Thai property scrap escalates
A fight to control Thailand property assets co-owned by Lehman Brothers has spiralled, with HSBC and Aberdeen Asset Management joining the fray. Thai police have issued warrants against the pair in relation to their roles administering collateral or assets on behalf of
Lehman. The move will further hamper the complex task ahead of administrating assests on behalf of the failed bank. The action against HSBC and Aberdeen is part of increasingly robust attempts by Thai creditors to derail the liquidation.
M&B feud ploughs onwards
Activist investor Joe Lewis yesterday called on pubs group Mitchells & Butlers to conduct a review of its business and present a plan to shareholders within 60 days of its forthcoming AGM. In an open letter to shareholders, Lewis' investment vehicle Piedmont urged shareholders to back the appointment of four candidates it has put forward to join M&B's board.
UK Mail boosted by mail strikes
Royal Mail rival UK Mail yesterday reported a rise in revenues for the last three months of 2009. Sales rose four per cent compared to the same period last year. UK Mail’s chief executive Guy Buswell said a rise in marketing companies sending junk mail had driven sales in its business post operations. Strike action by Royal Mail also benefited the company, although it relies on the operation to deliver some of its items.