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Thread: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer ( Siteserv)

  1. #1
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    Default Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer ( Siteserv)

    The support service group Siteserv announce this morning that the business is to be sold to Denis O'Brien's company, Millington, for 45.4 million euro.
    Headquartered in Dublin, the group provides support services to the building, energy and telecoms industries in the UK and Ireland.
    Clients include BSkyB and UPC.
    Siteserv had revenues of 92.2 million in the six months to the end of October 2011 and made a profit of 4.8 million in the same period.
    With figures like that it looks like Dennis is getting a hell of a bargain
    However, the interesting thing about this deal is that Siteserv owes 150 millon euro to the former Anglo Irish Bank. Sounds like quite the downer on a deal like this.
    Luckily, it appears that Siteserve has had a major debt writedown. Given that we own Anglo and are being told that we will be paying for it for the next 30 years, it would be nice to know how much of Siteserv's debt we have forgiven.
    That particular figure seems to have been misplaced in today's reports.
    I wonder if anyone apart from Denis expressed an interest in buying Sitserv and if Anglo played off bidders against each other to obtain the best price for the taxpayer?
    At what level would this deal have been signed off on? Would Chairman Alan have had to give it the ok?
    The story makea me wonder how the Anglo corpse is conducting its business. Who's ensuring that we are getting value for money on deals like this? Is the Central Bank and the Financial Regulator keeping an eye on it? What about the Controller and Auditor General?
    Maybe its time that the PAC invited Alan in to ask how much the Siteserv write down was?
    http://www.irishtimes.com/newspaper/...reaking10.html
    Last edited by C. Flower; 19-04-2015 at 09:59 AM.

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    So Denis O'Brien bought a company which received debt write off...

    Has he been bribed? Will he have defaulter written across his forehead?

    Only trying to apply the Taoiseach's disgraceful logic here.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  3. #3
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    I'm sure that the deal is perfectly above board. But given O'Brien's close links to Seanie Fitzpatrick and to Fine Gael it would probably make sense for everybody concerned to dispel any suspicion that there may been anything unorthodox about the structure of the deal.
    The amount that Siteserv's debt has been written down by is obviously a matter of public concern.

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Thanks for drawing attention to this. The Ansbacher Anglo spirit will never die in Ireland so long as the present financial system lasts.

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Jesus, this is incredible. ******************. It looks like the shareholders are going to make a profit from the sale.

    Once IBRC has been paid a sum agreed to cover borrowings, professional fees and expenses and taxation, Siteserv said it expects to have a cash balance of about €4.96 million for distribution to shareholders.

    The group said shareholders should expect to receive about 3.92 cent per ordinary share, which is a 96 per cent premium over yesterday’s share price, and a 53.7 per cent premium over the six-month average share price.
    Bank debt ALWAYS comes before equity shareholders. The bank could legally have insisted that shareholders are wiped out before it takes a writedown.

    IBRC did not have to write off any of what they are owed, they have a legal claim on the €4.96 million that is being distributed to shareholders.

    Did Fine Gael arrange this deal? Maybe the ********* Phil Hogan arranged this for ******** D O Brien.
    MOD EDIT
    Last edited by C. Flower; 19-03-2012 at 12:13 AM. Reason: Possibly defamatory language

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Satoshi Nakamoto View Post
    Did Fine Gael arrange this deal? Maybe the ******** Phil Hogan arranged this for tax ****** D O Brien.
    Oireland Inc. always looks after its own...
    Last edited by PaddyJoe; 17-03-2012 at 10:52 PM. Reason: possible defamatory language
    "It is we the workers who built these palaces and cities here in Spain and in America and everywhere. We, the workers, can build others to take their place. And better ones! We are not in the least afraid of ruins. We are going to inherit the earth; there is not the slightest doubt about that. The bourgeoisie might blast and ruin its own world before it leaves the stage of history. We carry a new world here, in our hearts."
    — Buenaventura Durruti

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Satoshi Nakamoto View Post
    Jesus, this is incredible. Pure corruption IMO. It looks like the shareholders are going to make a profit from the sale.



    Bank debt ALWAYS comes before equity shareholders. The bank could legally have insisted that shareholders are wiped out before it takes a writedown.

    IBRC did not have to write off any of what they are owed, they have a legal claim on the €4.96 million that is being distributed to shareholders.

    Did Fine Gael arrange this deal? Maybe the ********** Phil Hogan arranged this for ********* D O Brien.
    Why wouldn't they do a favour for the owner of blueshirt-talk radio. It's worse than russia. Media moguls who control the national debate and carry on doing business with the state, yet nobody checks to see if there's anything fishy going on.
    Last edited by PaddyJoe; 17-03-2012 at 10:53 PM.

