tanista

Let Satyam Go Bankrupt

They Paid healthcare premiums and salaries.

There is no need for bailout at this time

The old bd requested the $ and were sacked. The new bd has not requested money. No need to at this time.

www.bloomberg.com/apps...
Money Owed

The extent of aid needed will depend on the money Satyam is likely to receive as payment from customers for work it has rendered, Parekh told Bloomberg. Satyam has 17 billion rupees ($347 million) of pending payments from clients, he said. The audit will take eight to 12 weeks, Parekh said.

``The company has not asked for any package, they may not need that,'' minister Gupta said.

Satyam is seeking executives to replace managing director Rama Raju and chief financial officer Srinivas Vadlamani. The executives and founder Ramalinga Raju will seek bail tomorrow after having been remanded to custody until Jan. 23.

Former interim Chief Executive Officer Ram Mynampati had asked the government to provide 1.5 billion rupees in assistance to help the company meet payments on health insurance costs for employees based in the U.S., Economic Affairs Secretary Ashok Chawla told reporters in New Delhi today. Mynampati served for less than three days before the government sacked the board.


Just coming in and everybody in media said nothing existed which was false

Health Care Paid

economictimes.indiatim...

The IT major, reeling under the crisis of The Great Fall of Satyam
Five facts about Satyam
The Satyam scam
confidence since its disesteemed promoter confessed to faking books of accounts, has paid off health insurance premium for its employees in the US, government sources said.

The payment, estimated to be in the region of $25-30 million and made by the scandal-scarred company from its own resources, relieved Satyam employees of a big worry and reinforced the growing estimate that Ramalinga Raju's claim that the company had Rs 1,100 crore in receivables could be correct.

"He may have been right on that count," said sources familiar with the findings of the inspection of Satyam's books.

The good piece of news came on a day when government betrayed clear signs of wariness over the idea of bailing out the company. Sources stressed that a bailout has to be for an industry as a whole rather than an individual company. "Or else, it will set a bad precedent, encouraging moral hazard," a senior PMO source said.

It was also being realised that a bailout would make the government liable to any damage that arises from the class action suits filed against Satyam in the US.

Members of the reconstituted Satyam board - HDFC chief Deepak Parekh, former NASSCOM head Kiran Karnik and C Achuthan, formerly with Sebi Appellate Tribunal, are likely to apprise the government of their assessment of the company's financial health.

A confident Karnik told TOI on Wednesday, "It is a very viable organisation and it will make profit in a few months."

Karnik acknowledged that finding cash would be a major worry till the accounts had been verified by the company's new auditors KPMG and Deloitte, whose appointment was announced on Wednesday. He also conceded that holding on to clients and workers being eyed by rivals represented a major challenge.


Also Read
→ Satyam’s loss could be TCS’ gain
→ Ramalinga Raju's hasty arrest stalled probe: SEBI
→ Satyam will make profits, but needs working capital: Karnik
→ Fact finders: Satyam ropes in KPMG, Deloitte
→ Rattled Big 4 rush special teams to India


On his part, Karnik also did not seem inclined towards a bailout package from the government. "It will adversely affect the company's reputation," he said, adding that the company would prefer to raise funds from equity holders and banks.

The former NASSCOM chief said the option of splitting Satyam into two ventures was not on the immediate horizon of the board. "We are right now solely focused on the company's revival. The options of merger, sale or splitting the company into two can only be considered in future," he said.

Salaries Paid

economictimes.indiatim...

MUMBAI: Employees at Satyam Computer Services Ltd’s US offices can breathe easy, as the beleaguered company has made arrangements for the January
payroll, which is paid fortnightly.

Let Satyam Go Bankrupt

Latest No money needed and that's why the new bd hasn't asked.

us.etrade.com/e/t/inve...

Related Quotes
Sym. Price Chg.
SAY Trade
News 0.99 -0.24
3rd UPDATE: India Min: New Satyam Bd Hasn't Asked For Cash

Jan 15, 2009 09:51:50 (ET)


(Recasts, adds minister's comments from press conference, details)

NEW DELHI (Dow Jones)--The new board of Satyam Computer Services Ltd. (SAY) hasn't asked the government for financial help, India's federal corporate affairs minister said Thursday while appointing three new directors for the software exporter.

"The first impression from government-nominated directors about the company is that its operations are sound and, by and large, major customers are willing to remain with the company," Corporate Affairs Minister Prem Chand Gupta told reporters.

He added that the board will decide on the appointment of a new chief executive officer and a chief financial officer for Satyam, which is being probed for accounts fraud.

