Pierse Construction in Liquidation

Re: Pierse Construction in Liquidation

Postby KerryBog2 » Fri Nov 12, 2010 3:53 pm

onq wrote:FunkyCoW

I'm not letting that last comment on MacNamara's stand unchallenged.

I cannot comment on Pierse, having seen little enough of their work, but I doubt they were as bad as you make out.


It is understandable that you “sector” professionals would comment on the quality of the work, but, to be honest, it does not matter a damn now whether or not they were good/bad/indifferent.
What now matters is that they are officially broke and will leave another wodge of unpaid debt and tragedy behind them. That will hasten the demise of many more subbies.

What has fascinated me about the lenders and developers is how they fooled each other. Let’s just look at one hotel project, the Shelbourne. Bought supposedly for €140 million, a further €125 million was spent on renovations. Curiously, the hotel has 265 rooms, so that works out at a cost of Euro 1 million per room. Assuming that a luxury hotel room is 30 sqm, and allowing for a contribution of space to a bar/restaurant/common areas , the room cost should be about 75-100k max. (Open to you professionals to correct me on this.) So the per room €1 million cost at the Shelbourne is more than wide of the mark.

Looking at pay-back, with 265 rooms, to keep the figures ‘round’ for simplicity’s sake, let’s allow 250 rooms, as 15 will be out of service for repair/whatever. The survey last July by Bastow Charleton said that in Ireland’s boom years, profit (before debt service) per room of €14k was achievable. Today, because of falling tourist numbers, an oversupply of rooms and stupid pricing by receivers/administrators, and even assuming good occupancy rates, that figure is now down to 3k euro profit per room before debt service cost. That would give the Shelbourne an annual before debt service profit of 750k from the rooms. That would service a debt of € 15 million.

Even at 14k per room it could service interest on debt of €70 million, which is considerably below the lowest estimate of the initial purchase price and presupposes a permanent capital repaymant moratorium.

How did anyone think it could work?? How could any banker lend to a project like this??
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Re: Pierse Construction in Liquidation

Postby teak » Fri Nov 12, 2010 5:24 pm

Hotels have several profit centres, not just the rooms.

- Sleeping accom
- Meeting rooms
- Receptions/functions
- Restaurants
- Bars
- Lobby café bar
- Historic Tours within hotel (if historic -- Shelbourne was involved in 1916)
- Concession / Referral income

The Shelbourne is a luxury 5 star.
Its room rates will always be at the top end of the industry average.
Its occupancy will not be as sensitive to general trading climate as lesser hotels.

Many (sufficiently well-to-do) people passing it in midday would go in for a lunch
or afternoon tea. Likewise with country visitors to Dublin.

Taking your room number of 250 and applying an avaerage of €200 to each room
over a 300 night year, you get €15 million in B&B alone.
If all the other hotel areas bring in another €20 million that gives a grand turnover of
€30 million per annum.
Would I be wrong in suggesting an operating profit margin of 75% for a five-star ?
That would give OPs of ~ €25 million for a busy Shelbourne.
Which would mean a return of ~ 9.4% on the owners €265 million investment, all
aside from the many perks, privileges and prestige of being an owner of the Shel.

The €265 million total outlay on a 20 year mortgage would mean an annual bill of
around €1.4 million -- very manageable on this revenue.

At the time it was nearly a goer.
Moreover when you consider that the refurbishment costs were much more than
originally projected.

Of course, now, it's not so attractive.
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Re: Pierse Construction in Liquidation

Postby KerryBog2 » Fri Nov 12, 2010 7:34 pm

Teak,
Firstly, the Shelbourne is not involved in the receivership as it is a separate entity – I used it as an example of what I consider to be the daft forecasting/financial planning of McNamara.

That said, I disagree completely with your figures. -
teak wrote:The €265 million total outlay on a 20 year mortgage would mean an annual bill of around €1.4 million -- very manageable on this revenue.


