I am reminded of the poor S.O.B of a risk manager who, at the height of the aught-eight financial crisis had to do the Good News/Bad News schtick with his boss, Lehman Brothers' London landlord:
Well sir, do you want the good news or the bad news? Good?Tuesday, September 16, 2008
We had the foresight to have an insurer write a policy guaranteeing the rent would be paid.
And the Bad?
The insurance company is AIG.
Lehman's U.K. Landlord Says AIG Insures Rent Payments (AIG; LEH)
Here's Apache Corp:
Apache is the largest acreage holder and the most active driller in Egypt, as well as the largest producer of liquid hydrocarbons and natural gas in the Western Desert and second largest in all of Egypt.Here's the International Business Times:
..."Egypt represents nearly 15 percent of Apache's value. We estimate that Egypt accounts for roughly 22 percent of Apache's 2011 production and about 11 percent of the company's reserves. More importantly, we attribute $16 of our $119 net asset value (NAV) to Egypt," said Leo Mariani, an Energy analyst at RBC Capital Markets...."Boss, I have some good news and some bad news..."