Agree, it is a good summary with some minor gaps/mistakes (bridge loan from CS was originally $160m, CS purchased at least 1 component from GAM after GAM fund failed, insurance was for Greensill who in February 2021 tried to force 3 insurance companies in front of an Australian court to continue their coverage, also unclear what Marc wanted to show by exposing the different types of receivables)
Next topics will be what happens to various companies under Sanjeev Gupta’s GFG Alliance, most notably Liberty Steel (first 3 links are free, then paywall) with 30.000 employees across the globe. Liberty Steel also seems to not have been very quick to pay invoices (which is kind of ironic, as the whole case around Greensill centers around reverse factoring, which is supposed to speed up payments). So we are already seeing a next circle of affected parties beyond CS Funds investors, Greensill Bank clients, Greensill customers and investors, GFG Alliance partners. This crisis is going to reverberate for a while.
The whole story in simple words (in German, by NZZ).
Drawing parallels to subprime crisis, where the house of cards collapsed after insurance company AIG pulled out. Back then banks were compared to sausage factories. This time the author uses the metaphor “cat food sold as beef filet”