Nordex - here comes the cash squeeze

All,

We had modelled the cash squeeze at Nordex in all its detail late last year, but the company exceeded our expectations, or the Delta 4000 did. AS such, Nordex can probably make do with only E100m from Acciona, who are evidently not the least bit interested in taking over Nordex (after having sold AW Power to them in the first place) and neither is the Klatten family.

So it's too little, too late for us. The fundamental thesis was right, but we made a mess of it and shorted the wrong security too early.

Wolfgang