Anglo Irish JCF 1 LLP. WTF!

From the Sunday Indo.

Hopefully this was an aborted attempt at something dodgy.

Raises some questions:

  1. What was the purpose of this fund?
  2. How much cash went in to this fund?
  3. How much money did each partner invest?
  4. Davy’s ‘special’ funds are coming up too often. What are they at and whose money are they using?
  5. Were any credit facilities provided? by Anglo?
  6. Has this fund been active?
  7. What is the current status of this fund?

McNamara? where the hell was he getting the money? I’d guess another Davy’s ‘special’ fund will be after it. IIRC the glass bottle site mezzanine investors was through Davy.

Members of the partnership are:

LLP MEMBER APPOINTED SEAN FITZPATRICK
16/09/2009 LLP288a

LLP MEMBER APPOINTED PAUL COULSON
16/09/2009 LLP288a

LLP MEMBER APPOINTED EUGENE POWER
16/09/2009 LLP288a

LLP MEMBER APPOINTED CAROL WRIGHT
16/09/2009 LLP288a

LLP MEMBER APPOINTED BERNARD MCNAMARA
16/09/2009 LLP288a

LLP MEMBER APPOINTED DAVYCREST NOMINEES LIMITED
16/09/2009 LLP288a

LLP MEMBER APPOINTED ANGLO IRISH ASSURANCE COMPANY LIMITED
16/09/2009 LLP288a

LLP MEMBER APPOINTED BENTICO TRADING LIMITED
16/09/2009 LLP288a

Bentico is a company run by a Mr William McCabe, also of Skillsoft Ltd.

LLP MEMBER APPOINTED DONAGH BARRY
16/09/2009 LLP288a

LLP MEMBER APPOINTED MICHAEL CARMODY
16/09/2009 LLP288a

LLP MEMBER APPOINTED GARY MCGANN
16/09/2009 LLP288a

LLP MEMBER APPOINTED JOHN SISK
16/09/2009 LLP288a

LLP MEMBER APPOINTED JEREMIAH O’REILLY
16/09/2009 LLP288a

LLP MEMBER APPOINTED RADICAL PROPERTIES LIMITED (a company of Gerry Barrett)
16/09/2009 LLP288a

LLP MEMBER APPOINTED GERRY BARRETT
16/09/2009 LLP288a

Radical.

Woe betide NAMA if it goes after the “Bill” McCabe

Thanks Gavin,

I wonder how much each partner divvied up. There’s a good deal of property people.

It’s likely some of these individuals weren’t paying interest on their development debts, but were able to find money for this.

I know that the Irish business scene has a very small and very murky gene pool but its remarkable how the same names keep turning up in every dodgy deal…

archives.tcm.ie/businesspost/2002/11/24/story645525528.asp

More than enough evidence for a whole slew of RICO’s here.

Am I right in thinking this looks like an attempted managment buy out? When the bank fails, the same managment who ruined the bank, buy it back for themselves, wiping out creditors and shareholders?

It seems to be a strategy frequently deployed by irish business people. Shows just how sleazy and underhand most of them are.

It does, doesn’t it? Or at least an attempt to put together a buy out of examinership package.

its called tunnelling…