McAteer's Massive Shareholding in Failing McInerney's - Why is Anglo Seeking a Stake?

[C. Flower]

http://www.independent.ie/business/i...y-2307234.html


Why are we (Anglo Irish) trying to take another "stake" in a firm that appears to be catastrophically bankrupt ?

Former Anglo Irish Bank number two Willie McAteer has lost a fortune on his stake in the crippled housebuilder McInerney.
Anglo Irish lent huge sums to the company while Mr McAteer was the bank's finance director.
Shares in McInerney hit new lows last week after reports that it was considering going into examinership.
Sources close to the company described the reports as "speculative".
Mr McAteer holds 170,000 shares in the company, with his family holding another 10,400. His shares were bought in April 2003.
At the peak of the market in February 2007, his stake was worth close to €552,000.
Anglo Irish Bank is a major lender to Barry O'Connor's troubled homebuilding firm.
McInerney owes banks about €236m. It is thought that Anglo and Bank of Ireland may seek a stake in the company as part of a debt-restructuring deal.
McInerney has seen its share price collapse from a high of €3.25 down to just four cent.

Can anyone give me any reason for believing that the Irish "Golden Circle" has got less, rather than more, corrupt?

As yet, neither the Guards nor the Office of the Director of Corporate Enforcement have completed their enquiries into Anglo Irish Bank. Why is this outfit being allowed to trade at all?

[C. Flower]

http://namawinelake.wordpress.com/20...-october-2010/

McInerney has gone into Examinership, in spite of Bank and NAMA opposition.

[TaxProtester]

McInerney has gone into Examinership, in spite of Bank and NAMA opposition.

That is disgusting. It has to be a corrupt decision.

McInerney is broke. There is no feasible way they can "trade out" of their problems. Where will they get working capital to develop their sites? A state owned bank perhaps?

[PaddyJoe]

Why only one arrest for this ? Fall guy ?



Would you mind if I moved these posts to the Anglo Irish investigation thread?

http://www.politicalworld.org/showth...ish#post260169

Supposedly a second person is expected to be arrested as well.
Move away