DENIS O’BRIEN : THE BAILOUT KING
Feb 8th, 2013 by Conor McCabe
The Irish Times’ headline in the article linked below implies that O’Brien has “six months to pay” back loans owed to Anglo/IBRC. In the article, though, it lays out that the loans, if not repaid, will be transferred to NAMA. O’Brien and Paddy McKillen about to get a bailout.
What the article doesn’t say is that O’Brien took out the loan from Anglo to buy shares in Irish Independent - shares that are now worth a tiny fraction of their value when O’Brien bought them.
Enjoy the march on Saturday and ICTU’s call for the citizens of Europe to do something about the debt so that ICTU can keep its yellow streak and get Labour off the hook.
As for Denis O’Brien, ladies and gentleman, he fucking laughing at you.
About €15 billion of loans that remain on IBRC’s books have been taken over by the special liquidators, Kieran Wallace and Eamonn Richardson of KPMG, appointed by the Government. They will seek to get full current value for these loans by the middle of this year.
The various loans will be sold separately and if the liquidators cannot achieve the current value, they will transfer to a special purpose vehicle operated by Nama, the state agency set up to deal with the toxic property loans of Ireland’s banks.”
Full Irish Times article here.
Complete c*nt. What does he even do with all the money? Perhaps my lack of imagination is why I will never reach such dreamy heights…
O’Brien took out the 500m loans from Anglo to pay for his attempt to control Independent News and Media. INM, however, had financing problems and a bond was due to be redeemed. In the end they couldn’t pay the bond, so the debt was restructured. This meant that the value of the shares that O’Brien had spent the Anglo loan on were wiped out as part of the restructuring.
From the Sunday Times:
This doesn’t point out the fact that O’Brien took out the loan for the shares from Anglo after it was nationalised.
Burning bond holders and debt restructuring is common practice, except when it comes to Anglo. The loan is going to be bought from the Central Bank of Ireland via a NAMA Bond. Let’s say that O’Brien and McKillen don’t pay. The loss would immediately be a sovereign one.