The global system of tax apartheid has become clearer in recent years. Loyal minions of the mega-rich, from the fields of politics, law and accountancy, have fashioned an interstate highway of money completely separate from ours that flows directly to their masters. Those tolls are not for them. The magnitude of their achievement is not captured by words like avoidance, evasion or even bypassing; they have freed themselves from the shackles of tax and pay only when they wish to. Think of them as tax donors.
So how goes the bondholder rebellion?
Why doesn't Denis be done with this monstrously expensive 3 billion debt and the pesky bondholders, that is costing him over 250 million a year in interest alone?
Just pay it off out of the 5 billion Nick Webb tells us each year Denis is worth?
If I had 5 million and owed 3 million at 10%, I'd pay it off pronto, so would anyone, if they actually had it!
I have long accepted that O'Brien being a multi billionaire is just a self perpetuated and self promoted yarn to ensure confidence in him pertains (the Quinn family were also pros at this for years before the roof caved in), it is now surely stretching even the Sindo's capacity for hyperbole and rimming of Irish elites, to keep printing this crap.
I can assure you none of the very worried bondholders being asked to extend terms believe for a second O'Brien has 5 billion, or anything like it.
And yet again, if he cannot repay Digicel loans, where does that leave his vast borrowings here in Ireland, 100's of millions at least due to State owned banks?
And yet again, what security (if any) have these banks?
is it as I have long suspected, Digicel stock?
If so, why aren't the loans being called in?
I'd guess if no agreement bondholders would look to convene an EGM.
Realistically I would say bondholders canvassing for a buyer of the company, but O'Brien would vehemently oppose this as i believe it would expose the emperor with no clothes.
Digicel probably isn't worth more than its actual debt pile.
If he has used Digicel holdings as collateral for his vast borrowings elsewhere, this would have obvious and quick consequences.
Don't expect to read the above in the Indo or Sindo any time soon though!