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

[Stanley 2]

Treasury argued they have outside investors looking to come in, Nama have said these outside proposals are totally loaded towards Treasury and furthermore these "investors" , like Treasury, expect to be financed by Nama, what a pair of comedians Ronan and Barrett are.

KBC and ACC have refused to tow the line on Irish style nod nod wink wink debtor's game and have kept the Courts busy.

Treasury pulled unencumbered assets to support their judicial review with Nama, can or will they do it again to get the annoying KBC off their back, Nama will watch on.

[DCon]

The lads will be back in court on the 27th

The KBC legal action against Treasury Holdings which was adjourned at the start of August, is set to continue this morning [CORRECTION: The Court Service has not updated its daily list since 8th August, 2012 and the case is not in fact due to continue until Monday 27th August]. KBC is seeking a winding up order for Treasury, on foot of a claim for outstanding loans of €30m. Treasury Holdings which was founded by the colourful Johnny Ronan and understated Richard Barrett is mired in litigation with NAMA – Treasury lost its judicial review case against the Agency last month, but was set to appeal. Separately NAMA is suing Treasury and its founders over debts. Treasury is also suing NAMA over the treatment of debt associated with the Battersea Power Station site in central London – it’s a veritable “Litigationfest”, but if Treasury is wound down today, then that may undermine the future of any litigation.

Meanwhile a separate Treasury company, Treasury China Trust (TCT) which is listed on the Singapore stock exchange and which is a major developer in China, faces “charges from one of its investors that the firm is run for the benefit of its fund managers and lacks independent board oversight” – in fact the charges are at this point no more than claims by a TCT minority shareholder – whose name is Mano Sabnani – and “Richard David, chief executive of Treasury China Trust (TCT), denied the charges and indicated that controls over the group’s management by Singapore regulatory bodies should be sufficient to protect shareholders’ interests”

http://namawinelake.wordpress.com/20...mismanagement/

[DCon]

Could be the end of the road for the lads.

If the greatest FF scam ever cannot save them, things must really be in a mess

TREASURY Holdings and 15 related companies are wholly insolvent and should be wound up, lawyers for KBC bank told the High Court heard today.

The bank which claims it is owed more than €70m by Treasury, arising out of loans advanced for the development of the Spencer Dock project in Dublin, has petitioned the Court to have Treasury and the other companies wound up and that insolvency practioner Mr David Carson be appointed as liquidator.


Both Treasury and the related firms have opposed KBC's application. They have argued that, if liquidated, 300 jobs in Ireland, plus an additional 100 jobs internationally, will be lost

At today’s sitting of the High Court Mr Justice Brian McGovern was told that US multinational financier Morgan Stanley had tendered a proposal to KBC to take over the loans.


That investment proposal would result in the bank getting a better price than the market value for Treasury's assets if the company was wound up, the Court heard.


However, Lyndon MacCann SC, for KBC, said the bank has rejected the Morgan Stanley proposal, on the basis that it "did not make commercial sense," from KBC's prospective.

In reply Michael Collins SC for Treasury said that while it is accepted the companies are insolvent and the money was due and owing KBC is not entitled to make the application as it is a minority party of the syndicate.


Counsel said that in the alternative the court should use its discretion to adjourn the winding up application.


Counsel added that KBC had not shown to the court that it would suffer any prejudice, if the application was adjourned in order for it to allow talks with a potential investor such as Morgan Stanley.


Counsel added that the KBC's motive in having a liquidator appointed, who would assume the role of the firm's directors and management, was to prevent Treasury from pursing its appeal in the Supreme Court against Ms Justice Finlay Geoghegan's judgment.


As well as Treasury Holdings itself KBC is further seeking to have related companies including Spencer Dock National Convention Centre Hotel, Spencer Dock Development Company, Faxgore Ltd, Querida Ireland Holdings Ltd, and Robheat Ltd wound up.

http://www.independent.ie/business/i...n-3213184.html

[Stanley 2]

Nama has already rejected 2 "investors" who wanted Nama not only to finance them but pay Treasury annual fees, to hell with that, whilst this Morgan Stanley deal is not fleshed out, KBC dont like it so it must be favouring MS + Treasury.

Must be a lot of other sharks swimming around Treasury assets, soon they wont have to deal with Ronan/Barrett, less big mouths to feed.

[DCon]

NAMA is ready to throw in the towel it seems. Good thing KBC are on the ball because NAMA would have slept through the entire asset transfer

INSOLVENT property giant Treasury Holdings has been ordered by the High Court to explain its decision to sell Chinese assets to the company's own boss at the same time that the company is under threat of liquidation.

The Chinese deal took place just hours before Treasury was due in court in Dublin where KBC Bank wants the business put into liquidation over unpaid debts.

