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

[Dr. FIVE]

Advised Fergal Quinn on the sale of the businesss too

[DCon]

Poor aul Dinny not in the top 20.

FG need to up their game

http://www.bloomberg.com/slideshow/2...st-people.html

[PaddyJoe]

Interesting snippet from a few weeks back. It seems Denis took advantage of another Anglo/IRBC debt write off to snap up another company.

IRISH BANK Resolution Corporation (IBRC) wrote off more than €64 million in debt owed by a British fuels business before it was subject to a takeover by a consortium involving Denis O’Brien (above), reports the Sunday Times.

The State-owned bank wrote off the debt owed by Geneva Holdings, the former parent of Blue Ocean Associates. Blue Ocean supplies about 10 per cent of all road fuels used in Britain and runs a service station business.

Mr O’Brien took control of Blue Ocean through Osmunda, an Isle of Man joint venture with Trafigura, the global fuels trader, in July, the paper said.

http://www.irishtimes.com/newspaper/...325256238.html

[DCon]

Interesting snippet from a few weeks back. It seems Denis took advantage of another Anglo/IRBC debt write off to snap up another company.

http://www.irishtimes.com/newspaper/...325256238.html

Amazing how Dinny is always in the right place at the right time

[Stanley 2]

Amazing how Dinny is always in the right place at the right time

Maybe bringing Seanie to the football in Poland is paying off.

[DCon]

Will we see Dinny arguing something similar?

This morning, the Government may be equally concerned at the approach taken by Judge Kelly in a NAMA case yesterday. NAMA is pursuing a developer Kevin McNulty over €88m loan facilities provided in 2009, and Kevin and his legal team are manouevring to claim that, because Anglo was insolvent in 2009, the loans were consequently negligently advanced and that this fact would mitigate, if not indeed wipe out completely, any liability.

Whilst acknowledging that reckless lending has not been established in Irish law as a defence to liability, the Judge noted, according to Ann O’Loughlin in the Irish Examiner today “this case involved claims that loans were advanced negligently. He considered Anglo’s solvency relevant”

The upshot of the preliminary hearing yesterday at the High Court was that “an Anglo official” has to produce an affidavit in advance of the full hearing in June 2013, to confirm “yes or no” if Anglo was insolvent in 2009, and given the need to inject €25bn of promissory notes into Anglo in 2010, it is a safe bet that Anglo was indeed insolvent in 2009. And that being the case, the spectre has now been raised of the Judge dismissing NAMA’s application to recover €88m of loans, and Kevin McNulty walking away scot free.

http://namawinelake.wordpress.com/20...was-insolvent/

[Stanley 2]

McNulty goes into his manager, asks for 88m, it is agreed and handed over with lending T & Cs, IMO Anglo's solvency does not come into it, McNulty still owes the money + interest as per his offer/acceptance letter.

If he cannot pay he must negotiate with those who now legally own the loan and come to an agreement.

[DCon]

McNulty goes into his manager, asks for 88m, it is agreed and handed over with lending T & Cs, IMO Anglo's solvency does not come into it, McNulty still owes the money + interest as per his offer/acceptance letter.

If he cannot pay he must negotiate with those who now legally own the loan and come to an agreement.

If he is allowed weasel out of his debt, then mortgage holders who took out mortgages at that time should default.

ALL Irish banks were insolvent.

Of course, the full force of the law would make mortgage holders homeless while big developers get off scot free

[PaddyJoe]

Former AIB CEO Ian Doherty was appointed to the Siteserv board last June, according to the Indo today.

Doherty headed up AIB's Capital Markets division before being appointed as AIB chief executive in 2009, replacing Eugene Sheehy as the State rescued the bank. Doherty was a board member of AIB from 2003 onward.

His period at the helm of AIB saw a series of firesales as the bank desperately tried to raise cash to cover lending losses. AIB sold off its Polish arm, Bank Zachodni WBK, to Banco Santander for €3.1bn in 2010. However, less than a year after taking the top job, Doherty stepped down as the State was forced to inject more money into the troubled bank.

http://www.independent.ie/business/i...-29120331.html

[DCon]

Is Denis a household?

seanwhelanRTE ‏@seanwhelanRTE

Irish lenders wrote down €400 million in loans to households during Q4 2012, according to Central bank

[PaddyJoe]

The competition for the water metering contract is coming to the boil.

A consortium led by Sierra – which is owned by Denis O'Brien's Siteserv – is one of the frontrunners for the contracts, according to a source close to the bidding process.The Sunday Independent understands that Balfour Beatty Utility Services, a company owned by the builders of the Aquatic Centre for the 2012 London Olympics is another serious contender.
A consortium that includes the Irish-owned Morrison Utility Services is another frontrunner, according to our source. However all four companies declined to comment on the rollout.
The rollout of water meters in Ireland – which is expected to cost €450m and kick off this July – will see the country divided into eight regions. At least three consortia will be awarded contracts to roll out water meters across these regions.
This paper understands that Veolia, which runs Dublin's Luas, has also thrown its name into the hat.
Taoiseach Enda Kenny said recently that Irish households would receive their first bills for water charges in early 2015.

http://www.independent.ie/business/i...-29259809.html

[Dr. FIVE]

Balfour Beatty were among the employers attempting to screw the sparks last year

http://www.politicalworld.org/showth...for-the-Sparks