Manipulating the market
I was unaware that a ‘vulture’ funds bought into Thames at 60%
The market value of the debt is already implying 30% writedowns. Some of the opportunistic vulture funds are thought to have got in at as low as 60p in the pound; Reed and Ofwat, the water regulator for England and Wales, would look like fools if they approved, in effect, hefty day-one paper profits for them.