In court lawyers for KBC said they discovered the deal thanks to an announcement made to the stock exchange in Singapore, only because they have been monitoring Treasury's assets abroad.

The bank was "agitated" by the discovery, according to its barrister Lyndon MacCann.

He said the bank was concerned by the timing of the deal and the fact that the financial details have been kept secret

Executives at Treasury had failed to mention the deal in sworn evidence to the court just a day before, he said.

State-controlled NAMA is locked in a whole series of legal battles with Treasury over €1.7bn of unpaid debt. Until yesterday, however, it has never tried to have the company shut down. It has now backed KBC's demand to have Treasury put into liquidation, after learning of the asset transfers.

http://www.independent.ie/business/i...t-3214126.html

[Stanley 2]

"The company also agreed not to sell any more assets before the October hearing.

Unlike the rest of the business the Chinese assets are understood to be debt free.

It means they are among the few assets with any real value left in the group. The deal set off alarms bells at Treasury's biggest creditor NAMA, which is owed €1.7bn by the group".




Would hazard a guess that these "assets" only exist because of funds which originated in Irl from Anglo but would be nigh on impossible to prove.

NWL has been on top of workings/changes on Treasury China website therefore Nama must have known what was going on but choose to let KBC take the lead.

[The Moth]

Nama has been taken in by these thugs. They are now given another month to "manage" their affairs. However they may come a cropper in China where business is not conducted in such a polite and arms length manner. Also Chinese jails are not known for their comforts.

[DCon]

Nama has been taken in by these thugs. They are now given another month to "manage" their affairs. However they may come a cropper in China where business is not conducted in such a polite and arms length manner. Also Chinese jails are not known for their comforts.

NAMA was designed to facilitate lads like these.

NAMA is working exactly as planned by its designers and their puppets in government

[PaddyJoe]

Treasury endgame. Why isn't Richard Barrett playing cards with Petie Quinn in the Mountjoy Traning Unit?

Mr Barrett, a Treasury director, has told The Irish Times that he paid €2.263 million in cash to buy the two businesses – Treasury Holdings Real Estate Pte Ltd, and Treasury Holdings (Shanghai) Property Management Co Ltd.

The companies were owned by Treasury Holdings China Ltd, a wholly owned subsidiary of Treasury Holdings, and provided services to TCT’s commercial property portfolio in China.

They were acquired on Monday night by a Jersey-based entity called Oriental Management Services Ltd, which is controlled by Mr Barrett.

http://www.irishtimes.com/newspaper/...323380406.html

[Stanley 2]

Treasury endgame. Why isn't Richard Barrett playing cards with Petie Quinn in the Mountjoy Traning Unit?

http://www.irishtimes.com/newspaper/...323380406.html

Petey is the one watching GAA matches at home in Fermanagh with his Daddy, big Petey and Seanie Jnr is in the Joy Training Unit awaiting his Daddy, big Seanie.

[DCon]

Nice deal for Barrett

SUBSIDIARIES OF Treasury Holdings acquired by Richard Barrett last week for €2.263 million are believed to have been valued at more than 50 million Singapore dollars (€31.8 million) earlier this year in a report by Goldman Sachs.

The Irish Times has learned that this report was submitted on July 23rd to the board of Treasury China Trust (TCT), a Singapore-listed company connected with the two companies acquired by Mr Barrett last week.

http://www.irishtimes.com/newspaper/...323695211.html

[Stanley 2]

http://www.independent.ie/business/i...s-3222463.html


If KBC have rightly gone after Barrett/Ronan in the Courts, Crosbie is in the deal with them and has not coughed up his end, KBC have no choice, in the interests of fairness, but to go after him, wonder if this is linked to these resignations/ accounting juggling.

Crosbie expects to receive the Nama discount on bank loans buyouts to become his discount and the taxpayer to pick up the cost, because "he is worth it",

Nama/KBC strike force should put the boot in again.

[Stanley 2]

Nice deal for Barrett



http://www.irishtimes.com/newspaper/...323695211.html

Nama must blow this deal out of the water asap, the poster boys of the Celtic Pussy are laughing at them.

Govt could help by taking their passports off them for a start, then a few nice big tax bills to focus their attention, perhaps a day's excursion to the "Joy".

[Stanley 2]

http://www.independent.ie/business/i...n-3223670.html



Bad news on Treasury keeps rolling in, they defo have no compliant FF style Govt in Singapore "to keep pulling for us".

[Stanley 2]

http://www.independent.ie/business/i...e-3225512.html


Treasury bellowing and threatening to former Directors, bully boys to the end.

It is also time set about Ronan/Barrett's personal assets, they have had plenty of time to disperse, lets get on with the reverse.