Chelsea Billionaire Upset About Losing on INBS Subdebt

A regular source of debate on this website has been the question of who exactly holds the subdebt of insolvent Irish financial institutions. Widow and orphan funds? Credit unions?

How about Russian billionaires who own English football clubs?

Oct 1 (Reuters) – Russian billionaire Roman Abramovich may take legal action against the Irish government over its decision to make subordinated bondholders in Irish Nationwide (INBS) [IRNBS.UL] pay part of the bill for dealing with the building society’s huge property losses.

“We urge Irish authorities to re-consider their position on INBS subordinated bonds and come out with a detailed plan on what is going to happen to this institution,” a statement from Abramovich’s investment vehicle Millhouse said in a statement.

“In the meantime, we are fully prepared to vigorously defend our position using all possible legal means.”

I’m sure all right-thinking people will be wishing Roman well in his quest to take money from Irish taxpayers to free up extra funds for him to spend on Frank Lampard’s wages.