Denis O'Brien - Someone Who Inspires


hiding behind a poster

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Ex FG Minister Ml Lowry resigned also!
Same thing?
No. That's like saying "all dogs have four legs. My cat has four legs, therefore my cat is a dog".

Stupid, in other words.
 

SuirView

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No. That's like saying "all dogs have four legs. My cat has four legs, therefore my cat is a dog".

Stupid, in other words.
Ex FG Minister Shatter also resigned?
You didn't agree with that one,
Did you?
Thanks.
 

Vega1447

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What has Shatter's resignation got to do with this thread?
Shatter, Naughten and Lowrey have this in common; all 3 were FG before they left office and all 3 were forced to resign after they failed in their public trust.
 

SuirView

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What has Shatter's resignation got to do with this thread?
I'd forgotten about this thread.
However,
Shatter stated that he resigned as Minister.
Poor "hbap" disagreed, ie, Shatter was sacked!
Join the dots.
 

lostexpectation

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Naughten’s rule breach confirmed | Ireland | The Times

I don't get this, forget Naughten why were the civil servants doing something that was breach of the rules? according to the Times?

the 26th of June meeting was in his diary and minuted

Agenda Archive TheStory.ie

can't post pictures of minutes as its telling me its making the post too long

Will Goodbody on Twitter: <minutes

NBP rules

7.
General communications outside of the NBP Team
1.
As a general matter, members of the NBP Team shall not discuss or communicate in any way
matters relating t
o the procurement outside of the NBP Team/Programme hierarchy.
2.
Any discussions or communications relating to the NBP procurement process that do take
place (and cannot reasonably be avoided) should be wholly limited to information that is in
the public d
omain (e.g. the published strategy and reports available on the DCCAE website).

https://www.dccae.gov.ie/documents/NBP Communications Protocol 010916.pdf
 
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SuirView

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Naughten’s rule breach confirmed | Ireland | The Times

I don't get this, forget Naughten why were the civil servants doing something that was breach of the rules? according to the Times?

the 26th of June meeting was in his diary and minuted

Agenda Archive TheStory.ie

can't post pictures pf minutes as its telling me its making the post too long

Will Goodbody on Twitter:

https://www.dccae.gov.ie/documents/NBP%20Communications%20Protocol%20010916.pdf
Just say what you're trying to say!
 

Ardillaun

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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.
 

Jack Walsh

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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?
 

Ardillaun

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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 true, how long will it take to play out?
 

Jack Walsh

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If true, how long will it take to play out?
Dinny wants to shove out the maturity of 3 billion of Digicel debt due in 2020 a further three years, presumably because (based on any reading of their balance sheet), they will not be able to repay it.
Bondholders don't
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.
ie
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!
 

jmcc

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If true, how long will it take to play out?
It would be surprising if the bondholders had not done an analysis of the breakup value of Digicel. Right now, they are on a sinking boat. There's also the fact that these bonds are not US bonds, from what I remember, and not subject to many of the same restrictions as US based bonds. (If I understood it correctly.) It looks like these bonds are not repayable within the agreed timeframe and Digicel is trying hard to get an extension before being forced into some kind of default on them. Perhaps the bondholders no longer have any confidence in O'Brien and the whole dividends issue has caused long-term problems for the company. The sale of assets to cover debts was also worrying. (Selling off telecom towers etc.)
 

Ardillaun

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Indo will spin it as such, but to me at least, based on the dire pricing of these bonds (currently about 60c in the dollar), his biggest advantage may be how bad things are and bondholders have no choice but to extend
So, on balance, is that good news for him? More rope, anyway?
 
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