The emotional impact lasted an hour or so. Fonsai stock lost up to 1,5% in the aftermath of the news arrests of Salvatore Ligresti, his daughters and closest collaborators. Then, the market took note that the disputes of the magistrates, from what we learn from the press conference, do not add anything new to what was already known: a hole in the claims reserve of around 600 million euro, plus pecuniary damage of around 300 million due to the concealment of "sensitive and decisive information for investors' choices, the failure to disclose which has caused serious damage to at least 12.000 savers", as stated in the Fiamme Gialle press release.
In short, this is a figure that is already known and already covered by Unipol-Fonsai with the forecast in the 2012-2015 plan of strengthening the non-life claims provisions of previous years by around €900m. Indeed, the departure of the Ligrestis eliminates the threat of disturbing legal actions by the former control group, already feared in recent weeks after cryptic statements by Giulia Ligresti.
The market, on the other hand, does not believe that the new Fonsai can make up for the shortfalls against the old directors: legal action could be started but it is not easy to predict what sums could be recovered. No consequences even on the items still open on the land involved in the bankruptcies of Inco and Sinergia, which have not merged into Unipol Fondiaria. Three weeks ago, the Municipality of Milan and the Lombardy Region announced that they had frozen the decisions on the so-called Cerba project, the European Center for Biomedical Research, which concerns land that falls within the bankruptcy of the Ligresti group, and is located within the South Milan Agricultural Park.
The Cerba area had been mortgaged by Salvatore Ligresti for 120 million euros to obtain loans from Unicredit and other banks, mortgages which, however, in the context of the bankruptcy of Imco and Sinergia Holding, upstream of the group, were judged by the bankruptcy court in the first instance "impairment operation" and "deed formed without the legal requirements". "Now the banking class will have to finalize its proposal, but we can say that the settlement is closer", declared on that occasion the number one of Hines in Italy, Manfredi Catella. The Cerba, moreover, is the key asset around which the entire composition plan revolves which will be presented by the creditor banks exposed to the Ligresti holding system for 325 million. The plan provides for the transfer of the areas to a real estate fund managed by Hines as well as other properties owned by Imco and Sinergia.
It is the last piece of what it was the real estate empire of Milan to drink.
