I have in my house bodeguita modest home, with several racks distributed throughout various parts of the floor. Logically, the storage conditions are not optimal. Therefore, I try to give rotation to prevent Some wines can go bad.
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| my home cellar (JMBigas, February 2011) |
But once I failed strategy. I have a bottle of Vega Sicilia UNICO, 1973, which I dare not open, just in case. Gave me the occasion of a birthday for many years and has survived the various stakes of the time (especially hot summers), has lived a move, and I do not, of course, that is in the best conditions for taste with pleasure. No But if SHALL CONDUCT A balance of my household goods, possibly could be worth many hundreds of euros (in fact I've seen an offer on the Internet by 475 Euros). The reality is that I do not think anyone would pay money for it, and that the pleasure I get in the end it will, of course, at that level.
By this I illustrate the fact that the overvaluation of assets is a widespread practice, which was just always used when needed, to hide the negative aspects of reality. The best evidence of this is the valuation of fixed assets carried out by financial institutions. Have floors had to be for non-payment of mortgages, and now part of its assets. Well, one story has a certain value (more or less, depending on the urgency of the sale, these days), but the price could be obtained by matching them with the evaluation of them as an asset is something that is still generating some distrust. And it would be harder still, the issue of half-finished developments that have also become the assets of banks or savings banks. Strictly speaking, its value in the current is zero. Clearly, if the entity is investing more money to complete, then it could be made in the housing market, and obtain a level of cash for them. Of course, this requires taking by financial institutions (at least temporarily) the work of developers, or builders, which are away from their areas of excellence.
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| Zoilo Ruiz-Mateos Rivero, President (or Chief Executive Officer ) New Rumasa (Source: World ) |
It seems that what is happening lately with the so-called New Rumasa has much to do with these practices. Notes issued with the guarantee hold some stocks, which should check and see if it is really achievable assets or museum pieces of sentimental value, period. And so forth.
these days are being hoarse shouting various representatives of the Ruiz-Mateos, to try to justify that the Group's assets are several times higher than the debt. As has been published in the press, of which the Ruiz-Mateos abjures constantly and always leaves them the real situation is far from being as bright as it tries to present. It is very worrying to complain about media treatment in which we invested in advertising and a half million euros.
But you never should do so, you could manage your small shop with the method of the two nails, one for bills to pay and one for cash receipts. But it is impossible to use a similar method to manage a conglomerate of 117 companies. So the markets have been providing regulatory and control methods, and good accounting practices. First to provide managers themselves the management of your company or group. And, second, and not least, to provide the necessary transparency of its management towards markets and investors.
has never been a holding, ie, has never undergone a consolidation of account balances rigor and transparency of the real situation of the group. Detailing the valuation of all assets, specifying the obligations of its debts and pending payments (to suppliers, social security, etc.) Take stock and to allow reliable and Profit and Loss Account to reflect the accounts of so true.
From what I've seen, I get the feeling that the very Ruiz-Mateos, at this point, ignore the vastness of the tragedy, its extent and quantification.
On Friday, Antena 3, was interviewed, absolutely pathetic (see ), Don José María Ruiz-Mateos father (80 years). In it, Matias Prats was moderately incisive, trying to Ruiz-Mateos would consider appropriate explanations. On the contrary, it drew all the time (which seemed to be pretty clueless) to vague conspiracy theories to a us against the world completely out of place, to defend its role as employer concerned main (only?) By employment and other trifles.
To see views of all colors, I had the mood to tune for quite some time with the media cave (Intereconomía TV) who performed a special Cat Water, dedicated to the New Rumasa. There was Zoilo Ruiz-Mateos (President or CEO of the group, according to sources), surrounded by the general director of one of the divisions, and after a couple of lawyers. My feeling is they do not know the true reality of the accounts. They do not have enough information to cover consolidated the size and dimensions of misery. Information to the press stating that the New Rumasa Social Security due to EUR 45 million, only devoted to discredit the opposing half and did not know any figures that would be credible (likely is that they do not, what is very serious).
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| press conference to announce the preconcurso of some companies in New Rumasa (Source: Intereconomia ) |
moderator of the party (and some talk show as well) tried to sneak the idea of \u200b\u200bcommissioning preconcurso ten companies of the group could be a strategy to stand up to the government, claiming the just compensation for the expropriation of 1983. I was very clear that there is no strategy, that the difficulties are real and very real.
face specific questions, Ruiz-Mateos son slipped with vague answers, I insist, I suggest ignorance, and not necessarily a bad intention, or strategy dilated. Which, for employees, creditors or investors is not an ounce of breath, on the contrary.
I can not believe that the greed by some very high yields has not slowed seasoned investors to risk their money in this venture, that appears increasingly as a pyramidal structure whose viability disappears when they stop entering new funds. Some information points in the direction that investors are not such, but believers. Will all of Opus Dei fellow, somehow obliged to release capital to sustain such a venture?. Actually, I can hardly believe it.
And in the meantime, regulators will necessarily become marginalized. Because Ruiz-Mateos were determined to carry forward this new initiative nineteenth century style, with special emphasis on efficiency populism and refused to enter the lasts established to ensure transparency to all.
On the other hand, continue to turn to compensation for the condemnation of the first Rumasa in 1983. By all appearances, there are court decisions favorable to them to make up for that taking. Marcos García Montes, present in the second half of the party, is one of those eternal lawyers in the case. He spoke of just compensation made from the value of the expropriated property would be today (which I think is a presumption exaggerated), for which the State should compensate the Ruiz-Mateos to the amount of 18,000 million Euros (three billion pesetas). However, it was clear that what they're hoping is that the government agrees to sit down and negotiate. If it is the case, perhaps it could reach an agreement for a portion of this amount, third, fifth, tenth or whatever.
If they get that money, the best we can do is pay off debts first, and distribute what is left in the family, and live happily the rest of their lives. But the others to leave us alone, this country has always gone left as saviors of the nation as for a public presence to these ways and these ways, to bring us anything positive.
The drama will, as always, much of the group's 10,000 jobs will be lost. Some businesses may be sold to third parties to make them profitable and viable, but others are probably already lost to the cause. Settlement looming in which other citizens, without eating or drinking, we will be playing again pay the piper.
As souvenir shops , will hang up the classic little sign that He who breaks, pay, or more sibilant of part broken, part sold.
JMBA
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