Ahem. :confused:You got the decimal point in the wrong place - @ 5% the interest bill is €14 million - somewhat less manageable.:p ;)

Rooms are the profit centre – it takes just one maid to service 12 rooms and he/she is not on shift rates. However, room rates have now dropped to 1999 levels and show no signs of coming back. The margins in restaurants are very slim, due to the high wages and other input costs. The staff –to- diner ratio in a good restaurant is one for every two guests. That is why the industry is being crucified by minimum wage costs and also explains why so many close. It also is why restaurants have the highest failure rate of all new business start-ups.

People dropping in for lunch? Lunch is a thing of the past; when did you last have a business lunch? In the boom times most were too busy and since then lunch for us ordinary mortals (i.e. not bankers or public servants;) )is a sandwich at the desk and if lucky that might be taken elsewhere and joined by a bowl of soup.

Receptions and functions are profitable if done right; however they never were a dependable profit source – they were an often-necessary ‘cream’ or icing on the ordinary business. The tighter drink driving laws has meant fewer people eating out and fewer bottles of wine being sold; a downturn in the economy means that people will not stay overnight for functions, which hits room occupancy and an gives the additional whammy of lower drink sales because punters have to drive home.

Luxury hotels might have higher room occupancy rates but they are much more sensitive to the economic environment. Look at the list of Irish hotels that have problems – they mainly are the 5 star ones (with the ubiquitous spa.)

Your figures are predicated on an occupancy rate of >80% which is not possible even in boom times. Occupancy rates of >65% is doing well, even in a city centre five star! (A good year in London used to be about 72% I recall from somewhere.)

teak wrote:Would I be wrong in suggesting an operating profit margin of 75% for a five-star ?

An operating profit margin of 75% is the stuff of dreams – for more correct figures look here:- http://www.hbc.ie/dublin/content/survey10highlights.pdf

It was great to see the Shelbourne being restored, but as an investment it was dead in the water from the start due to the purchase costs. The renovation costs were a small overrun. Last year the company that operates the hotel (and does not have to worry about such details as debt service – or even, heaven forbid, capital repayment:eek: ) made a loss of €3 million. This year the climate is a lot worse.

Rs
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Re: Pierse Construction in Liquidation

Postby PVC King » Fri Nov 12, 2010 7:48 pm

I'm afraid I have to agree on the Shelbourne; Meridian may have lost the Meredian Dublin and the consortium may have restored the name to its original one but Meredian could scarcely have timed their exit better; the refurb is great for the City but you need seriously deep pockets to take on a project like that. This investment will be under water for a very long time; only in cities like London, Hong Kong or New York can one make money in pretty much any 5 year timeframe on prestige hotels.

On Pierse we will not agree; conditions in Ireland due to complete mismanagement of the economy have placed all companies in a vacuum where decisions are difficult to make; bear markets move very quietly between phases but when they shift down they are brutal in their speed. In the first wave went the clowns like Carroll and Dunne who thought they could create their own markets be it Carroll on listed companies or Dunne on creating a misplaced vision of 1970's Knightsbridge in D4 in 2005; seeing people like McNamara and Pierse who were more followers than leaders was a lot less predictable and to my mind not pleasant to observe as they didn't have their noses stuck up their backsides. Another 2 years of this government and Sisk and Ryanair will probably go under as well.
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Re: Pierse Construction in Liquidation

Postby missarchi » Fri Nov 12, 2010 8:56 pm

KerryBog2 wrote:How did anyone think it could work?? How could any banker lend to a project like this??
K.


Money is sometimes not the be all and end all.
It is information/contacts.
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Re: Pierse Construction in Liquidation

Postby PVC King » Sat Nov 13, 2010 11:35 am

Its the economy stupid
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Re: Pierse Construction in Liquidation

Postby missarchi » Sat Nov 13, 2010 9:32 pm

Should Ireland withdraw from the EU and should the government be privatized/subcontracted?
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Re: Pierse Construction in Liquidation

Postby missarchi » Sat Nov 13, 2010 10:03 pm

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Re: Pierse Construction in Liquidation

Postby onq » Sun Nov 14, 2010 3:22 am

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Re: Pierse Construction in Liquidation

Postby onq » Sun Nov 14, 2010 3:48 am

Ireland cannot withdraw from the EU - we'd lose our main source of funding.

