'Arise, Officer Crosbie, you have done the state some service'

[C. Flower]

Harry rang in to Charlie Bird's lunchtime programme today to get in a plug for the Tall Ships Festival and to modestly accept Charlie's congratulations on his OBE.
The effect was spoiled a little a few minutes later when a discussion on tourism revealed that the royal visit has had no effect on tourism whatsoever

That notion was completely barmy from the start. Queen Elizabeth has been everywhere.

It made as much sense as the expensive tourism advertising campaign run in London to bring people to Ireland during the Olympics because there was nothing going on here ("Escape the Madness") - also a complete flop. Numbers actually fell.

Unfortunately the people who make these decisions do so on the basis of having no understanding of why tourists come here.

[PaddyJoe]

What's going on, Harry?

Mr Crosbie, his wife Rita and son Simon have resigned as directors from a number of key companies in his group over the last two weeks.

The companies involved are mainly connected with Crosbie Group developments in the capital’s docklands, and include Amphitheatre Ireland, which is behind the O2 live venue at the Point on the north side of the Liffey.

He has also resigned as a director of Grand Canal Theatre Ltd, which operates the Bord Gáis Energy Theatre on Dublin’s Grand Canal basin

Mr Crosbie’s businesses owe an estimated €250 million to Nama, which acquired the debt when it took over loans that his companies had drawn down from AIB.

His group is party to another €250 million due to the agency for developments involving other individuals and organisations.

Those liabilities are joint and several, which means that the Crosbie Group could be liable for the full amount due to the agency should the other debtors fail to pay, leaving the potential liability at €500 million.

http://www.irishtimes.com/newspaper/...323695310.html

[Stanley 2]

What's going on, Harry?


http://www.irishtimes.com/newspaper/...323695310.html

Enda should ask Lizzy to put the OBE on hold until certain financials matters are settled, after all she would not want another Lester style case on her hands.

[Kev Bar]

Salt of the earth.

[Stanley 2]

http://www.irishtimes.com/newspaper/...323695310.html


"Mr Crosbie, who is best known as the developer behind venues such as the O2, the Bord Gáis Grand Canal Theatre and Vicar Street venues in central Dublin, owes €500 million to State agency Nama, either directly or through his organisation’s involvement with other businesses, such as the Convention Centre, Dublin.

Mr Crosbie’s businesses owe an estimated €250 million to Nama, which acquired the debt when it took over loans that his companies had drawn down from AIB.

His group is party to another €250 million due to the agency for developments involving other individuals and organisations.

On RTÉ last year Mr Crosbie suggested that the State agency would be repaid only the actual amounts that it paid for the loans and not their full value".



This lad is up to his tits and beyond in debt, has Treasury for company in dockland property, he fully expects Nama to do the dacent thing and let him buy back his properties for 250m and Nama to take a hit of 250m, you know like a 50/50 deal, we cant all have a bad night.

Another sting in the tail will be no Bank, on this Earth, with any brains will touch him so, in Treasury like fashion, he will ask Nama to finance him and only take a couple of mill in management fees per annum, rude not to.

Nama should put him to the sword asap, enough shlte from him and get a different class of entrepreneur in to run his failures.

[PaddyJoe]

Somebody get on the hotline to Tubridy to rejig the line up for tonight's Late Late

State assets agency Nama has moved against businessman and developer Harry Crosbie, seizing control of his Bord Gáis Energy Theatre and Point Village developments.Both high-profile dockland sites are owned by companies controlled by Mr Crosbie.
Nama is understood to have installed Grant Thornton accountants, Steve Tennant and Paul McCann, as receivers to the assets in the last 24 hours.
A spokesman for the agency declined to comment on the move.

http://www.irishtimes.com/business/s...sbie-1.1365795

[Apjp]

Declining an 'honour' puts you in even more prestigious company - some surprising names here:

Thanks ... but no thanks

Fair play to Ken Loach, director of the wind that shook the Barley. Like the Cork hurling team and Ronan O Gara, it takes balls to turn your back on the commander in chief.

[PaddyJoe]

Harry goes to law:

PROPERTY DEVELOPER HARRY Crosbie has issued legal proceedings against the National Asset Management Agency.

If the legal action is successful, it will require Nama to cease pursuing Crosbie over his debts and to remove the receiver from the Bord Gais Energy Theatre.Background
Receivers were appointed to the companies behind the Bord Gais Theatre and the Point Village complex in April of last year, with international powerhouse firm Grant Thornton installed by Nama.
The total development cost of the pair was around €450 million.
Last month, Nama decided to come after Crosbie for €77 million in loans after an alleged failure to disclose assets to the agency when first asked to do so.
The bank has also alleged he transferred over €1.4 million to his wife immediately before it took over his loans.
Nama is yet to respond to a request for comment.

http://businessetc.thejournal.ie/har...15281-Jun2014/