You know a crisis is real when it claims celebrity victims.
Out of London the big news is that a subsidiary of a $4.5 billion property investment company backed by HBOS has gone bust. Shareholders could walk away empty handed.
Times (UK): The plummeting property market claimed a host of celebrity victims yesterday when companies whose investors include Sir Alex Ferguson, Sir David Frost, and Grant Bovey collapsed into administration.
Frost was the chairman of the aAIM Group Advisory Panel through late last year.
Bovey is a big time UK property developer.
AAim spent billions of pounds on properties in Britain and mainland Europe, before the market fell last summer. Property prices in Britain have dropped by as much as 35 per cent since then. AAim had a number of well-known sponsors. Sir Alex, the Manchester United manager, was still listed as a founder shareholder and investor last night.
Sir David, the veteran TV presenter, tells potential investors: “I have first hand experience of aAim’s approach and style of investment. The team here has impressed me greatly.”
…Simon Cowell, the pop impressario who is a judge on the reality TV show The X Factor, has also been linked with the company.
Why do we get the feeling that Us Magazine will soon be on the real estate beat?