Z
zairex2
Guest
That's the problem when you have the connection, not necessarily the track record, to borrow as much as you want and buy anything you want. Phoenix was profitable because of smuggling. Phoenix had the money to buy and maintain a PBA team and yet none to pay for the ethanol they use? Ramon Ang has said that Petron has been losing a lot of money, before the recent oil price increase. And he marveled at the efficiency of Phoenix because they were profitable.
And being a crony means he pays less than non-cronies. Look at how much Ayala lost by being forced to sell Maynilad to Razon for a discount.
Dennis oaid more in terms of SOP and campaign contributions not actual purchase price. Maynilad was under huge debt and fixing holes were expensive and under price regulations its hard to recover. Beside thier main business real estate is getting hit hard, needed additional money.