The IPO stalls

The Glazer family launched its IPO on Wall street in a scene resembling a sketch from the league of gentlemen, one look at their ugly mushes would scare investors off, never mind their flawed business model. As the Economist put it, compared with this, Michael Glazer's facial hair seems attractive.

Andersred lays out the reasons why the Glazer's blatant personal money grab, won't benefit Manchester United for the next two years. It won't really change that much after that will it, but then, do they really care. Given the universal slating the IPO received from the world's press it was no suprise to see the IPO set below the rate they'd hoped at $14, hopefully it's set to slide towards $10 or even below. Whilst Fergie may or may not have been economical with the actualite, when he protested that he wouldn't benefit financially from the IPO, it was noticeable that Gill blustered yesterday, without actually denying that he would, what a slimeball.


Reading Michael Moritz again in this Daily beast article, i don't think MUST and the anti-Glazer cause has a better advocate. In fact he makes a brilliant case against leveraged buy outs and socially useless finacial system as described by Adair Turner a few years back in general.

Back to the issue we all wish we could concentrate on, the football. If anybody thought a midfield signing was going to appear out of the blue, the news Paul Scholes hasn't travelled to Hannover, should disabuse such wishful thinking. I suppose you could never wrap Paul Scholes in cotton wool, but Fergie would probably love to.
Ferdinand told the official site how great it was for the younger lads to play and train with the maestro on the recent pre-season tour. The man himself wants United to match the standards set by City who he thinks played the best football last season and deserved the title.
I don't think there is that much between the squads, if we can actually stay reasonably injury free. I'll say it, getting Vidic back is like signing a new player and i like the look of our two signings so far, Powell looks very promising and i can see Kagawa being a contender fro player of the season, two footed, vision, goals, i think he will be the complete package.
Despite being owned by the Adams family of the financial world i still fancy us to be in the hunt for trophies and have a sneaking feeling that we will regain the title from our six fingered cousins across town.

Will Hutton reviews three books exploring the alternative's to a successful future economic policy for the country and for the global economy. I will be reading Larry Elliott and Dan Atkinson's latest book, he's not really a radical thinker, his is answer is classic post war social democracy. Not that there's anything wrong with that, that was a far more prosperous time for the mass of the population at large as opposed to the top 10% to 1% of today.But you can never just rewind the clock, the future will hopefully mix the best bits of the 45-75 era with the more socially liberal era since and look at the ideas exponded by the Skidelsky's.
Jonathan Portes asks which macro-economists are worth listening to, and argues that those that are able to demonstrate testable predictions, based on data and then to have been proved right after the event.
Anatloe Kaletsky joins in with Simon Jenkins long standing argument that instead of using quantitive easing to improve bank balance sheets, it should be used for the people instead. Of course it would be more socially just, would probably work, short term anyway, but with Mervyn King as bank of England and Gideon the chancellor, pigs will fly before this idea takes off.

Howard Jacobson salutes the Australian art critic Robert Hughes who passed away last week, i haven't read any of his book, but i have seen some of his TV work which i loved. I will have to get around to reading the Fatal shore, that really does sound like a must read book.

The brilliant Julia Davis has a new series airing on TV, trouble is it's on Sky Atlantic, and i haven't got that. Oh well i suppose we'll have to find a way around that.

United in Scandanavia

United's made a first pre-season visit to red mad Scandanavia in a years and came away unbeaten, but goalless as well. With just a couple more games to go it's not too easy to know what to expect at Goodison park on Monday 19th. I thought United played pretty well against Valengra and should have won, but couldn't concert superiority and chances into goals.
The better test was the Barca game, and i suppose we came through that decently enough. I was a bit worried when i saw the team and the formation played, i'm not convinced we'll ever get the better of Barca playing 4-4-2. And especially if Anderson is one of the two in the centre of the pitch.
The first five minutes brought back bad memories as United sat back unable to get the ball, it was Wembley all over again. But slowly United got into it, and looked as threatening as the Catalan's going foward. It was great to see Scholes spraying it around sublimely, but the comparison between the 38 year old and the man next to him was embarrassing. Carrick and Scholes badly need Cleverley to stay fit this season, if we are going to stay with this system.