You cannot privatise a government - its either a representative democracy or not - but you could privatise the administration.

I'm pretty sure the only reason these people are paid so much in the civil service is that they know where all the bodies are buried.

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Re: Pierse Construction in Liquidation

Postby PVC King » Sun Nov 14, 2010 10:57 am

No but enter a new economic phrase 'Regionalisation'

Good behaviour at corporate level sees stock market flotations and subsequent offerings to buy competitors.

Good behaviour at Government level sees lower bond yields, cheaper debt service costs and every bank going trying to lend you money you don't need. The 1990's!!!!

Bad behaviour at corporate level sees heavily discounted share offerings and in extreme cases nationalisation.

Bad behaviour at Government level sees rising debt service costs, bond markets shutting to much of the corporate sector and bailout by your regional partners; the term when this phase is reviewed will clearly be regionalisation. Dubai, Athens, Dublin, who is next Lisbon?

The PIIGs will become the LADDs
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Re: Pierse Construction in Liquidation

Postby onq » Sun Nov 14, 2010 12:16 pm

Go on, you know you want to.

Tell us what LADDS is

Lewd And Dangerous Drunkards Schmoozing?

Licensed Autonomous Debt Destruction Service?

Lard Ass Defunct Dynasty Supplicants?

What?

Don't keep me waiting, I'm in suspenders!

:)

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Re: Pierse Construction in Liquidation

Postby wearnicehats » Sun Nov 14, 2010 12:46 pm

onq wrote:Go on, you know you want to.

Tell us what LADDS is

Lewd And Dangerous Drunkards Schmoozing?

Licensed Autonomous Debt Destruction Service?

Lard Ass Defunct Dynasty Supplicants?

What?

Don't keep me waiting, I'm in suspenders!

:)

ONQ.


didn't he say Lisbon Athens Dubai Dublin?
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Re: Pierse Construction in Liquidation

Postby PVC King » Sun Nov 14, 2010 6:44 pm

Pride the biggest hurdle to Irish bailout
By Carmel Crimmins, REUTERS

REUTERS/Cathal McNaughton


Is Ireland on the brink of collapse?

DUBLIN - National pride and fear of having to accept tough policy conditions are at the heart of Irish resistance to being bailed out by the European Union. But these considerations are likely to be swept aside if Brussels insists on a financial rescue.

Prime Minister Brian Cowen has repeatedly said he does not want external assistance. Deeply unpopular, he is resisting going cap in hand to Europe partly out of concern for the electoral fallout, and because as a condition of emergency loans, Brussels might demand he raise the low rate of corporate tax, a key part of the government’s economic strategy.

Cowen still appears to be hoping the publication of a four- year austerity plan later this month, and the planned passage of the 2011 budget in early December, will convince investors Ireland can solve its fiscal and banking crises by itself.

But last week’s surge of Irish borrowing costs, which dragged up bond yields of other weak countries such as Portugal and Spain, means Cowen may already have lost the argument — Brussels may be so concerned that Ireland’s crisis could destabilize the euro zone that it may effectively force Dublin into a bailout.

In the last two days, official euro zone sources have told Reuters talks on the possibility of a rescue are underway and it is “very likely””Ireland will receive help. One source said that although Dublin was not keen to apply for aid, it might not have a choice, depending on market movements.

“We have already surrendered our political sovereignty and anyone who doesn’t recognize that is naive in the extreme,” said Jim Power, chief economist with investment firm Friends First.




“Ireland is now being run out of Europe; the ECB is keeping our banking system solvent and indeed is keeping the whole economy solvent. I think that is the reality.”

While the Irish government is fully funded until the middle of 2011, and thus does not face any immediate solvency crisis, Ireland’s banks have been frozen out of term funding markets and are dependent on support from the European Central Bank.

