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{{fwmd|Repack programme}} | {{a|repack|{{fwmd|Repack programme}}{{subtable|{{Repack TOC}}}}}}{{dpn|/ˌriːˈpækɪʤɪŋ ˈprəʊɡræm/|n|}} | ||
A secured [[medium term note]] programme created by | A secured [[medium term note]] programme created by a zombie queen ant [[repackaging vehicle]], captive to the demands of a [[broker/dealer]] and used to sell [[securitised]] [[structured products]], [[par asset swap]]s, [[credit-linked notes]] and all that good stuff. | ||
The best | ==== GOAT repack programme ==== | ||
The ''second''-best repackaging programme in the history of the universe was [[Goldman Sachs]] International’s “'''MaJoR'''” Multi-Jurisdiction Repackaging Programme<ref>[https://patents.google.com/patent/EP1597650A2/en Patent applied for!]</ref> which, as its name suggests, was as cool as Jon and Ponch. You know, the ones from TV’s “[[CHiPs]]”.<ref>Youngsters: {{google|CHiPs}}.</ref> | |||
But time and tide encroached, and it fell into disuse, babbling away to its old friend and programmer, [[Duck Jeckson]], as it went into middle-aged infirmity, about a yet ''greater'' repackaging platform, yet to be designed. | |||
{{quote| | |||
{{script|Duck Jeckson}}: Wait, ''second'' greatest? I thought you ''were'' the greatest? <Br> | |||
{{script|MaJoR}}: ''[at this stage into its cups]'' You heard me. <br> | |||
{{script|Duck Jeckson}}: Who is greater? Surely not SPIRE? <br> | |||
{{script|MaJor}}: SPIRE? Pah! Trouble me not with such pocket discombubulator stuff. No, I speak of none but the repackaging programme that is to come after me. A ''FAST'' programme, one whose merest operational parameters I am not worthy to calculate, but yet I will provide them —<br> | |||
''At this point the communication was broken'' | |||
}} | |||
===A quick word about limited recourse=== | ===A quick word about limited recourse=== | ||
{{repackaging limited recourse capsule}} | {{repackaging limited recourse capsule}} | ||
Over the years this secured, limited recourse technology has been refined and standardised, and now plays little part in the education of a modern-day [[Private practice lawyer|structured finance lawyer]], though, at his mother’s knee, he might once have been told fairy stories about what became of poor [[Struwwelpeter|Fidgety Phillip]] when he carelessly put “extinction” rather than “no debt due” in a pricing supplement on his way home from school and burned to death.<ref>Come to think of it he may have forgotten to file a [[Slavenburg]].</ref> | |||
[[Limited recourse]] is a trickier proposition when you try it outside the laboratory in the real world. We discuss this in our [[voidable preference]] article. | |||
{{sa}} | {{sa}} | ||
*[[Repackaging vehicle]] | |||
*[[Voidable preference]]s | |||
*[[Limited recourse]] generally | *[[Limited recourse]] generally | ||
{{ref}} | {{ref}} | ||