Thursday, August 14, 2014

Sale Unlocked!!!!

The sale has finally taken a turn for the better. An agreement has been reached between Bankia and Lim. Now, there is just the wait for the official announcement!!

Recently, there have been protests in the streets of Valencia by the fans to pressure Bankia into accepting Lim as the new owner. Also, Salvo traveled to Singapore to meet with Lim to decide how to deal with Bankia. Remember that Bankia wanted 200 million in personal guarantees for the debt, having changed the conditions from the June 6 agreement. Lim did not want to do that since it wasn't part of the original agreement. He felt his word was good enough and that he already met enough of Bankia's conditions.

At first, neither side was willing to give in to the demands of the other. However, with just one day left to the deadline, Lim was willing to step forward, be the bigger man, and offer a compromise. He would offer a guarantee not of 200 million euros, but for about 140 million euros. To this Bankia seems to have agreed and everything has fallen into place. Now with the Porchinos case and the complications with Bankia settled, everyone is awaiting the official announcement!