I think we all thought that this season might see us slightly alter our tactical approach this season after some of the maulings we have received in Europe recently, but it's not looking that way so far. I'm not convinced about starting Valencia starting at right back, as dangerous as it allows us to be going forward, he isn't the best defender as was shown when we were ripped completely open twice down the right hand side in the first half, but Barca were unable to profit either time. It's a good option when we are chasing a game and really going for it.
Nani was at his frustraing best as Crerand coined it, but all that frustration aside, when he's at it, he can open up the best defence's. Rooney is a concern, forget the penalty miss, he was miles off the pace in both games, he really does seem to need longer to reach match fitness, given his age than seems reasonable. The only forward who seems in touch and looking good for the start of the season is the new signing Kagawa, if we are going to call him a forward that is.
It was nice to see Michael Keane get a start in Norway, and given he was played out of position at left back, i thought he did reasonably well. One thing i liked about his performance was the lack of nerves he showed and his ability to play his natural game, he got in goal scoring opportunities a couple of times and wasn't afraid to take his man on. I'm coming to the conclusion that both the Keane brothers will eventually be first team squad regulars for Manchester United eventually.

Talking of Van Persie before, makes me wonder what will happen to brother Will when he recovers from his cruciate injury. Will there be suitors to take a young lad with no pre-season on loan for the second half of the season. And it definitely makes me wonder about the season after, if, big if again mind, the Dutchman is prised away from the gunners, that would leave us with a strikeforce of Rooney, Van Persie, Welbeck, Hernandez and Will Keane. That seems one to many in my eyes. 

Music
Bass Clef - Reeling skullways: This outfit don't seem to make any headlines or threaten the mainstream, but they don't half hit the spot for me. The classed as drum and bass, but there more than that for me.

Hot chip - In our heads: The critics darlings, each of there efforts have been loved by the crtics, and whilst i have liked the two albums preceeding this, i haven't thought they were quite as good as the reviews they received. This album is their best effort to date for me, absolutely no fillers on this.

Regina Spektor -  What we saw from the cheap seats: A bit of a marmite artist, you either love her leftfield quirkiness or you don't. I can't stand marmite but i like Regina Spektor and this is another cracking album.

Ruben Blades and Willie Colon -Siembra: If you'd have told me i'd like salsa when i was in my teens, i'd have laughed in your face, but the laugh would have been on me, because here i am now and i just love that hypnotic groove. This is supposedly one of it's classic discs and it is superb.

The Mars Volta - Noctourniquet: Completely different fair this, prog meets punk from the duo formerly in the recently reformed At the drive in. It's good without being anywhere near their best.

The soundtrack of their lives - Throw it to the universe: The Swede's last album isn't a bad way to go out, chock full of cracking tunes as ever. The more you listen the better it gets.

The gimps, is the end nigh ?

Fergie backs the wrong horse in Glazer affair, scandalous barely covers this attempted IPO. It was backing the wrong horse, the Rock of Gibraltar and Coolmore horse spunk bollocks, where this whole sorry affair started. Fergie was way out of his depth in the world of big money that time as well. Jim White has been fairly soft on him in that blog, if the Glazer's are forced to sell up, i doubt the rest of the press corps will be son lenient with him, a few knives may well be being sharpened as we speak.

It's been a bizarre week, firstly the announcement of GM's global marketing chief had been unceremoniously sacked, with rumours it had something to do with a deal clinched with United. Hours later United announced a new seven year shirt sponsorship deal with GM starting in 2015, with the current deal still two years outstanding. The next day it was reported he had been sacked for negotiating too generous a deal with United.

All the while the terms of the IPO were slowly being revealed to a United support versed in fearing the worst where our dispicable owners are concerned. Anger over the decision to award $150 million to Malcolm Glazer's descendants, instead of using the deal to remove a hefty chunk of burdensome debt, confirmed our worst fears. And as ever with every panicked financial manouevre to refinance the debt, more embarrasing details popped up.
The ray of sunshine on the horizon is the hope that the underwriters decide that they can't underwrite the IPO. This is where MUST and the hordes of Anti-Glazer protestsare now being directed over the next couple of weeks. Given the risible press the proposed IPO has received since the listing was announced on Monday, they have had a great start. Fantasy football, potential for scandal, a terrible investment, just google Manchester United IPO, MUST couldn't buy such good publicity for the cause.
It seems to be as unpopular over the pond in the states as it has been over here, needless to say that's highly encouraging. It's hard to get your hopes up to much, after everything that has happened since that sorry day they gained control, but it's fingers crossed time, and time to get those e-mails sent and hope that good triumph's over evil.