Earlier quoted context omitted.
How many people do you think live in Germany?
Less than 8,000 apparently.
Common mistake if you come from a language using the long scale: https://en.wikipedia.org/wiki/Long_and_short_scales
Wirecard files for insolvency after financial hole laid bare
61–70 of 169 posts
Re: Wirecard files for insolvency after financial hole laid bare
#62Earlier quoted context omitted.
I doubt it will. Wirecard powers too many transactions. It’s going to go into administration and someone is going to pick it up.
Too big to fail You realize that they probably have literally zero money?
That’s irrelevant. They have customers with complex integrations who can’t move. That’s worth a lot of money. Someone will want to acquire that.
Re: Wirecard files for insolvency after financial hole laid bare
#63Earlier quoted context omitted.
Too big to fail You realize that they probably have literally zero money?
That’s irrelevant. They have customers with complex integrations who can’t move. That’s worth a lot of money. Someone will want to acquire that.
That really depends on the level of debt that charges the company. If it's very high you won't get that before the bankruptcy court finishes their job.
The fact that you need something doesn't mean you'll get something.
Re: Wirecard files for insolvency after financial hole laid bare
#64Re: Wirecard files for insolvency after financial hole laid bare
#65Doesn't surprise me in the slightest. Worked for a fintech company a few years back that used Wirecard as the processor for one of their products. Somehow they managed to lose the PK/FK relationship between accounts and transactions (or something like that). A whole lot of our customers suddenly started getting other people's transactions on their accounts. It was the final straw that shutdown the entire product line…
So basically the cardinal sin of payment processing then? Not that I'm surprised.
Re: Wirecard files for insolvency after financial hole laid bare
#66Earlier quoted context omitted.
Too big to fail You realize that they probably have literally zero money?
That’s irrelevant. They have customers with complex integrations who can’t move. That’s worth a lot of money. Someone will want to acquire that.
I'd tend to believe your take on it. Pulling the rug from all the companies using Wirecard to process payments could cause mayhem.
Though when it comes to a buyer, hard to tell how they'll be able to get to a fair valuation given the fairytale numbers they have in their books.
Re: Wirecard files for insolvency after financial hole laid bare
#67Earlier quoted context omitted.
It'd be around 80 billion dollars, actually
I think he confused the us billion (10⁹) with the german billion (10¹²) ;)
What? So what do German use for 10^9, Milliarden?
In French we use Milliard for billion and Trilliard for Trillions (and millions for millions).
Re: Wirecard files for insolvency after financial hole laid bare
#68Earlier quoted context omitted.
I think he confused the us billion (10⁹) with the german billion (10¹²) ;)
What? So what do German use for 10^9, Milliarden? In French we use Milliard for billion and Trilliard for Trillions (and millions for millions).
yep. Millionen, Milliarden, Billionen, Billiarden, Trillionen, Trilliarden
Re: Wirecard files for insolvency after financial hole laid bare
#69Trade on shares in the company was suspended What does this mean? Is a certain stock exchange not executing trades anymore? Are all exchanges worldwide in sync not executing trades? If so, how is the sync achieved? If it only was suspended at the Frankfurt stock exchange which is mentioned in the article, it would be interesting to see how it is doing at other exchanges. Google is still showing realtime Frankfurt pri…
> What does this mean?
Since the company has filed for insolvency the shares can no longer be traded.
> Is it guaranteed that shares of a company that files for insolvency are worth 0?
When a company files for insolvency it means the companies total liabilities are greater than the total assets.
And when this happens the company is handed over to a liquidator and they then decide how to handle the companies future.
What the liquidator normally does is try to sell the company or parts of the company to other third parties.
With the proceeds of that sale they then pay back the debt.
Then if any money is left over they split that money between the shareholders.
But naturally since the debts are greater than the assets the shareholders will get very little of their original investment back.
Since the shareholders are last in the line for the money they tend to lose the most.
Re: Wirecard files for insolvency after financial hole laid bare
#70Trade on shares in the company was suspended What does this mean? Is a certain stock exchange not executing trades anymore? Are all exchanges worldwide in sync not executing trades? If so, how is the sync achieved? If it only was suspended at the Frankfurt stock exchange which is mentioned in the article, it would be interesting to see how it is doing at other exchanges. Google is still showing realtime Frankfurt pri…
> What does this mean? That you can not trade the stock for now. Trading has been resumed. On many stock exchanges there are rules for this. Something very common. > And what is the reason behind that? Is it guaranteed that shares of a company that files for insolvency are worth 0? No. The company could recover, could get bought etc. As a stock holder you are the last in line. Should the company get liquidated, bond…
Planet Money’s podcast this morning covered just this topic RE: Hertz.