in Canadian asset-backed commercial paper (ABCP). The remaining $600,000 is held in cash not affected by this situation.
Maximus's portfolio of short-term investments meets the criteria of its investment policy and was invested on the basis of professional advice from a major financial institution. The company invested $800,000 in Ironstone Trust E, $2-million in Rocket Trust E and $2.0-million in Appsley Trust E. Each of these instruments matured last week but their maturities were not met and they remain outstanding.
The company's ABCP investments were all rated R1-High (highest rating available for short-term commercial paper) by the Dominion Bond Rating Service (DBRS) at the time they were purchased. While the DBRS announced last week that the investments are under review, the DBRS has rated the above trusts and their underlying assets as R1-High.
A consortium representing banks, asset providers and major investors has agreed in principle to take significant steps to re-establish normal operations in the market for Canadian asset-backed securities. These steps include all investors in such ABCP issuers to exchange their holding in each issuer for long-term note on an individual issuer and series basis. The term of the note would match the term of the assets within that ABCP issuer and series. The company continues to monitor these developments.
Maximus currently believes that it has sufficient cash available to meet its short-term financial obligations. The company is also working to have in place a line of credit as a short-term solution to this situation and will provide additional information shortly.
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