HUGE SHAME

A bailout, with fiscal conditions attached in negotiations with the EU, would be humbling for a country once feted for its rags-to-riches transformation and proud of its struggle for independence from Britain.

“I remember the 1980s when you’d be working over in London hiding your Irish accent,” said one Dublin-based financier, who declined to give his name.

“A bailout would damage our reputation for years. We’ve achieved so much, it would be a huge shame to see it undone.”

Ireland’s central bank governor said last week that if external assistance were required, it would not force a shift in fiscal austerity measures already planned by Cowen, which total 15 billion euros over the next four years.

But the government has yet to outline exactly how it will achieve its budget adjustments and there is a real fear in Dublin that Europe would demand unpalatable measures in exchange for aid, most controversial of all a possible increase in Ireland’s 12.5% rate of corporate tax.

“It comes down to the corporation tax,” said Brian Devine, economist with NCB Stockbrokers. “If it wasn’t for that issue I would say we should call for it (external aid) straight away.”

Ireland’s corporate tax rate is a magnet for multinationals such as Google and Pfizer and a source of irritation in some other European capitals, which view it as unfair competition.

Greece had to raise its sales tax to 23% from 19% in a few months as part of a 30 billion euro package of steps it promised the EU and the International Monetary Fund in May in exchange for its 110 billion euro, three-year bailout.

OBSTACLES

In fact, because Ireland has already taken difficult budget steps, it might find it easier to agree on an aid deal than Greece did during its ten days of tense bailout talks with the EU and the IMF in late April and early May.

Athens eventually promised to cut its budget deficit to 2.6% of gross domestic product in 2014 from 13.6% in 2009. Ireland is already targeting a shortfall of 2.75-3% of GDP in 2014 against an underlying 12% this year.

If the Irish do apply for aid, “there can be no question that they’ll get it without much trouble; i.e. no need for long negotiations on conditionality,” Erik Nielsen, chief European economist for Goldman Sachs, said in a research note.

He said the issue of the corporate tax might be resolved with some sort of “gentlemen’s agreement” to move in the direction of a higher tax over the medium term.

Another contrast between Greece and Ireland is that the Greek bailout was pushed through by a strong leader, Prime Minister George Papandreou, at the head of a solid government which had recently taken power.

The most unpopular leader in modern Irish history with a shaky parliamentary majority, Cowen does not have a strong mandate to negotiate with the EU or the IMF. Analysts expect an early parliamentary election in the first half of next year will end his Fianna Fail party’s 14-year grip on power and create a new ruling coalition of the centre-right Fine Gael and the centre-left Labour party.

But while opposition parties would make political capital out of Ireland’s loss of sovereignty in a bailout, they would probably not obstruct an aid package given the lack of alternatives and the bonus that Fianna Fail would be blamed for it.

It is conceivable that if the EU presses Ireland to take a bailout before the Irish election that is expected next year, the government will try to involve the opposition in the bailout talks in some way, to ensure there is a national consensus around the rescue agreement.

Despite rocketing unemployment, the worst recession in the industrialized world and two years of austerity measures, Irish people have reacted with resignation rather than riots, and are already expecting an even tougher wave of cutbacks regardless of whether Dublin or Brussels is calling the shots.


The damage on this was done by Anglo Irish Bank and INBS during 2006-2009; it is time to accept the inevitable and the polls and give the Country a new government with a new mandate and the authority to carry out the necessary adjustments. International Capital markets have heard the latest 'line in the sand measure' from this Government once to often; they don't believe the current government; they have been codded more than once too often.
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Re: Pierse Construction in Liquidation

Postby onq » Mon Nov 15, 2010 1:35 am

Well, if this forces us to develop our own indigenous industries and become more aligned with the European norm, I have no problem with that.

The rampant growth of the Tiger economy went to the heads of those on the gravy train - not us, I hasten to add.
We saw madness - like huge loans advanced even to careful home-owners on the basis of their hugely inflated house values and we saw the recipients of these loans doing silly thing with the money.
Second and third homes, cars bought off the mortgage and huge extensions they didn't really need.
"You're under-borrowed" was the line used to suck in financially stable people like journalist Kevin Myers.
Not any more he isn't having lost €60,000 on an investment where values "have fallen as well as risen".