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Indo today:
    Businessman Denis O'Brien has agreed to pay just over €45m to buy Irish services firm Siteserv in a deal that will secure 2,300 jobs.
    It's also understood that Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, has agreed to write off €100m of the roughly €150m in debt it is owed by Siteserv.
    So in effect we're kicking in 100 million to oil the wheels for Denis.

    http://www.independent.ie/business/i...l-3053365.html

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    It stinks.
    It's almost as if somebody knew.........
    But, of course, that's just me being.....
    "This isn't working,
    My middle-brow f**ker"

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by PaddyJoe;234851[url
    http://www.independent.ie/business/irish/obrien-secures-2300-jobs-with-45m-siteserv-deal-3053365.html[/url]
    Jezus, that Indo article really lays it all out.

    -Denis O Brien gets a highly profitable business with a blue chip client list, ie local authorities and mobile phone companies.
    -CEO Brian Harvey gets a payment of €800k and gets to keep his job.
    -Shareholders get paid for shares that are worth nothing.
    -Taxpayer takes €100m loss.

    This disgusts me. And they try to pretend that its about saving 2,300 jobs, which is bullshit as those sites would need to be staffed and serviced even if the company was put into receivership.

    There is a deliberate tactic used by irish business people, of "load the ship up with debt, then bring it out to sea and sink it". The one holding the debt is usually the taxpayer.

    O Brien is one of the wiliest people Ive ever come across. The only people that come close to his level are the Goldman Sachs managment.

    Shane Ross needs to get on this. This needs to be stopped and the people involved investigated.

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Satoshi Nakamoto View Post
    Jezus, that Indo article really lays it all out.

    -Denis O Brien gets a highly profitable business with a blue chip client list, ie local authorities and mobile phone companies.
    -CEO Brian Harvey gets a payment of €800k and gets to keep his job.
    -Shareholders get paid for shares that are worth nothing.
    -Taxpayer takes €100m loss.

    This disgusts me. And they try to pretend that its about saving 2,300 jobs, which is bullshit as those sites would need to be staffed and serviced even if the company was put into receivership.

    There is a deliberate tactic used by irish business people, of "load the ship up with debt, then bring it out to sea and sink it". The one holding the debt is usually the taxpayer.

    O Brien is one of the wiliest people Ive ever come across. The only people that come close to his level are the Goldman Sachs managment.

    Shane Ross needs to get on this. This needs to be stopped and the people involved investigated.
    The IMF/EU deal proposes the same for the Irish banking sector. Stuff it full of public cash until it is profitable and then sell it off for a song.

    Noonan was positively slavering last week at the prospects of selling of parts of the Irish banking sector that were "really profitable".

    They are all singing off the same hymn sheet.

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    unreal

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    One more thing, in case the above is not bad [Mod SL]enough for you, remember that Denis O Briens mansion in Ranelagh is exempt from the household charge because its owned by a "corporate entity".

    This [edit mod SL] gets government contracts to manage our traffic lights, but he refuses to pay any taxes here.

    And if you criticise him he makes full use of our court system to sue you. Our court system which is paid for by our taxes.

    [Edit Mod SL]
    Last edited by Sam Lord; 18-03-2012 at 07:21 PM.

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Further background on the Stieserv deal in yesterday's Sunday Times. According to Brian Carey IRBC commissioned PWC to do some valuation work on Siteserv last year, but did not appoint a corporate finance adviser. Hiowever, it did have its own representative, Walter Hobbs, 'a veteran venture capitalist' on the Siteserv subcommittee that examined all bids.
    I'm very reassured by that. "A veteran venture capitalist' sounds exactly the right person to have in place to ensure that the public interest was served on this deal

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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    What the IRBC has done makes no sense to me really. When it comes to countries the last thing the international bankers, IMF, World Bank, whatever, do is write off debt. They will restructure or do whatever it takes it keep the debt intact and the debtor paying. Different principles apply, however, it seems when it comes to the private sector.

    The company was profitable and I suspect (though admittedly I haven't looked at the accounts) entirely able to pay the interest on it's loans. If loans were falling for repayment why could they not have been defered in some manner. The 45 milion they are getting now is probably not a whole lot more than 6 or 7 years interest.

    Is the public entitled to know what the collateral on the 150 million was?
    Do not rejoice in his defeat, you men. For though the world has stood up and stopped the bastard, the (female dog) that bore him is in heat again. Bertolt Brecht

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