anglo to take over Arnotts


#1

rte.ie/news/2010/0728/arnotts_anglo.html

debts of 250 million.
Ulster bank to get a cut.
Most of their debt related to thei ill conceived northern quarter fantasy.

Jesus wept… I hate to say I told you so, but I told you so…

thepropertypin.com/viewtopic.php?f=4&t=12101&hilit=arnotts


#2

I’m shocked. I remember well your warning.

Who’s next? The Legion of Mary?


#3

Will Anglo take over the country when we go bankrupt?


#4

They should make Seanie work behind the perfume counter to pay off his debt.


#5

Rounding up trollies is too good for that arse bag.

Its amazing that money is pumped into a failing bank and then the failing bank pump money into a failing business.

I’m failing over here…


#6

Smell of success Madam?


#7

Another solid bricks and mortar company whose downfall was risking it all in the property game.


#8


#9

I don’t think it will stop there. Has Anglo become ‘self aware’, a la Skynet ? :open_mouth:


#10

In practical terms what about the 900+ employees? what do Anglo/RBS know about running a premier shop?

How many longtime businesses that survived the 1980’s have gone bust, due to leveraging of its position to buy bricks and mortar.

Should Arnotts go, and I hope not, it’ll be a very sad day not just for Dublin but for Ireland.


#11

They know as much about running a shop as they do about running a bank.

Note: I left out the “premier” label. €250 million in debt, 900 jobs on the line - its time for Arnotts to compete.


#12

Yes - this was one of those “defining moments” when I first heard of the crazy plan to shut down Arnotts, move across the street to Roche’s (I mean Roche’s! the very thought, my dear!) and build yet another shopping mall - the phrase “falling between two stools” (the lavatorial version) came to mind.

Kinda like when Nell McCafferty announced she was taking all her money out of her pension plan and investing in tech stocks…


#13

Oh yea I forgot about that. Has it been closed all this time?


#14

Will Anglo employees get a staff discount at Arnotts?


#15

I don’t understand this at all (from the RTE piece)…

How did they manage that? Did they buy up surrounding buildings? Even then, €250m?? How on earth does a department store run up that kind of debt? It’s mind-boggling, especially considering their profits during the consumer spending bubble should have been significant.

Yesterday, we heard how investors paid €15m for Flannery’s pub on Camden Street. We also know that the Shelbourne Hotel purchase and refit cost €200m, and also that Carluccio’s cafe has a similar massive debt (can’t remember the specific figure). All these suggest that nobody thought at all about normal trading income and how it related to these debts. Flannery’s for example needs to sell 3 million €5 pints just to pay their debt. The Shelbourne needs to provide countless €200 rooms to cover theirs. God knows how many coffees Carluccio’s needs to sell to cover theirs. Did anyone ever do these very basic sums, or were they really all just blithely assuming never-ending capital appreciation? (I suspect that’s a rhetorical question by the way).


#16

Yeah pretty much. It’s in that article…


#17

Never mind them, will I get a discount now that I’m a shareholder???


#18

As Mrs. YM says… a nation of shopkeepers…


#19

"Some will tell you that you are mad, and nearly all will say, ‘what is the use?’…For we are a nation of shopkeepers, and no shopkeeper will look at research which does not promise him a financial return within a year.

And so you will sledge nearly alone, but those with whom you sledge will not be shopkeepers: that is worth a good deal. If you march your Winter Journeys you will have your reward, so long as all you want is a penguin’s egg."


#20

Nice one jimmy :smiley:

Anyway, some background on the sorry saga. The Indo, of all organs, expressed doubt about Mr. McFadden and Boundary Capital as far back as 2007:
independent.ie/business/iris … 81404.html

David Murphy on RTE just now was suggesting that because Anglo is owed 55% of the money that “implies” that it is the majority shareholder in Arnotts (leave them nasty foreigners away from our own shiny-suit store). I remain to be convinced that is the case:
independent.ie/business/iris … 54195.html

There is no clarity as to how much is what Boundary owe to Anglo, how much is what Anglo paid for its equity (now wiped out) and who is senior or junior. My guess? Given past form, Ulster own most of it, with Anglo having security, beyond personal guarantees, for near none. The reasons for the move? Ulster have moved…