Sogefi had taught Mr Colaninno the art of releasing value through financial engineering and restructuring.
So many diversified companies elect to spin off parts of their businesses as this restructuring technique creates significant value for shareholders.
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Bottom line, we do not think this deal is likely in the next 12 months, and thus we do not think investors to look to a major restructuring to create shareholder value.
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At the same time, the European Central Bank agreed to exchange Greek government bonds it bought on the secondary market for less than their face value, provided the debt-restructuring talks succeed, according to people briefed on the negotiations.
On Tuesday, OAO Severstal went in for the kill, boasting a "highly credible restructuring plan designed to derive maximum value from Esmark, including a five-year capital improvement plan that carries the full support of the United Steelworkers, " the Russian company said.
And Merkel is still plowing ahead with her economic restructuring plan, even pushing through a dreaded value-added tax increase.
Upon restructuring, banks are meant to recognise any fall in net present value in their books, but the losses they admit to are tiny.
Now you can convert, like we do for corporate restructuring, some of that debt into equity if you reduce the face value and then you make the creditor effectively a shareholder in the house by giving them the upside to warrants.
That suggests a restructuring of Greek sovereign debt - which would see a formal reduction in the value of that debt - is a more imminent prospect than official pronouncements by eurozone governments and EU officials would suggest.
BBC: Stress-test message to banks: Prepare for possible Greek default - BBC News
As I wrote in my last post, my view is that there is much value that is either still unappreciated, or intrinsic in the business plans of companies that are restructuring, cutting costs, globalizing, and continuing to develop world-beating technologies.
Diminishing equity value across the broadcasting and publishing industries means they will not return without a good deal more dilution and debt restructuring.
One possible reason for this is that independent board members are worried that their value in the market for directorships will plummet if they have overseen companies that have filed for bankruptcy or debated restructuring.
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