Mr Kempster, 73, owns permanent interest bearing shares (Pibs) that BoI wants to force him to sell at just 20pc of their cover value as part of a restructuring of the financial institution\’s balance sheet by the Irish government.
The former farmer, who also used to run a courier company, will claim in the High Court on Wednesday that the terms offered by BoI are \”unfair\” to retail investors.
Mr Kempster is not the only investor likely to take a hit. Some £75m of the bonds are outstanding – meaning Pibs investors are facing a total loss of up to £60m.
OK, as Ritchie says about Greece, those who lend money irresponsibly should indeed take a haircut when their irresponsibility comes home to roost.
Mr Kempster, who lives in Glasgow, only bought £24,000 worth in 2009.
That\’s the bit that interest me though. What price did he pay for them?
By 2009 we all knew that BoI was bust didn\’t we? So I assume, although don\’t actually know, that he bought the bonds at less than par.
If true, this makes him a vulture investor doesn\’t it?