“I got a London call last week from a Bob Apfel, a Brooklyn neighbor (and fellow Oberlin College graduate),” Philip Elmer-DeWitt reports for Fortune. “‘Two weeks ago,’ he began. ‘I completed the debt restructuring of Greece.'”
“Greece, as you may recall, was facing bankruptcy this spring, unable to make good on debts worth, on paper, more than $270 billion. In a series of complex restructuring transactions, the country’s Finance Ministry had offered to settle for a fraction of the bonds’ paper value,” P.E.D. reports. “But getting roughly 100,000 bondholders scattered around the globe — from Russia to South Africa to Kazakhstan — to sign off on the deal on a tight deadline was going to be a logistical nightmare.”
“‘I wanted to do something different,’ Apfel says. ‘So I bought 100 iPads… It was the largest financial transaction in the history of the world, and we couldn’t have done it without the iPad.”
Read more in the full article here.
MacDailyNews Take: Apfel’s Apples.
[Thanks to MacDailyNews Reader “Arline M.” and “Dan K.” for the heads up.]