Monday , May 10 2021

He got a deal with Nasdaq – he avoids bankruptcy



At six o'clock on Wednesday, the deadline reached negotiations between settlement Nasredak Clearing and the Einar Aas transmission line. An agreement was reached for 166 members on Nordic crude oil for the Nasdaq oil exchange. To join the agreement, all members had to agree.

When the clock hit six, there was one member who said no contract. Agder Energi, this is the local power plant Einar Aa. Einar Aas previously worked for the Agder Energi affiliate.

"We found the deal too much for Einar Aas," says Tom Nisted, CEO of Agder Energi.

"Part of the settlement is moving forward and we think it will sit too much in relation to what it charged to the owners of the funds. It should not be under the chair that it is part of this settlement against one of our owners, the municipality of Grimstad, and we think that this is not in accordance with what makes sense, says Nisted. He will not comment on the details of the agreement.

Thursday afternoon, however, Agder Energi also came in place, and now everyone volunteered to support. Einar Aas thus avoids bankruptcy and can keep his house in Grimstad, several cars and boats. The agreement implies that AAS will actively contribute to the realization of its own values ​​in favor of creditors. He also wants an incentive to use the most resources.

Shake the electricity market

– The agreement ultimately determines all issues between creditors and Einar Aas. It facilitates the process of selling most of its assets, shares, assets and art. Determines how money is distributed between him and creditors. As a consequence, there is no debate on the issue of Nasdaq in the market or about anything else, "said Vikborg Rein, lawyer Marius Moursund Gisvold, who represents Einar Aas.

Einar Aas avoids bankruptcy and can keep his house in Grimstad.

Einar Aas avoids bankruptcy and can keep his house in Grimstad.
(Photo by Linda Helen Næsfeldt)

It's been two months since Einar Aas shook the entire Nordic electricity market when he sent a message that he was playing fell and was under the management of the Nasdaq Stock Exchange.

The strongest power of the country for years has stated that the result was either chord or personal bankruptcy.

A few days later, Einar Aas and Nasdak Clearing started negotiations with the goal of a voluntary agreement. The alternative would be far more long-term solutions, such as public debt negotiations, where there is sufficient support from members representing 75 percent of the hedge fund capital Nasdak or arbitration. For the settlement fund, there was also the possibility of winning Einar Aas bankrupt.

Kobel av lawyer

The negotiations took place between lawyers Nasdak and Ein Aas, in Viersholm and Vikborg Rein. Behind the building came a large number of lawyers who represented many members of Securiti Securiti Fund Nasdak, who together had to pay a billion dollars to the Guarantee Fund, when the AAS could not be compensated.

The stated goal of the company is to maximize the loss of NOK 1.1 billion, which arose when it sold a downgraded gigantic portfolio, Einar Aas, at a closed auction on September 13th. In order to ensure equal treatment of creditors, assets and valuable assets are frozen because the control is left to Vikborg Rein, who represents AAS.

After DN knows, Nasdaq members had access to documents on the road and were able to see how the process evolved.

Money can be returned to members who can spit in order to cover loss in the hedge fund of the clearing house.

Nasdak has always refused to provide an overview of members of the hedge fund and which companies lost. Finnish Fortum is the largest known loser, with almost 200 million NOK, while Statkraft has confirmed a loss of nearly 50 million NOK. Danske Ørsted, the former Dong Energi company, had to spend almost 20 million crowns, while Agder Energi paid 18 million kronor.

Values ​​for hundreds of millions

All AAS values ​​have been frozen since Tuesday, September 18th. These are the most known means:(Rules)Copiright Dagens Næringsliv AS and / or our suppliers. We want to split our business using a link that leads directly to our site. Copying or any other form of use of all or part of the content may only be in writing or by law. For further conditions, see here.

  • Einar Aas owns numerous properties in Norway, including a suite of apartments in Tjuholmen in Oslo, a large cabin in Nissedal in Telemark and several beaches in the south of Norway. The property was purchased for 131.5 million, and several were significantly upgraded. It is expected that today's value will increase significantly.
  • The Forces Merchant has also invested over $ 250 million in two major real estate projects in the Spanish Sunshine Coast. The projects are owned by his business partner Oddvard Fodstad and investment firm Vilhelm Vilhelmsen Toluma, as well as the British investment fund CTH.
  • A huge loss from the AAS can also bring him a tax of 208 million, according to Agderposten's calculations. It will allocate NOK 98 million from the Grimstad municipality, over 22 million from the Aust-Agder County and nearly 88 million NOKs from the state.

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3:53 min

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