Sunday, December 27, 2009
Damas Jewellery would like to announce our most recent creation, we call it "The Foreign Investor"
In honor of the perfection of thier share pledge, Damas announced today that it was issuing a limited issue luxury item: a human skull encrusted with 10,000 cubic zirconia.
How much would you expect to pay for this? $500 million? $1 billion? No! This outstanding offer is avaliable to all foreign investors for a mere $270 million contribution to the Abdullah Brothers Dubai Real Estate Support Fund (formerly known as shares of Damas.) This outstanding combination of shares and skull today has a retail value (on NasdaqDubai) of $43 million for a loss of only 84%!!
But wait! There's more! As of today, with the perfection of the Abduallah Brothers share pledge you can recieve 350million shares back in the event that the company cannot recover the $165 million that has gone missing from company funds. Those shares have a value of $56 million!! Bringing your loss to only 63%!
But that's not all, once the Abduallah brothers have turned over their 35% ownership in the company back to the Treasury your ownership stake will go from 47% to over 70%. Since foreign investors are only allowed to own 49% of an Emirati company, this is a violation of Emirati Law. Thus you will also get a guided tour of the Emirati legal system. This is sure to be fascinating and lengthy!! Outstanding!!
And you thought you were just financing a jewellery company!
Congratualtions! Tell your friends! Dubai has tens of billions of debt that it needs to equitize, so there's plenty more where this came from!