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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Thu Apr 05, 2012 6:06 pm 
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Aynsley is not fully provided, the TAXPAYER is. :(

Any chance we can send this to the IMF for a look see ??

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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Thu Apr 05, 2012 7:04 pm 
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2Pack wrote:
Aynsley is not fully provided, the TAXPAYER is. :(

Any chance we can send this to the IMF for a look see ??


Pearse Doherty is the man for this. Or Shane Ross if you're that way inclined.


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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Thu Apr 05, 2012 7:22 pm 
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I wonder would KPMG and Davy be on the hook here. Their sales exercise and valuation etc is called into question by this.


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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Thu Apr 05, 2012 7:48 pm 
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This is where moral hazard kicks in.
Every highly leveraged company which has been bank-rolled by Anglo are now going to be looking at the state of play.
Why would you pay off your debt when you can just get it forgiven.
Issue more shares, dilute your ownership to clear you debts? Nah.
cut directors salaries and fire current directors who got the company in over it's head? Nah.
Lets just bluff our bank and get our debt forgiven.

....and we have the f*cker O'Brien right in the thick of it all too.

More time has been spent on this site discussing debt-forgiveness for mortgagees than on this corporate debt forgiveness. How many mortgages would you have to forgive to get to these sorts of euro numbers? 5000 houses? 8000 houses?

Shane Ross, Pearse Doherty. All they are good for is for pointing out how the Irish have been swindled once again. They cry out after the horse has bolted. they have no more power to prevent anything than the man in the street. There is something fundamentally wrong with the way official Ireland works and I don't see it ever being fixed.


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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Thu Apr 05, 2012 10:07 pm 
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The EBITDA is 15M, O'Briens offer was 3. Thats kind of low on the current 4 to 6 times view. There was always going to be a huge writedown by anglo which at 107m almost exactly matches the goodwill of 100m. Say four times (the alternative offer) and the equity gets wiped (and yes Blamegame is right about the effect of a receivership on a business but people have learned since the Kieran Wallace Superquinn fiasco), and Anglo get 20M more. So 5 to 20M is what Anglo gave away here. Not a lot in the Anglo book, but look after the millions and the billions will take care of themselves.

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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Thu Apr 05, 2012 11:11 pm 
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grumpy wrote:
The EBITDA is 15M, O'Briens offer was 3. Thats kind of low on the current 4 to 6 times view. There was always going to be a huge writedown by anglo which at 107m almost exactly matches the goodwill of 100m. Say four times (the alternative offer) and the equity gets wiped (and yes Blamegame is right about the effect of a receivership on a business but people have learned since the Kieran Wallace Superquinn fiasco), and Anglo get 20M more. So 5 to 20M is what Anglo gave away here. Not a lot in the Anglo book, but look after the millions and the billions will take care of themselves.


Yes exactly. As dipole said its open season. It turns out 'Delay and Pray' and 'Extend and Pretend' since around 2005 (or whenever this company started its spending spree) has really just been, wait around, procrastinate, let interest accumulate and then burn capital. Instead of burning bondholders, Anglo burns its capital base. Probably the write down on this loan was hidden in the 31 billion write-down on their book, but we'll never know, because they'll never break that number down for us.

What exactly are we paying The Jolly Swagman 500k + living expenses for?


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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Fri Apr 06, 2012 9:49 am 
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This stinks!

http://www.independent.ie/business/iris ... 73345.html
Altrad representative had to buy shares to speak at the EGM to complain that their higher bid hadn't been entertained and that the Irish people were owed a debt.


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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Fri Apr 06, 2012 12:09 pm 
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Joined: Feb 27, 2007
Posts: 1867
grumpy wrote:
The EBITDA is 15M, O'Briens offer was 3. Thats kind of low on the current 4 to 6 times view. There was always going to be a huge writedown by anglo which at 107m almost exactly matches the goodwill of 100m. Say four times (the alternative offer) and the equity gets wiped (and yes Blamegame is right about the effect of a receivership on a business but people have learned since the Kieran Wallace Superquinn fiasco), and Anglo get 20M more. So 5 to 20M is what Anglo gave away here. Not a lot in the Anglo book, but look after the millions and the billions will take care of themselves.

So maybe giving away 5-20m here helps them recover a rumoured much larger sum from D'OB.


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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Mon Apr 09, 2012 9:11 pm 
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Too Big to Fail

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Sindo had a full page on this- they are digging a lot re DOB recently

There was a question at the shareholder meeting reported in the sindo that the chairman wouldn't comment on, namely the personal borrowings of the CEO to Anglo, presumably to buy shares in Sitesev and exercise options.

Is it possible that Anglos loss here is even bigger than what they are pretending ?

How much did Harvey own and what price did he obtain those shares at ? Is this sort of thing on the Bloomberg history for the company ?

Also the Dix chap is a KPMG partner and a director of Siteserv and was defending the KPMG and Davy sales process. Was he appointed by Siteserv or Anglo ? Who is the director appointed by Anglo who didn't attend the shareholder meeting, what's his background is he an Anglo employee or just their nominee ?


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 Post subject: Re: Denis O Brien gets snout in IBRC Trough
PostPosted: Mon Apr 09, 2012 9:28 pm 
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Joined: Nov 13, 2006
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Location: Stuck in Ahernistan
Interesting prediction in the Independent yesterday - that Siteserv will be nicely positioned to get the contract for installation/operation of water meters nationwide:
http://www.independent.ie/opinion/analy ... 74214.html

Thoughts?


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