Banks went from lending money with sound policies, to selling money with an advertising policy to shovelling money at anyone they could interest, with no policy at all.
Since then they have screwed us royally, by drip feeding a country credit when it had become used to their torrent.
I warned the top managers in AIB last April at a function in the Cornelscourt branch - they didn't listen.
The economy has shrunk and they will pay the price for this in the new year.

Cowan, possible a capable enough "safe pair of hands" in Fianna Fáil terms in another era assuming the famous "sound fundamentals" were actually in place, now has no mandate to govern.
Cowan, unfortunately, is a terrible communicator to the public, despite him apparently being one of the most devastating orators in the Dáil when he wants to and both good craic and intelligent company when he's not at work.
What little good news there is [Chinese investment coming to Athlone, for example] is not presented well, if at all.
His government's failure to anticipate the contraction due to the banks not lending and doing something about it has to rest equally on both his and Brian Lenihan's shoulders.
To allow a contraction in the economy such as they one that has recently occurred on Q3 ans Q4 is the height of incompetence, and yes - they both have to go.

If we lose face by bringing in the EMF and corporation tax has to go up resulting in some companies flying the coop, so bet it .
The Chinese invasion of Athlone would not have resulted in many Irish jobs anyway, while our technical recovery is based on the profits of multinationals and it has resulted in no jobs here.
With the expected losses in revenue across the board due to multi-nationals pulling out, all sectors of the economy will have to slash prices and this will allow the rest of us to live here at a reasonable standard of living - those with jobs anyway.

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Re: Pierse Construction in Liquidation

Postby KerryBog2 » Mon Nov 15, 2010 12:53 pm

onq wrote:You cannot privatise a government - its either a representative democracy or not - but you could privatise the administration.

I'm pretty sure the only reason these people are paid so much in the civil service is that they know where all the bodies are buried.

ONQ.


A valid argument could be made that the administration already has been privatized – we have the Dept. of Health and then the HSE, we have a multiplicity of civil servants and then we have the outside consultants that are creaming it on ‘advisor’ contracts. Civil servants now think that they are ‘managers’ and policy setters, it is for other donkeys to do the work. That is why they have such a high opinion of themselves and continue to justify their large salaries.

The reason these people are paid so much is because (a) no politician had the .....emm .. gumption to stand up to them and face them down; (b) most of the Ministers are too thick to survive without their minders and they know that; (c) the Secretaries General measure their status by staff count so they hire more. Thus we have a self-perpetuating system of inefficiency, in-fighting, and downright incompetence.

PVC – the damage was done long before 2006-2009. It was becoming very apparent in 2001 when I returned to Ireland. We can agree to disagree on Pierse - time will tell (and my record of being right is a bit higher than yours;) )

ONQ – I disagree with your comments on Cowan being good craic and intelligent company . The guy is a boor, I sat next to him at a dinner when he was a minister – Transport I think , and he was downright rude. The ability to communicate with the common man via karaoke, funny stories and yarns is not and never was what this country needs.

Nobody was forced to borrow/build/develop. I refused to accept daft construction quotes; I refused to buy investment properties both here, the UK and in Spain. Sadly, I did not think that the banks were managed as badly as we now know nor did I foresee that they would crash the way they did and have suffered as a result.
The sooner an outside body runs this country the better. An election will not be sufficient, and a hung Dail would be no help.
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Re: Pierse Construction in Liquidation

Postby wearnicehats » Mon Nov 15, 2010 1:01 pm

http://www.thedailymash.co.uk/news/international/ireland-to-dance-its-way-out-of-debt-201011153254/

apologies for going all missarchi-esque but, when the leading online news satirical site reckons your problems are well known enough to get the piss taken out of you then there is a relevance
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Re: Pierse Construction in Liquidation

