The following is a missive that we received from Jim Sinclair who is the host of a web site called Jim Sinclair's MineSet. The above link will take to his site and his updates via email are free, so you have nothing to lose by signing up for them.
Here we go:
My Dear Extended Family,
I feel that I must explain to you where the black hole is in all major and some minor banks in North America and Euroland, but in private. I seek to help you and that would be impossible if I hurt the system.
Please come to our Q&A sessions.
It is too fragile to discuss in public such as on JSMineset.com. It has not been written up anywhere by anyone.
You must "GOTS." For your information, this is very important
Co-op set to unveil 'bail in' plan to plug £1.5bn hole
16 June 2013 Last updated at 18:32 ET
The Co-operative Bank is set to unveil a rescue plan to tackle the hole in its balance sheet.
The BBC's business editor, Robert Peston, has learned that the hole is around £1.5bn.
He said a lot of the capital to be used to plug the hole will come through a "bail in" - a process where bonds will be turned into shares.
However, the plan makes Co-operative Bank appear much more like a bank than a mutual organisation.
An announcement between the bank and the Prudential Regulation Authority could come within the next few hours.
Under such a rescue deal, it is unlikely that taxpayer money will be required or that savers will be affected, but it could affect up to 5,000 smaller investors.
Concerns about the bank's capital arose after a deal with Lloyds collapsed.
In April, the Co-op cancelled a plan to buy 631 bank branches from Lloyds Banking Group.
That was followed two weeks later by the ratings agency Moody's downgrading the bank's debt to junk status.
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