Calamos and Koudounis seek $41.7 mln from Exin

Investors John Calamos and John Koudounis are seeking $41.7 million from Exin Financial Services Holdings BV – the money they have lent the company in the last couple of years to help finance the acquisition of Ethniki Insurance – according to the lawsuit they filed on February 6, which Kathimerini has seen.

The case signals the definitive end to the relationship between the three partners who sought to buy out Greece’s biggest insurer. The lawsuit says the loans to Exin were issued “for general business purposes” including “the buyout of 51 percent of shares of a corporate entity,” which is only mentioned as company “Y.” Yet there is no hint that those loans were used to cover the letter of guarantee for the acquisition of Ethniki, which Exin offered to buy for 718.3 million euros.

Credit sector officials understand that the two Greek-American investors financed Exin for the buyout and the coverage of expenses related to the tender for Ethniki (the Exin group was pronounced the preferred bidder last June) and stopped funding it last fall when they realized that Exin would be unable to find the rest of the necessary funds for the acquisition of the Greek insurer.

Source: ekathimerini.com