TV3’s corporate debt acquired by long term investor Doughty Hanson - -> businessandleadership.com/busine … rate-debt/
How is IBRC selling TV3 debt to its owner when the State is busting a gut to stop NAMA borrowers buying their own debt (for good reasons which I don’t need to go into here).
Property is straight forward to value?
However who would know how to value TV3?
Who is to say that DH - who are a major PE fund - haven’t been running TV3 down for this exact moment?
They stopped paying interest a while back?
And the ultimate irony is that BlueBay - a Government sponsored vehicle - is financing it.
Even more, BlueBay has the Anglo executives who originally did the TV3 debt.
In Anglo they earned bonuses for this bad loan - in BlueBay they get a share of the profits?!
So, in results terms:
DH - winner - buys the company back at a song through a badly run IBRC wind-down process (not auctioned separately).
Anglo Executives - double winner - got bonuses first and now get a share of BlueBay profits.
Accounting / Legal Advisors - no comeback for their work with Anglo - more fees on sale to DH.
Taxpayer - stuck with the loss ?! AND more loss via BlueBay if the same skills are demonstrated by the Anglo bhoys?
Deal now confirmed - hard to believe the irony of this transaction ?!
Wasn’t the idea behind BlueBay to help small businesses in Ireland?
Do Doughty Hanson really fall under the SME classification? Are they the right kind of party to be getting access to the governments pension fund?
Serious questions need to be asked about this TV3 transaction.
You are right fungus.
We will see the ex Anglo team who gave the bad loan in the first place sitting on the Board of TV3 to represent BlueBay (the nations money) in their new investment in TV3!?
It makes you wonder why we bother with all the extensive Central Bank paperwork needed to become a senior manager in any financial services business in Ireland?! It is all for show.
The final irony is that if the ex Anglo TV3 loan team do not earn carry on this deal (i.e. bonus), then it means that the taxpayer has probably lost money?!
Once again, it is our ass in the pan for Anglo employees to invest with impunity (in the hope that they might make a bonus).