Roman Abramovich, the Russian tycoon best known for owning Chelsea Football Club, is not pleased with Ireland.
His asset management firm, Millhouse LLC, could lose up to £126 million ($200 million), according to The Telegraph.
The loss stems from subordinated debt in Irish Nationwide Building Society, that was formerly backed by the Irish government. But that backstop has now run out and bondholders may be about the foot the bill for the debt, and part of the bailout, if the Irish government gets its way.
The Irish finance minister recently said that bondholders would be expected to provide a “significant contribution toward meeting the costs” of the bank bailout.
Abramovich and Millhouse LLC, who saw this deal as being protected by the Irish state, are not yet taking the case to court.
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