Is it mentioned at what price Davy sold on the bonds. Aside from the fees mentioned, what size of a cut did the remainder of the sixteen realise?
It hasn’t been mentioned, but if they held them up to redemption that would have got par value or approx €20m
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Still waiting for na piarsaigh to make comment on their former player. Sickening to see them go sweep-sweep on this
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Possibly. I’d say it more likely that Davy flipped them to a hedge fund that has more appetite to holdout.
If they were holding to maturity one could speculate that insider knowledge of the liquidation process could have alerted them to a higher probability of being paid in full. Some of the hedge funds holding out had won a court case in 2012 allowing them to continue holding out. From a Davy exec perspective, it would be a paper profit as it’d take years to recover the money from the liquidator.
Was it 4m upside the day they did it… But the bonds were ultimately redeemed in full? So if they sat tight the payback was 25m for the bonds
.2025 I think I read somewhere. Doing some head maths which is always dangerous the cantor lad reckoned he should have gotten double that
Correct. Which they could well have done. But it would have contained a high level of risk. But the €4m was just immediate profit.
So just to sum up. He sold bonds for about €4m and paid fees of €1.857m for the privilege
Davy bought at 20.25. I was wondering at what price they subsequently sold to realise a profit for the “Collective” of 16. As you say it’s a crazy risk so would have to be worth their while.
He’d have been better putting them on Donedeal.
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Ex Anglo man ???
There’s lads have seen serious jail time for less.
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You’d love to see some of the cunts get a bit of time for it.
Instead it’ll be young lads from inner cities who never stood a chance been brought in time and time again.
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For insider trading?
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Is that a rebranded Namawinelake account?
If Kearney bought at 87.5 that would have been before they got into serious trouble. If I have the chronology right, Kearney could have accepted the haircut offered by the liquidator at 20c in 2010/11 instead of paying Davy €1.4m to sell at 20.25c in 2014.
I believe so yeah
It was the ex-Anglo guy Browne suing the developer that seemed to have brought the house of cards down. Reading between the lines the Davy lads got their slice but when the developer lad realised he was getting done by the Davy lads he didn’t pay your man Browne who then sued him and eventually forced Davy to come clean to the regulator
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Ya thats how the article in the Times this morning lays it out. When Kearney got his 3m from Davys he knew he’d been duped so refused to pay the additional cuts to anyone. Browne sued him, Kearney counter sued and issued proceedings against Davy but they settled straight away.
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Which would be all well and good if it brought the house of cards down, but it didn’t.
All 16 should be named, fired*, banned and prosecuted.
Why haven’t they been named?
**If still working.
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