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

  1. #16
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Good piece of work by Denis, making the Siteserv deal a Selfserv deal where the taxpayer, as always in Ireland, loses.

    It seems to me that everybody in corporate Ireland, everybody in elected office and everybody in the higher reaches of the public sector view the state as something to be plundered and conspire against the ******** taxpayer to ensure that they are unaffected by the diseased superstructure they impose on everybody else.

    I can't remember where O'Brien pays his tax but I would be surprised if it is Ireland.

  2. #17
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Slim Buddha View Post

    I can't remember where O'Brien pays his tax but I would be surprised if it is Ireland.
    To compound it all I believe he owes the IBRC, when set up this sweet deal for him at the taxpayers expense, quite a bit of money
    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

  3. #18
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Sam Lord View Post
    Is the public entitled to know what the collateral on the 150 million was?
    The collateral for corporate lending is the company itself. If the company defaults, the bank can put the company into receivership and either break it up or sell it as a going concern. IBRC sold it as a going concern. That is all perfectly reasonable.

    What is not reasonable, is that the shareholders should get any of the proceeds of the sale. All creditors, ie the bank, have to be paid in full before the shareholders get whats left. There is no bank in the world that would have allowed the shareholders to walk away with €5m while at the same time writing off €100m. In fact most banks would be pursuing the directors for the outstanding amount based on personal guarantees.

    Secondly, there was no reason for IBRC to force a sale or write off any debt. The company was servicing its debt and generating a profit.

    In the 12 months to the end of April 2011, Siteserv generated revenue of €168.5m -- up 11pc year-on-year and an €8.3m operating profit, which was flat.

    In the six months to the end of last October, its revenue topped €92m and it posted an operating profit of €4.8m and a €1.1m pre-tax profit.
    Theres only one plausible reason why IBRC would behave in this way, and that reason starts with a "C" and ends with an "n".

  4. #19
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Denis O'Brien at the opening of the New York Stock Exchange this morning


  5. #20
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    Default Maidir Le: Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by PaddyJoe View Post
    Denis O'Brien at the opening of the New York Stock Exchange this morning

    "Ireland INC"

  6. #21
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    Default Re: Maidir Le: Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by C. Flower View Post
    "Ireland INC"
    He was also at the front table at Gump's little Soiree.

    (Shouldn't that be Oirland Inc. )
    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

  7. #22
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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
    The collateral for corporate lending is the company itself. If the company defaults, the bank can put the company into receivership and either break it up or sell it as a going concern. IBRC sold it as a going concern. That is all perfectly reasonable.
    It doesn't seem that reasonable to me actually but I'm far from an expert in these things.

    I'd like to understand how a company can be lent 150 million euros with the company itself as collateral when the company ends up being worth 45 million euros a few years later, despite considerable acquisitions and increased revenues. It's not like we are talking about some company holding large landbanks that have halved in value or anything like that. You could understand a substantial decline in the value of that. But we are talking about a company that is trading on a daily basis in all its core areas and winning contracts. Why has the value of the company declined by over two thirds?

    As a matter of interest:

    A big proportion of the borrowing was done in late 2007 and early 2008 when:

    Roankabin Holdings was acquired for 8.2 million Euros (Nov. 2007)
    Sierra Communications was acquired for 52 million Euros (Oct. 2007)
    Deborah Services was acquired for 48.2 million Sterling

    This took revenue up from 44.9 million in 2007 (30 April) to 133 million in 2008 (30 April) and 228 million in 2009 (April 30)

    In the following year the company took a hit with revenue down about 33% to 151 million. But at the same time the Annual Report pointed to several new contracts which had been secured including one with Bord Gais worth 100 million over 5 years.

    Then things are turned around and in 2011 (April 30) revenue is up to 168.5 million.

    The last figures available are for the 6 months to Oct. 31 2011. Revenues continue to increase and are in fact up 9% on the previous period to 92.2 million. On this basis the company should be back in the 200 million euro range for revenue in the year ended April 2012. The report again speaks of new contracts being secured.

