Can someone give me a left leaning analysis of what is going on with these and Enda Kenny?
http://cdn2.independent.ie/migration_catalog/article25310248.ece/c337c/ALTERNATES/h342/Taoiseach-Enda-Kenny
here ya go buddy
If you have time… you could read this.
[QUOTE=“Kinvara’s Passion, post: 1127360, member: 686”]If you have time… you could read this.
nope, i dont have time but TUM will be along shortly to put the article into useful bullet points
[QUOTE=“Kinvara’s Passion, post: 1127360, member: 686”]If you have time… you could read this.
Think it breaks down to this… Altran claimned they tried to buy siteserv in 2012 but were told to fuck off by the Brian Harvey the CEO. O’Brien secure the deal soon after…
Did the taxpayer get the best possible price for this company?
Note: Its pretty pathetic that you have to read blogs to get the truth on a lot of this stuff but this is corporate Ireland now.
Siteserv was put up for sale owing €150m to Anglo.
Denis O’Brien bought siteserv for €45m
Anglo wrote off the other €105m yet Siteserv shareholders were still paid out €5m as part of the deal.
Other bidder claim they were either excluded from the sales process or had higher bids turned down.
Arthur Cox represented both sides of the deal.
Siteserv go onto win lucrative water meter contract a few months later.
[QUOTE=“TreatyStones, post: 1127380, member: 1786”]Siteserv was put up for sale owing €150m to Anglo.
Denis O’Brien bought siteserv for €45m
Anglo wrote off the other €105m yet Siteserv shareholders were still paid out €5m as part of the deal.
Other bidder claim they were either excluded from the sales process or had higher bids turned down.
Arthur Cox represented both sides of the deal.
Siteserv go onto win lucrative water meter contract a few months later.[/QUOTE]
dont forget that DOB is in the hock for 890m to anglo all through this
Is he servicing that debt though?
The level of debt isn’t that important if it’s being serviced.
[QUOTE=“TreatyStones, post: 1127380, member: 1786”]Siteserv was put up for sale owing €150m to Anglo.
Denis O’Brien bought siteserv for €45m
Anglo wrote off the other €105m yet Siteserv shareholders were still paid out €5m as part of the deal.
Other bidder claim they were either excluded from the sales process or had higher bids turned down.
Arthur Cox represented both sides of the deal.
Siteserv go onto win lucrative water meter contract a few months later.[/QUOTE]
[QUOTE=“TreatyStones, post: 1127380, member: 1786”]Siteserv was put up for sale owing €150m to Anglo.
Denis O’Brien bought siteserv for €45m
Anglo wrote off the other €105m yet Siteserv shareholders were still paid out €5m as part of the deal.
Other bidder claim they were either excluded from the sales process or had higher bids turned down.
Arthur Cox represented both sides of the deal.
Siteserv go onto win lucrative water meter contract a few months later.[/QUOTE]
Thanks pal. Thats comprehensive.
They’ll do their very best to bury this but I get the feeling its going to be another Shatter type episode.
[QUOTE=“TreatyStones, post: 1127383, member: 1786”]Is he servicing that debt though?
The level of debt isn’t that important if it’s being serviced.[/QUOTE]
http://www.broadsheet.ie/2012/01/16/denis-obrien-dividends-debt-and-paying-back-anglo/
irrespective of whether or not he’s servicing it, there would have to be queries about soeone in that much debt acquiring more debt (siteserv owed 150m at that stage) from a distressed lender
[QUOTE=“TreatyStones, post: 1127380, member: 1786”]Siteserv was put up for sale owing €150m to Anglo.
Denis O’Brien bought siteserv for €45m
Anglo wrote off the other €105m yet Siteserv shareholders were still paid out €5m as part of the deal.
Other bidder claim they were either excluded from the sales process or had higher bids turned down.
Arthur Cox represented both sides of the deal.
Siteserv go onto win lucrative water meter contract a few months later.[/QUOTE]
[QUOTE=“TreatyStones, post: 1127380, member: 1786”]Siteserv was put up for sale owing €150m to Anglo.
Denis O’Brien bought siteserv for €45m
Anglo wrote off the other €105m yet Siteserv shareholders were still paid out €5m as part of the deal.
Other bidder claim they were either excluded from the sales process or had higher bids turned down.
Arthur Cox represented both sides of the deal.
Siteserv go onto win lucrative water meter contract a few months later.[/QUOTE]
I’ve no idea why the shareholders had to get some money. That’s the really bizarre thing for me.
My thinking would be there were higher offers but the shareholders would have got fuck all, so naturally they chose the offer that gave them something.
That only leaves the question of why the fuck IBRC would agree to that.
[QUOTE=“Julio Geordio, post: 1127403, member: 332”]I’ve no idea why the shareholders had to get some money. That’s the really bizarre thing for me.
My thinking would be there were higher offers but the shareholders would have got fuck all, so naturally they chose the offer that gave them something.
That only leaves the question of why the fuck IBRC would agree to that.[/QUOTE]
Apparently Siteserv themselves ran the entire sale process.
It’s some country alright.
There will be nothing made of this by the general public. News for a few days and back to normality in a few days. The Irish are second only to the Scottish in the servile stakes.
[QUOTE=“Julio Geordio, post: 1127403, member: 332”]I’ve no idea why the shareholders had to get some money. That’s the really bizarre thing for me.
My thinking would be there were higher offers but the shareholders would have got fuck all, so naturally they chose the offer that gave them something.
That only leaves the question of why the fuck IBRC would agree to that.[/QUOTE]
it shouldn’t happen but it does happen sometimes where you pay for their co-operation/expertise - means it goes more smoothly so you pay them X because X means a higher price for the overall company or it means the deal gets done more quickly. It is less than transparent but Anglo would have to sign off on it.
quite a few of these processes are run fairy aggressively and for the benefit of certain “insiders” - NAMA have a rule about selling to connected parties of original owner which is designed to obviate some of that but NAMA were not on this one
no harm to shine a light on it and I would start with the insolvency guy who ran the process and work out from there.
the other interesting piece would be around the water contracts and what stage they were at when deal was signed - were they agreed in principle although not signed
The FOI papers received by Catherine Murphy and The Sunday Times were mostly blacked out.
Department of Finance were supposed to be very unhappy at the deal but couldn’t intervene under the rules, which only changed two weeks after the sale.
Concerns about other large transactions done under IBRC’s auspices.