Seanie's casino deal off

[BoyRacer]

Seanie’s casino deal off → independent.ie/business/iris … 91621.html

Former Anglo Irish boss Sean FitzPatrick has seen his punt on a €260m Macau Casino deal sour.
FitzPatrick was an investor with Claret Capital, which provided a large chunk of a €260m buy-in to the Fisherman’s Wharf casino complex in Macau in late 2007.
However, the casino has failed to perform to expectations, leading to a row between its shareholders.
Hong Kong tycoon David Chow was thought to have agreed a deal to buy out the investors for just €130m.
But this deal collapsed and the investors are believed to have snubbed a fresh offer of just €65m for their shares. Claret declined to comment.

[yoganmahew]

See more here on Claret’s litany of poor investments:
istockanalyst.com/article/vi … id/3442565
There is a rather peculiar description of the particular deal:

An investment in a casino and leisure business in Macao is “treading water”, Slattery said.

[yoganmahew]

On a related note, I presume Claret has a similar MO to Quinlan Private and First Equity?

On First Equity:
archives.tcm.ie/businesspost/200 … y40639.asp

It was never supposed to end this way. Late last Friday afternoon, the High Court appointed a liquidator to the company behind First Equity Group, an Irish investment firm that worked on projects worth more than €3 billion.

More than 400 investors - mainly wealthy Irish people - had ploughed millions of euro into the group, which operated through a complex series of companies. Their money was invested in everything from apartments in Beverly Hills to villas in France and Italy and a €500 million ski resort in Suffolk.

Does anyone have an update on First Equity? The list of banks is the usual suspects:

Dozens of investors - including Barry’s brother, Jim - are listed, and the financial institutions named include Bank of Scotland (Ireland), AIB, Anglo Irish Bank and First Active.

Any of this being NAMA’d? Is that what the ‘other’ loans are? And Claret?