http://www.reuters.com/article/2013/02/09/us-spain-bad-bank-idUSBRE91808G20130209 <br /><br />an abney associates blog <br /><br />(Reuters) - Spain's so-called 'bad bank', Sareb, has rejected overtures from investment funds Cerebrus, Fortress and Centerbridge to enter into its capital because they were asking for advantages over other shareholders, a source with knowledge of the matter said on Saturday. <br />"They asked for privileges when it came to buying the assets, and Sareb rejected that offer," the source, who spoke on condition of anonymity said. "Sareb has a commitment to treat all shareholders the same." <br />Sareb declined to comment. None of the three funds could be reached for comment and neither the Bank of Spain nor the Economy Minister could confirm the matter. <br />Spain set up the bad bank to hive off rotten real estate assets dating from a property crash from lenders' balance sheets as a condition of receiving around 40 billion euros ($54 billion) of European money to bail out ailing banks. <br />The head of Sareb, Belen Romana, sent a letter to the three funds on Friday declining their entry into the bad bank's capital, but leaving the door open for further talks, Expansion newspaper reported on Saturday. <br />The funds wanted first choice on buying portfolios of finished buildings and on supplying services to the bad bank, the paper said. <br />Sareb took on 37 billion euros worth of troubled real estate assets at the end of December from four nationalized banks, including Bankia (BKIA.MC) <br />an abney associates blog