Gupta was speaking at a press conference to announce the names of Satyam's new directors: Suryakant B. Mainak of Life Insurance Corp.; Confederation of Indian Industry Chief Mentor Tarun Das; and former Institute of Chartered Accountants of India president TN Manoharan.

They join the three other directors - Deepak Parekh, chairman of Housing Development Finance Corporation; Kiran Karnik, former president of information-technology industry body Nasscom; and C. Achutan, a former member of the Securities and Exchange Board of India - who were appointed on Jan. 11.

Earlier Thursday, a senior government official said that the government had not acceded to a request from Satyam's previous board for financial assistance of INR1.50 billion ($30.6 million).

Federal Economic Affairs Secretary Ashok Chawla said that the government had received an e-mail from then-Satyam interim chief executive Ram Mynampati who noted that the company needed assistance to pay health insurance liabilities of its U.S. employees.

"But I have been told that it has been taken care of by the company," said Chawla.

The Times of India had reported Thursday that Satyam had paid employee health insurance premium in the U.S. of about $25 million to $30 million.

"The government at this stage is not looking at any kind of direct assistance or bailout to Satyam. It is not under consideration at the moment," Chawla said.

Co May Pledge Assets

Satyam board member Deepak Parekh, without providing details, told reporters earlier in the day that the company plans to raise money by pledging assets.

He added that Satyam has receivables totaling INR17 billion ($347 million), less than the INR25 billion a senior government official had mentioned earlier this week.

Parekh had said Monday the company will have adequate liquidity if clients maintain payment schedules.

Mynampati, a former Satyam board member, had taken over as interim chief executive after founder B. Ramalinga Raju's disclosures last week that he overstated profits over several years and created a fictitious cash balance of more than $1 billion.

Raju, his brother and co-founder B. Rama Raju, and chief financial officer Srinivas Vadlamani have already been arrested and are being held on complaints of cheating, forgery and breach of trust.

Mynampati was subsequently removed after the government stepped in and disbanded the board and appointed new directors.

The new board Wednesday appointed Deloitte Touche Tohmatsu International and KPMG as interim auditors to assess the company's financial health and restate results.

Auditor Begins Work

KPMG Thursday said that it has started working with the new Satyam board.

"The scope of work and the terms of reference are being discussed with a view to their finalization," a KPMG spokesperson told Dow Jones Newswires.

"It is our understanding that the scope of work to be finalized is not reserved for chartered accountants registered with Institute of Chartered Accountants of India (ICAI)," he added.

For several years, Satyam's accounts were audited by Price Waterhouse, which said Wednesday that its reports shouldn't be relied upon.

Minister Gupta said Thursday that the Institute of Chartered Accountants of India is probing the auditor's role in the accounts fraud.

Insider Trading Probe

Gupta told Dow Jones Newswires early Thursday that agencies investigating the case will also look into alleged insider trading by Satyam executives.

Former directors and other executives had sold 258,358 shares in Satyam during the second half of 2008, according to filings submitted to the Bombay Stock Exchange.

Chief Financial Officer Vadlamani sold 92,358 in two separate block deals in September, according to the data.

The price at which these shares were sold wasn't disclosed, but Bloomberg reported that top Satyam officials had sold a combined 267,358 shares worth $1.8 million since July 14.

In the same period, stockholdings by founders in other companies which are part of the BSE's benchmark Sensex didn't change as much.

Investors continued to punish Satyam shares Thursday, with the stock closing down 32.2% at INR20.30 on the BSE. The broader Sensex index fell 3.5%.

Satyam's clients include several Fortune 500 companies, such as General Electric Co., General Motors Corp. and Nissan Motor Co.

-By Mukesh Jagota, Sunil Raghu, Rakesh Kumar and Romit Guha, Dow Jones Newswires; 91-9900181471; [e-mail]

(Abhrajit Gangopadhyay and Gurdev Singh Virk in Mumbai contributed to this report)

(END) Dow Jones Newswires

January 15, 2009 09:51 ET (14:51 GMT)

Name Brand Stocks on the Edge of Obliteration

GGP extended their loans till March 15th.

Update You Website. Or are you in with Reuters and delaying the news since you hold a Short Position.

finance.yahoo.com/news...

General Growth gets 6-week loan payment extension
General Growth Properties gets loan payment extension till mid-March
Saturday January 31, 2009, 4:11 pm EST
Yahoo! Buzz Print Related:General Growth Properties Inc.
CHICAGO (AP) -- Troubled mall operator General Growth Properties Inc. has reached agreement with lenders on a six-week extension for payments just as they came due.

