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Shane Ross: Anglo snubbed foreign suitors for troubled Arnotts...


MsAnneThrope

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Apr 8, 2009
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Couldn't find a thread on this particular issue. Shane Ross recently reported that Anglo Irish Bank has declined to talk to foreign bidders for Arnotts:

Anglo Irish Bank has declined to talk to possible bidders for retail store Arnotts, according to interested parties.

A consortium of investors based overseas is understood to have made an approach to the deeply indebted bank in recent weeks expressing interest in buying the entire business of Arnotts. According to a source close to the consortium, the approach has been rebuffed by top figures in the new Anglo hierarchy.
According to impeccable sources, Anglo has received three serious calls with an interest in buying Arnotts but senior executives are pleading that they need time to stabilise the business.
Last night, Labour Party finance spokeswoman Joan Burton said: "Anglo has enough problems with banking difficulties. I cannot see how they can seriously manage a department store. If they have credible bidders they should seriously look at them. It is not a good story that they are taking on major assets like Arnotts and Quinn Insurance."
The pressure on Anglo to sell its interest in Arnotts is likely to intensify in coming weeks as the cost of funds to Anglo is set to rise with the spike in the cost of borrowing to the Irish Government on world bond markets.
Sunday Independent, Shane Ross: Anglo snubbed foreign suitors for troubled Arnotts

Should Anglo entertain these foreign offers now if they are serious, or can the business be made more valuable given more time and restructuring? While I'm a sentimental soul myself and always loved Arnotts I think sentimentality has to go out the window in these exceptional times.
 

SideysGhost

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Nov 30, 2009
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Should Anglo entertain these foreign offers now if they are serious, or can the business be made more valuable given more time and restructuring? While I'm a sentimental soul myself I think sentimentality has to go out the window in these exceptional times.
C'mon Ms, I know you know the score here.

Everything even remotely connected with the Guarantee, Anglo, the other Toxic Banks, NAMA, Quinn, Arnotts, any and all decisions by St Lendahand...the whole ball of wax, every little bit of it....has got nothing to do with best practice or commercial reality. It is all - all of it - a massive heist in which a small group of a few hundred highly-connected individuals are being facilitated by their friends in Govt in retaining control over all the assets and wealth of the nation, despite them all having made recklessly stupid gambles in the 2001-2008 period resulting in their insolvency, and having proven themselves to be incompetent inbred dolts unfit to be sent to the shop for a litre of milk.

But FF is going to make sure their pals come out the other side of this still in control of all their assets, still the "great and the good" in Irish society, still massively wealthy, still massively influential over politicians and senior civil servants - by whatever means necessary, and at the taxpayers expense.
 

SideysGhost

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Nov 30, 2009
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A drop of honey catches more flies than a vat of vinegar ;)
You know I profoundly disagree with that entire philosophy :D

The honey-trap approach just invites all the dissemblers and liars and agents of confusion and apathy to clog up the thread with obfuscation and blether and deliberate attempts at diversion. I don't think I've seen it working ever over the last 10 years. It's an entirely ineffective tool when you are up against the deliberately mendacious rather than the merely misinformed. IMNSHO, YMMV, etc. of course.
 

MsAnneThrope

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Joined
Apr 8, 2009
Messages
1,818
You know I profoundly disagree with that entire philosophy :D

The honey-trap approach just invites all the dissemblers and liars and agents of confusion and apathy to clog up the thread with obfuscation and blether and deliberate attempts at diversion.
I hear you but I have three of the four of them on ignore; the fourth I read for entertainment purposes only :)

Back on topic, are there any confirmed reports of Irish individuals and/or companies with their eyes on Arnotts do you know?
 
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