Monday 2 March 2009 10.20pm
Given that Epic (More London) plc seems to have been one of RBS's financial engineering creations to securitise the future rental income, this technical breach is probably not much of a surprise.
What is more interesting is that according to Property Week
, "the borrower, London Bridge Holdings, which is thought to be a consortium of offshore investors, failed to cure the breach".
Is Dikran Izmirlian and his family still the majority shareholder behind LBH?
Whoever the prime offshore investor may now be, one wonders whether the lack of ready cash to refinance the deal suggest that their funds had been invested with Madoff, Stanford or both?