High-profile developers seeking capital from Nama- Treasury taken to court by NAMA

[DCon]

From RTE

Treasury Holdings has been given permission by the High Court to pursue its legal challenge against the National Asset Management Agency.

Treasury wanted permission to challenge NAMA's decision to call in its loans and appoint receivers to some of Treasury's assets.

http://www.rte.ie/news/2012/0322/nama.html

[ang]

NAMA says Treasury insolvent and has no viable business without NAMA money:-

NAMA claimed Treasury was insolvent, past the point of rescue and had no viable business left without money from the agency: money it was not obliged to give.

[Bormaley]

that's seriously

[DCon]

Treasury's Asian activities will be the subject of a court case

TREASURY HOLDINGS and its owners, Richard Barrett and John Ronan, are being sued by the National Asset Management Agency in a bid to reverse a controversial transaction where 20 million shares were allegedly transferred out of the group to the benefit of Mr Barrett and Mr Ronan for €100,000 and unsecured loan notes.

Nama, which acquired some €1 billion of Treasury’s €2.7 billion loans in April and May 2011 after the disputed Treasury Asian Investments Ltd (TAIL) transaction of March 22nd, 2010, claims there was no commercially valid reason for that transaction made when Treasury was either insolvent or in very difficult financial circumstances.

http://www.irishtimes.com/newspaper/...317753165.html

[Stanley 2]

Treasury's Asian activities will be the subject of a court case



http://www.irishtimes.com/newspaper/...317753165.html

Well done Nama, they are stretching out very far in chasing Ronan/Barrett but glad to see Justice Peter Kelly is in the driving seat.

[C. Flower]

Peter Bacon has just written a report paid for by Treasury Holdings that is highly critical of Nama, which he says is selling too cheap and too soon.

He said that he "had it in his head to write the report" and Treasury agreed to pay for it. RTE interviewer said "lucky you."

I'm not sure that we were meant to hear that, at the end of the interview, but it cracked me up.

Bacon says that Nama will not cover its costs, at the present rate of progress. I don't know that many people will be surprised at that.

[Stanley 2]

http://www.independent.ie/business/i...h-3158418.html


The pressure increases on Treasury as both KBC and Nama demand funds pretty quick and their lawyer prevaricates about dates, their policy of stalling is crumbling, Bertie is no longer there "to keep pulling for us"

[Stanley 2]

http://www.rte.ie/news/2012/0704/tre...ings-nama.html


Arrogance of Treasury screams through, tick tock.........

[Stanley 2]

http://www.independent.ie/business/i...e-3167361.html


Down to the wire, is this when Ronan/Barrett accept it is over and head for China.

[The Moth]

http://www.independent.ie/business/i...e-3167361.html


Down to the wire, is this when Ronan/Barrett accept it is over and head for China.

I doubt if there is much for them in China except more debts and it is difficult to leave China intact if you have debts, they are not as forgiving as NAMA

[Stanley 2]

http://www.irishtimes.com/newspaper/...reaking18.html


The High Court has decided, now we will maybe see what this pair of jokers were up to, their relationship with FF, "keep pulling for us", will now be exposed and how they managed to rent so many buildings to the Govt and its Agencies at absolute top whack.

This is not going to be pretty and the deficit will be huge, let's hope the pair end up in 3 bed semi ds after their Nama salaries are cut off, this pair were at the heart of Celtic Pussy hype.

Lets start with cutting the jit and maybach.

[DCon]

http://www.irishtimes.com/newspaper/...reaking18.html


The High Court has decided, now we will maybe see what this pair of jokers were up to, their relationship with FF, "keep pulling for us", will now be exposed and how they managed to rent so many buildings to the Govt and its Agencies at absolute top whack.

This is not going to be pretty and the deficit will be huge, let's hope the pair end up in 3 bed semi ds after their Nama salaries are cut off, this pair were at the heart of Celtic Pussy hype.

Lets start with cutting the jit and maybach.

Not to forget the National Convention Center, which they won the bidding for, despite having a price vastly higher than one of the competing bids

They won because they scored highly on the other criteria (which I am sure their FF friends kept a secret during the bidding process)

[Stanley 2]

Not to forget the National Convention Center, which they won the bidding for, despite having a price vastly higher than one of the competing bids

They won because they scored highly on the other criteria (which I am sure their FF friends kept a secret during the bidding process)

Shades of the Lowry style, two cheeks, FF/FG they say, of the one arse.

[Baron von Biffo]

Treasury Holdings loses case against NAMA.

http://www.rte.ie/news/2012/0731/tre...ama-court.html

[DCon]

Surely NAMA will bail the lads out (again)

KBC Bank's application to have Treasury Holdings and 15 related companies wound up has been adjourned to later this month.

Lawyers for the bank told the High Court yesterday that it made a demand for the payment of €30m on the developers and 15 related companies, which it claims it is owed arising out of loans advanced for the development of the Spencer Dock project in Dublin.

Due to the firm's alleged failure to satisfy the demand the Belgian-owned bank claims the firms are insolvent.

KBC have petitioned the court to have Treasury and the related companies wound up and insolvency practitioner David Carson of Deloitte appointed as liquidator to the firms.

The companies, all with a registered address at Connaught House, 1 Burlington Road, Dublin 4, have opposed KBC's applications on grounds including that Treasury is in talks aimed at securing new investment to cover the loans.

The judge said the matter will go ahead on Monday August 27, subject to a judge being available to hear the case. The hearing is estimated to last for half a day. NAMA will be a notice party to the application.

Lyndon MacCann, counsel for KBC, said his client was part of a banking syndicate that extended loans of €270m to Treasury Holdings and related companies for the development of the Spencer Dock.

http://www.independent.ie/business/i...d-3195073.html