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TEPCO Shares Suspended After Nationalization Report; Billions Of Capital In Flux  Zero Hedge

As reported earlier on Zero Hedge, the next step for TEPCO is most likely nationalization. While this is likely great for bondholders (if an American bailout model is consumed where there is no creditor impairment), it is not that hot for shareholders, who may lose most/all of their investment. Not surprisingly, we have just heard from Reuters that TEPCO shares are now suspended following the earlier nationalization reports: "Tokyo Electric shares were untraded due to a glut of sell orders at 626 yen, down 10 percent from Monday's close. The stock has lost 70 percent since the earthquake and tsunami." And so, the rules change in the middle of the game once again. Only this time it was visible from a mile away.

Also reported in WSJ.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Mar 29th, 2011 at 09:59:33 PM EST
Also predicted on ET two weeks ago.

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Carrie (migeru at eurotrib dot com) on Wed Mar 30th, 2011 at 02:08:06 AM EST
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by das monde on Wed Mar 30th, 2011 at 02:47:47 AM EST
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Is this the same guy who was so shocked by the PM barging into his HQ asking 'WTF is going on here?' and setting up a crisis office there headed by himself two weeks ago  that he spent two days 'ill' in another wing of the building?

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Carrie (migeru at eurotrib dot com) on Wed Mar 30th, 2011 at 02:52:08 AM EST
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The same, Tokyo Electric Power Co. President Masataka Shimizu.
by das monde on Wed Mar 30th, 2011 at 03:56:59 AM EST
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This is the guy whose whereabouts remain mysterious, and who is rumoured to have left the country and/or committed suicide.
by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Mar 30th, 2011 at 05:17:10 AM EST
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Vanishing act by Japanese executive during nuclear crisis raises questions - The Washington Post
Amid rumors that Shimizu had fled the country, checked into a hospital or committed suicide, company officials said Monday that their boss had suffered an unspecified "small illness" because of overwork after a 9.0-magnitude earthquake sent a tsunami crashing onto his company's Fukushima Daiichi nuclear power plant.

...

Vanishing in times of crisis is something of a tradition among Japan's industrial and political elite. During Toyota's recall debacle last year, the carmaker's chief also went AWOL. "It is very, very sad, but this is normal in Japan," said Yasushi Hirai, the chief editor of Shyukan Kinyobi, a weekly news magazine.

...

Shimizu's vanishing act "is not so much extremely strange as inexcusable," said Takeo Nishioka, the chairman of the upper house of Japan's Diet, or parliament. Speaking to reporters, Nishioka described as "mysterious" Shimizu's refusal to join the head of the nuclear safety agency at a briefing on the crisis for parliament. "I cannot understand this," Nishioka fumed.



So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Carrie (migeru at eurotrib dot com) on Wed Mar 30th, 2011 at 05:36:26 AM EST
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I keep imagining a possible conversation between PM Kan and TEPCO's management on march 15.

In it, the PM basically tells TEPCO "this is probably going to cost more to clean up than the legal cap on your liability, which I'm pretty confident you're not insured for. In addition, you're going to have to write off the reactors. Taken together, these losses mean you're probably bust. Since you're a strategic service provider, we'll have to bail you out or take you over when this is all said and done. I'll tell you what - we'll take you over right now, instead, and direct the emergency operations ourselves".

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11

by Carrie (migeru at eurotrib dot com) on Wed Mar 30th, 2011 at 05:29:48 AM EST
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Me too, but I would have been shouting. :-)

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Mar 30th, 2011 at 09:42:51 AM EST
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I cannot even imagine how "WTF is going on here?" sounds in Japanese. I bet the Prime Minister didn't deliver the meaning with a polite 2-paragraph circumlocution.

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Carrie (migeru at eurotrib dot com) on Wed Mar 30th, 2011 at 10:41:59 AM EST
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TEPCO: Rumors That CEO Masataka Shimizu May Have Fled Country
the odds grow that a nationalization will wipe out all the equity
No, no, no!!!111one

The odds grow that TEPCO will become insolvent, wiping out all the equity and requiring a nationalization.

Nationalization doesn't wipe out equity: an equity wipeout requires nationalization. Where do these narratives come from?

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11

by Carrie (migeru at eurotrib dot com) on Wed Mar 30th, 2011 at 05:48:30 AM EST
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Where do these narratives come from?

From people who want to externalize the blame? Aided and abetted by journalists and politicians who instinctively use the third person impersonal to avoid offense?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Mar 30th, 2011 at 09:46:10 AM EST
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From Chicago?

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Wed Mar 30th, 2011 at 01:02:49 PM EST
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