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    Paul my sources are adamant that they did place a bid.

    I used to work for a trade credit insurer, they insure suppliers against the risk of their customers who buy on credit failing to pay - and whilst they have indeed withdrawn credit from a number of retailers they are actually writing more cover now than they were 12 months ago. On the other hand tenant default insurance is becoming almost impossible to find, if landlords can find it it is exceptionally expensive.

    AIG's problems were largely self inflicted as they were issuing Credit Default Swaps (debt insurance for banks, government gilts etc.) on financial instruments they patently did not understand.

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