The News Review:
- Michael Jackson to Auction Belongings
- Auction-Rate Bonds Claiming Victims Year After Market Collapse
- Fortunoff Stops Honoring Gift Cards as Auction Nears
- JGB futures dip longer bonds fall before auction
Michael Jackson to Auction Belongings
TheCelebrityCafe.com NY -
The King of Pop is set to hold a live TV auction to get rid of items from his Neverland Ranch in April. The singer who began his career in 1970 and once spent an excess on fine paintings rugs and the like will relinquish upwards of 2000 of his possessions. According to Juliensauctions. com these items include his American Music Award for “Thriller” his rhinestone sox a la 1981 a Roland digital piano and several other paintings records and other memorabilia. Among the most notable of items are the gates to Neverland Ranch.
Auction-Rate Bonds Claiming Victims Year After Market Collapse
Bloomberg -
20 (Bloomberg) — Mike Stelzer expected to retireafter selling his cattle ranch outside Bakersfield California. Instead the 73-year-old is raising Holsteins on leased landunable to quit because a chunk of his $2 million nest egg isstuck in auction-rate securities paying next to nothing. ?I have lost all faith in bankers and Wall Street? saidStelzer who invested the proceeds from the sale of his ranch inthe securities through San Francisco-based Wells Fargo & Co. A year after collapsing the one-time $330 billion marketfor debt with rates typically set every 7 28 or 35 days isstill claiming victims. Investors are stuck with as much as $176billion of the securities even after regulators forced banks tobuy back more than $50 billion of auction-rate debt that wasmarketed as safe cash-like instruments. The market?s meltdown the result of the seizure in creditmarkets initially left investors with bonds they couldn?t sellthough the securities paid interest at rates as high as 20percent.
Fortunoff Stops Honoring Gift Cards as Auction Nears
Bloomberg -
19 (Bloomberg) — Fortunoff Holdings LLC the bankruptluxury-goods chain stopped honoring all gift cards as it prepares toauction its assets next week. The jewelry retailer is working with creditors to find a way toresume accepting the cards said Lori Rhodes a spokeswoman for NRDCEquity Partners LLC Fortunoff?s owner. Rhodes said today in atelephone interview that she didn?t know when this might occur. ?As a result of Fortunoff?s recent bankruptcy filing and theoperation of bankruptcy law Fortunoff can no longer accept giftcards as payment within any of its stores or online? Rhodes said inan e-mail. Fortunoff based in Uniondale New York sought protection fromcreditors on Feb.
JGB futures dip longer bonds fall before auction
Reuters -
But bonds were underpinned by concerns about the depth andlength of Japan’s economic recession. Losses in cash JGBs were led by 30-year and 20-year paperwhich steepened the yield curve. “Market players may be starting to prepare for an auction of20-year JGBs next week” said Tatsuo Ichikawa senior ratesstrategist for RBS Securities.
Related from Yolog: Japan’s 10-Year Bonds Fall; Surge in Sales Cools Auction Demand