    So what I don't understand is how this company has lost apparently two thirds of it's value.

    Secondly, I don't understand why the state would not take over a company like this instead of letting the likes of O'Brien walk away with it. Why does it always have to be busted banks the taxpayer ends up with? A 45 million investment would have been recouped in a matter of years and after that money would have been flowing into the state coffers on an annual basis.
    Last edited by Sam Lord; 19-03-2012 at 09:12 PM.
    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

  8. #23
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    I predict that the media is not going to investigate this any further. DOB is an extremely powerful person. Probably more powerful than the taoiseach. DOB is personal friends with Bill Clinton. When you own a mobile phone network, you have access to information that usually only spy agencies have access to. Information is power.

    Thats all I can say publicly.

  9. #24
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    Default Re: Maidir Le: Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Sam Lord View Post
    He was also at the front table at Gump's little Soiree.

    (Shouldn't that be Oirland Inc. )
    Spell it properly, gimp!
    "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

  10. #25
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    Default Re: Maidir Le: Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Kid Ryder View Post
    Spell it properly, gimp!


    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

  11. #26
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    Default Maidir Le: Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Satoshi Nakamoto View Post
    I predict that the media is not going to investigate this any further. DOB is an extremely powerful person. Probably more powerful than the taoiseach. DOB is personal friends with Bill Clinton. When you own a mobile phone network, you have access to information that usually only spy agencies have access to. Information is power.

    Thats all I can say publicly.
    Shook hands in Haiti ?

  12. #27
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    Default Re: Maidir Le: Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by Sam Lord View Post


    "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

  13. #28
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    The Siteserv EGM to approve the deal will be held on the 5th April.
    According to the Biz Post it appears that Siteserv's debt facilities were renegotiated last July with IRBC and their associated maturity date had been revised to the end of 2012.
    Not why would IRBC force a profitable company to repay debts of 150 million within a period of 18 months and then 7 months later write off 100 million of that entire sum?
    Does that make sense in some kind of parallel universe?
    Siteserv confirmed last July that its debt facilities had been renegotiated with IBRC and their associated maturity date had been revised to the end of this year. In January the company said that it was exploring a number of strategic and corporate options for discussion with IBRC in advance of expiration of its existing debt facilities.
    Was Siteserv being put under pressure by IRBC?
    IBRC has agreed to accept payment of an amount which is less than the full amount owed by the group as final discharge of the indebtedness of the group, the statement said. The company said that it had experienced increasing pressures regarding its financial position and it believes “this pressure will continue to increase as the expiration of the facilities draws closer
    http://www.businesspost.ie/#!story/H...1-3a1705831049

  14. #29
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Quote Originally Posted by PaddyJoe View Post
    The Siteserv EGM to approve the deal will be held on the 5th April.
    According to the Biz Post it appears that Siteserv's debt facilities were renegotiated last July with IRBC and their associated maturity date had been revised to the end of 2012.
    Not why would IRBC force a profitable company to repay debts of 150 million within a period of 18 months and then 7 months later write off 100 million of that entire sum?
    Does that make sense in some kind of parallel universe?

    Was Siteserv being put under pressure by IRBC?

    http://www.businesspost.ie/#!story/H...1-3a1705831049
    there is no way Ireland's favourite tax exile could lean on IBRC, is there?
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  15. #30
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    Default Re: Sweet deal for Denis O'Brien- haircut for Anglo Irish and the taxpayer

    Apart from O'Brien who will make an absolute killing out of this the main beneficiaries of the generosity of the Irish taxpayers are:

    Siteserv Main Shareholders

    Harvest Financial Services: 9.5%

    Boundary Capital*: 8.7%

    Niall McFadden: 6.5%

    Kevin O'Connor: 6.2%

    Chris Neate: 5.2%
    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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