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Irish Times story on unease around "public" bailout of Indo


Josip Broz

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Feb 15, 2005
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736

Analyzer

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Hold on. Are you saying that PAYE taxpayers money is now being used to bail out a comic ?

Why didn't they bail out the Dandy when it went out of print ?

Say what you like about the Dandy, but it had more news in it than the Sindo ever did.
 

Analyzer

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Saw this today and was surprised that there's been little comment -

Unease in Government over INM debt-relief moves - The Irish Times - Wed, Feb 20, 2013

Is the IT being mischievous and stirring it or would this be technically a taxpayer bail-out? Seems a bit cheeky to me.

INM have replied tonight -

The Sunday Business Post

So debt relief does seem to be on the cards - whether it's a public or private bail out is a matter of opinion.
And this is the bit that I find a bit much.

INM’s largest shareholder, with a 29.9 per cent stake, is billionaire businessman Denis O’Brien. Other investors include businessman Dermot Desmond, who has a 6.4 per cent stake, and former INM chief executive Sir Anthony O’Reilly (13.3 per cent), who for decades was the driving force behind the business.
Alright. Now let's see. Where are these three gentlemen tax-resident ?

Why can't Monaco deliver the bailout ? Or Malta or wherever Malteser is now resident ?

This is outrage !!!!

PAYE taxpayers bailing out rich tax non-residents.


Let them lose the money on their investments.

If FG bailout Malteser then they are as rotten as FF and the Galway Races tent.
 

pmcdot

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Oct 23, 2009
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Dear God, who has shares in it? There is a tangled web if this is true!
 

stopdoingstuff

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Feb 26, 2011
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My only regret here is that this 100% commercially normal thing whereby business negotiate with their creditors to achieve either a restructuring, a write down or a debt for equity exchange could not have been applied to our banks and their creditors.
 

Analyzer

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The hilarity will start in earnest when somebody stands up and says that we cannot tolerate INM having to stop producing comics.....
 

He3

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Oct 1, 2008
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INM is systemically important.
 

ruserious

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Jan 3, 2011
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As a taxpayer, I have Noted this request from INM.
 

Boy M5

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True Republican

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Fianna Fail will be delighted if INM are bailed out, there will be plenty of articles from the likes of Eoghan Harris and Willie Kealy writing about how great Micheal Martin is.
 

grassroots

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Presumably the banks will end up owning the equity and the lads shares will be wiped out. The stAte now effectively owns RTE, TV3, and now the Indo. If they had any sense the govt would fire all the super annuated stars.
 

james5001

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You couldn't make this up.
 

Analyzer

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Presumably the banks will end up owning the equity and the lads shares will be wiped out. The stAte now effectively owns RTE, TV3, and now the Indo. If they had any sense the govt would fire all the super annuated stars.
The problem is...they don't have any sense. The taxpayer is paying for all this nonsense from the Irish media.
 

True Republican

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As odious as INM is how is the Irish Times doing these days, they must be in serious financial difficulty as well.
 
A

asbol

Wouldn't you think during all of those photo-ops Enda would've asked Denis to send the INM crowd into the negotiations with the ECB...
 
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