This is a pile of BS. It is all to do with optical illusion.
Mr Shipsey said the evidence now before the court in this second application has more than adequately addressed the insufficiencies the Supreme Court identified in the first application.
Council for Zoe developments is telling us they are entitled to be 'economical' with the truth, they 'ration' us with the facts and figures and 'deny' us what we are entitled to. A full and and comprehensive overview of the operations of the Zoe group.
Very, very disappointing for myself as an Irish citizen. But given the fact that AIB bank hasn't been willing to put all of it's cards on the table in relation to the banking crisis, in the hope they can sell all of their rubbish to the Irish taxpayer, I don't suppose it should come as any surprise the KPMG plan for the Zoe group only presents half the picture as well. That is why I am supportive of the Fine Gael proposal to establish a good bank, and make both AIB and BOI suck on it, along with Zoe developments.
There is no other way to look at it, other than the fact that NAMA is a bail out for companies like Zoe developments. Furthermore, it is a bail out at a time when the Irish people can least afford it. Having been over-charged for a decade for rubbish property products, we are going to have to face over-charging a second time around, to the same people. To take senior counsel Bill Shipsey's own remark, that never before have the interests of the wider Irish community been so much to the fore. I do not believe council Shipsey understands himself the full implications of what is in that statement. I feel it is disgraceful how little of the evidence was presented before the High court.
Not to mention the fact, that Liam Carroll himself did not even show his face.
But he said people working for the companies are not in such a fortunate position.
I lost my position working for this company. I cannot see anything wrong with ACC bank's approach. I'm sorry. Provided that a foreign bank isn't allowed to run off with the Irish Continental Group share portfolio. Which no Irish government member seems capable of going out and buying today, in order to keep intact a necessary strategy to upgrade the facilities at Dublin Port. The Irish government has no problem spending €100 billion needlessly. But seems to find it very difficult to spend €100 million in the right way. That is going to prove very under-mining of confidence in Ireland as a country, capable of supporting itself and its economy.
What we need right now are leaders - not PR stunt men and women. We need a general election.
He said there were a number of compelling reasons why the court should use the discretion it has allowed in the appointment of an examiner - most particularly that the application for protection enjoys the overwhelming support of most of the companies' banks.
It was the banks themselves who ensured that the Zoe developments court presentation was as bleak and depressing as they could possibly make it, in order that they can sell all of their worthless sh**e into NAMA. Along with prime real estate which Zoe developments built up over two decades of very hard work.
Mr Shipsey said support could also be found in the detailed independent accountants' report submitted as part of the application, and it was unlikely such a compendious report has ever been seen by a judge of the High Court before.
An 'asshole statement' right there.
Never before has a property empire which owes close to €3.0 billion to the banking system appeared before the courts either. We are not talking about some 'corner shop' here, which cannot pay its bills. The Liam Carroll empire is likely to comprise of 10% of the total write down the NAMA plan needs property developers to take, in order for the NAMA plan to work. More has been concealed from the court than has been revealed all through this case.
The whole thrust of the Zoe developments defense is rather like one of those tribes in the African plains, who lined up one behind the other in other to conceal their numbers as they march from a great distance. The purpose of the Zoe defense, was to conceal the true size of one third of the entire Liam Carroll property empire. We are not even being allowed to contemplate even the extent of a third of the entire empire. The purpose of this, is to make us believe that the problems, or potential liabilities and risk, are much smaller than they are.
Much in the same way as we have been told that Irish property developers only took out 75% mortgages during the Irish property bubble. The real figure, is probably somewhere between 100% and 200%, with some more added on. We are being fooled into believing that NAMA is a much smaller risk than it actually is. I would contend, the Irish people may feel a lot better, and the world markets too, if the full extent of things was revealed. Instead of all of this 'optical' BS.
He said in the last referendum, voters had sat on the fence, and in the companies' first application, the banks had sat on the fence.
The first honest statement I have read.
Making his closing comments, counsel for ACC Rossa Fanning, said there was no evidence before the court to suggest the bank opposed the petition for anything other than rational commercial reasons. To suggest otherwise, he said, was unfair.
I would agree, with the one qualification mentioned above in relation to the Irish Continental Group share portfolio. ACC Bank are entitled to the Greencore portfolio, for all I care, if they can spilt it down the middle with Ulster bank. It is the ICG shares I believe either Michael O'Leary himself of Ryan Air, or minister for Energy Eamon Ryan must buy now. I suspect it will be Michael O'Leary given the fact, paying a toll charge to import fuel into Ireland, is not in his best interests.
He also claimed it did not make sense for the companies to argue that NAMA is not relevant to their application. He said the loans in question are prime candidates for transfer to the new agency, and there may be a good reason for the supporting banks to want to see those loans transferred into NAMA.
Yes, because the Zoe portfolio is one of the few potentially good loans in the entire €90 billion's worth of thrash. If the NAMA project, did not receive the Zoe loans, then the entire NAMA plan is as good as dead now.
But he said that reason was 'light years away' from the intention behind legislation allowing companies to enjoy protection of the courts.
Brian O' Hanlon