The company announced the agreement Friday night as a deadline on the loans was expiring. The new deadline is March 15.

The loan totals were not disclosed in the brief announcement. The Wall Street Journal, citing people familiar with the talks, said they are for more than $4 billion combined.

The company's Chicago headquarters offices were closed Saturday and attempts to reach a spokesman for comment were unsuccessful.

General Growth, the country's second-largest mall owner, is saddled with huge amounts of debt it took on during the real-estate market's boom years when it aggressively bought up assets. Refinancing that debt has proven difficult amid a global credit crunch.

The company owns or manages more than 200 shopping malls in 44 states.

Let Satyam Go Bankrupt

"Satyam has not sought govt help"
Prem Chand Gupta, India’s corporate affairs minister, said that Satyam Computer Services has not sought financial help from the government as the new board is working on reviving the company. Gupta was speaking to reporters after a cabinet meeting in New Delhi on January 15. (less)

video.msn.com/dw.aspx?...

Sufficient Receivable with Triple Rated Companies.

1,700 CR latest update on Receivables

Let Satyam Go Bankrupt

Saytam Officials meet with World Cup.

www.bloomberg.com/apps...

Satyam Meets FIFA Officials to Reassure About World Cup Work
Email | Print | A A A

By Tariq Panja

Jan. 15 (Bloomberg) -- Satyam Computer Services Ltd., the Indian software exporter facing fraud allegations, is reassuring soccer’s governing body that the company can continue its role in the 2010 World Cup, a company executive said.

Dilbagh Gill, Satyam’s head of sport, spent two days in Zurich this week with FIFA officials, Sridhar Maturi, who runs sports marketing at Satyam, said in an interview today.

Satyam, which in November was named as the first Indian company to sponsor a World Cup and meant to be FIFA’s official information technology provider until 2014, has lost 89 percent of its market value since founder Ramalinga Raju said Jan. 7 that he’d fabricated $1 billion in cash and assets.

The soccer organization “is monitoring the situation related to Satyam, a company which provides services of technical support to FIFA,” according to a FIFA statement. “At this stage and until we have more information, it is too early for FIFA to make any further comments on the matter.”

Maturi said Satyam’s work for FIFA, which includes devising the operating software for online ticket sales, has been “uninterrupted” by the alleged fraud and the subsequent removal of the company’s board.

“We have shared the developments at our end with FIFA and we will keep them up to date with our work here,” he said.

Satyam is India’s fourth-largest software exporter, with offices in the U.S., the U.K., Brazil and Australia.

“It’s something that’s happened and is unfortunate,” Maturi said. “On the ground level we’ve not been affected, everything is intact.”

Nestle SA, the world’s largest food company and a Satyam client, said this week it is considering alternative solutions to avoid disruption of information technology operations. Telstra Corp., Australia’s largest telephone company, said Satyam’s disclosure will be a factor when it cuts two of its four major information technology suppliers this year.

The Indian company also writes software and manages computer systems for companies such as General Electric Co. and ArcelorMittal, the world’s largest steelmaker.

To contact the reporters on this story: Tariq Panja in London at [e-mail];

Last Updated: January 15, 2009 10:59 EST

Let Satyam Go Bankrupt

More Receivables found RS 1,700 CR

news.in.msn.com/busine...

profit.ndtv.com/2009/0...

Let Satyam Go Bankrupt

They do not need a bailout because they had it in Receivables.

economictimes.indiatim...

The payment, estimated to be in the region of $25-30 million and made by the scandal-scarred company from its own resources, relieved Satyam employees of a big worry and reinforced the growing estimate that Ramalinga Raju's claim that the company had Rs 1,100 crore in receivables could be correcty found

..
BK isn't in the Cards and the author here doesn't know what SAY has..obviously didn't know the RS 1,100 Crore found.

America Needs an Independent Clearinghouse for OTC, CDS

The UCC Article 8 needs removed and the Naked Short Selling a company into the ground needs abolished.

Uniform Commercial Code Article 8 provided for the creation of “securities entitlements” or “placeholder securities” to credit to the brokerage account of the purchasers of securities that encountered delivery delays.

The shares were collateralized into debt as CDS's over and over till the companies went to zero in many cases. Whether to zero or significantly lower it is still fraud.!!

thesanitycheck.com/Blo...

Banks on the Verge of a Nervous Breakdown

Stocklobster,
If you know so much about your business then why did you have the Wrong ticker Symbol?

