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      07-19-2012, 11:01 AM   #86
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Interesting read.

For someone who knows very little about the Ring, but has been involved in global finance/investment banking working with various finance entities and securitization vehicles for ~ 20 years, I'm dissappointed that the "EuroDisney" aspect of the Ring was able to be financed outside a bankruptcy remote structure (allowing the creditors of the new EuroDisney access to assets outside new EuroDisney). The bankers who were hired by the owners of the Ring should have never allowed for a structure incorporating the financing in the same entity that owns the Ring (or a cross-collateralization of EuroDisney debt to the assets of the Ring).

Easier said than done and perhaps the EuroDisney project never gets financed in the first place without the pledge of the Ring assets, however jeapordizing the Ring with a real estate/entertainment development project seems absurd. The owners of theme parks do not allow for collateralization of the theme park when they want to finance related-hotel construction.
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