Code bonds not worth the paper they are printed on

Three years passed and the company went bankrupt in 2003, owing TS over zl.81 million. So far TS has recovered a meager zl.0.4782 million, driving accusations that the then president of TS, Wladyslaw Jamrozy, caused the losses. Code president Marek Gil has been fined by the court, and is banned from running any business activity for three years. Code's debt exceeds zl.200 million, while its real estate assets total a mere zl.70 million. That is of course, if a receiver even manages to sell them. Currently most plots have failed to move despite big discounts. Once estimated at zl.120 million, the properties are now worth only zl.43 million. The receiver will liquidate Code's assets so that it can pay Deutsche PBC zl.9 million, Getin PLC zl.6 million, Auchan Polska zl.2.55 million and the Treasury zl. 0.8 million. TS will get only zl.51,700 as its bonds have poor collateral. (Puls Biznesu. p. 10) J.L.