Was it requested by the IHUB Cronies.?

Report was sent regarding to the SEC.

New Enforcement Rules on Rumors and Manipulation.

Banks on the Verge of a Nervous Breakdown

CITIGROUP is Not CIT. WRONG TICKER SYMBOL listed. It's C.
CIT is CIT Group and have actually cleaned up their balance Sheet!

Options Trader: 9/11 Redux

Should be
MER has General distress of $83.5 Billion


On Sep 13 02:39 PM tanista3scep wrote:

> MER has to pay at least $12 Billion for ARS fraus /settlement. They
> sold worthless paper.
>
> ER has General distress of $83.5 Billion
>
> bankimplode.com/blog/2.../
>
> This Financial Demise is the result of the Crooks working together
> for so many years.
> The FRB, SEC(COX) failing to protect investors and prevent the artificially
> inflated prices in the first place and allowing the ridiculous Executive
> Stock Options, along with the derivatives and Naked Short Selling
> practices that these firms are in fact largely responsible for, the
> DTCC for failing to prevent x-clearing and balancing transaction,
> the brokers, the MM's, the Media, esp. CNBC, & Barrons, Cramer.,Paulson
> , Bernahke, Rating Agencies esp Buffet (Moody's - huge ownership),
> Pimco - Gross (Fitch Ratings). Huge Conflict of Interest but they
> have all colluded together. They are going down.
>
> AIG will fair better than MER, MS, GC. It doesn't have money to be
> pulled out.
>
> Google Jekyl Island and understand the Crooked FRB and that it in
> fact is Not a Government Institution.
> On Sep 11 08:33 PM Alex Sebastian wrote:

Options Trader: 9/11 Redux

MER has to pay at least $12 Billion for ARS fraus /settlement. They sold worthless paper.

ER has General distress of $83.5 Billion

bankimplode.com/blog/2.../

This Financial Demise is the result of the Crooks working together for so many years.
The FRB, SEC(COX) failing to protect investors and prevent the artificially inflated prices in the first place and allowing the ridiculous Executive Stock Options, along with the derivatives and Naked Short Selling practices that these firms are in fact largely responsible for, the DTCC for failing to prevent x-clearing and balancing transaction, the brokers, the MM's, the Media, esp. CNBC, & Barrons, Cramer.,Paulson , Bernahke, Rating Agencies esp Buffet (Moody's - huge ownership), Pimco - Gross (Fitch Ratings). Huge Conflict of Interest but they have all colluded together. They are going down.

AIG will fair better than MER, MS, GC. It doesn't have money to be pulled out.

Google Jekyl Island and understand the Crooked FRB and that it in fact is Not a Government Institution.
On Sep 11 08:33 PM Alex Sebastian wrote:

> Anyone have any opinions on why Merrill is getting shitk*cked so
> badly? I mean I have puts so I'm happy, but I'm still a little confused
> why it has lost around $10 in 3 days...?

Attention Locusts: The Party Is Moving to Merrill and AIG

This Financial Demise is the result of the Crooks working together for so many years.
The FRB, SEC(COX) failing to protect investors and prevent the artificially inflated prices in the first place and allowing the ridiculous Executive Stock Options, along with the derivatives and Naked Short Selling practices that these firms are in fact largely responsible for, the DTCC for failing to prevent x-clearing and balancing transaction, the brokers, the MM's, the Media, esp. CNBC, & Barrons, Cramer.,Paulson , Bernahke, Rating Agencies esp Buffet (Moody's - huge ownership), Pimco - Gross (Fitch Ratings). Huge Conflict of Interest but they have all colluded together. They are going down.

AIG will fair better than MER, MS, GC. It doesn't have money to be pulled out.

Google Jekyl Island and understand the Crooked FRB and that it in fact is Not a Government Institution.

Attention Locusts: The Party Is Moving to Merrill and AIG

No, It is Not too late to bail out of MER, MS, GS

They are going down too or wouldn't be in the LEH emergency mtg. this weekend.

One by One, these CROOKS will FAIL.

MER is 17 that's much better than ZERO!

same with MS and GS GET OUT!

Attention Locusts: The Party Is Moving to Merrill and AIG

Why did Merril sell the shares of registered securities in certificate form without getting approval? They illegally Naked Short Sold the Shares. They are in a heap of trouble.

The Naked Short Sellers now are eating off of each other . They are doing what they have done to the rest of the securities for years esp. the OTCBB.

The cost to raise money through placements gets higher and higher as the share price plunges. Now they are getting payback.