Postby Tayto » Mon Nov 15, 2010 1:14 pm

wearnicehats wrote:http://www.thedailymash.co.uk/news/international/ireland-to-dance-its-way-out-of-debt-201011153254/

apologies for going all missarchi-esque but, when the leading online news satirical site reckons your problems are well known enough to get the piss taken out of you then there is a relevance


At this stage you've got to laugh. That is funny.
All we need now is a Bloomberg interview with Fr. Jack.
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Re: Pierse Construction in Liquidation

Postby PVC King » Mon Nov 15, 2010 8:26 pm

+1 plus they did their homework; plenty of 1980-'s emmigrants did support Bushmills and a little Noraid; these days though you'd have a bit more faith in the UCD grads funding start up Bio-tech and IT companies from the MIT campus culture with their spare change rather than tossing dollars into a bucket to Noraid; sure wouldn't they would gain valuable exposure to in their graduate employment and even get to know the winners from the losers to give the IDA leads into who to target down the timeline; remember that concept grads getting jobs? As a people we have moved on so far in the last 20 years just a pity the economy was wrecked by the most indecisive government in Irish History.

If the last year has taught us anything it is that the best way to take down a country is to bury ones head in the sand. The only question now is will Lenihan Bros take down Portugal as well?
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Re: Pierse Construction in Liquidation

Postby PVC King » Mon Nov 15, 2010 10:31 pm

The Taoiseach said what was needed was 'calm heads and cool consideration' of all the complex issues involved


The complex issue is the psychology of those that provide the funding; lets look at it from their point of view on the positive they hold an asset that is likely to provide a much higher yield than core EU economy bonds such as German, French or Dutch bonds, take inflation at 2% and French 10 year bonds provide a return above inflation of 1% p.a. In the case of Irish bonds that premium is likely to be 2% - 3% above French rates and 3% - 4% above inflation; if you think Ireland is a good prospect then Irish yields are a real opportunity at the current time.

Then look at what might make the people who fund the country scared, a number of final solutions have been issued to great fanfare and assurances given which have proven misplaced; the Government parties are at 11% and 3% respectively in the polls so have literally no support. The banking system excluding IL & P and BoI has credit markets closed to them and have swamped the exchequer with an extraordinary amount of debt. Unemployment is well in excess of 10% and real earnings are falling. An austerity package due in a month will probably take 3% off GDP for the next 5 years.

The EU are prepared to extend finance at a 3.1% discount to the market, the calming of the bond market would calm down not just in Ireland but across all of peripheral Europe making growth across the entire region more likely i.e. the country's key market. Those holders of Irish debt who have remained loyal will see their losses cut and those that bet against the country will take a beating where it hurts in the pocket.

When you look at it once you get an assurance on corporation tax its actualy quite simple and you get to tell Jackie Healy Rae and his ilk which rock to climb under because it is out of your hands.


If pride stops an orderly bailout history will judge Cowen much more savagely than the poor scmuck who Bertie handed the sick baby to.
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Re: Pierse Construction in Liquidation

Postby onq » Thu Nov 18, 2010 3:44 am

The only problem with this is that the EMF/IMF have a poor record in being concernd with events on the ground - they are not responsible to the electorate and we are a small country.
I would be very worried that austerity measures without alternative sources of credit will severely damage our economy, not 3%, say, but 10-20%.
We'd be back not at 1998 levels, but at 1980 levels.
A terrible result, surely, if it transpires?

But as for leaving it to the pair who ruined us to bail out the banks - no.
On that I am adamant - these pair of fools have all but ruined us and for what?
Preserving a "credibility" on the markets so we can continue to borrow to pay the public debt bills?

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Re: Pierse Construction in Liquidation

Postby PVC King » Thu Nov 18, 2010 8:17 am

Compared to countries that have not destroyed their finances the IMF would have a pooor record; compare the performance of NINJA mortgages with those of more normal behavioural types and the record would not be good.

I agree on corporation tax; if it goes then the loans will not be paid back and they may as well let Ireland fail and burn the bailout money to generate a few watts of power.



Desmond snaps up a dark portrait of troubled nation'Sword of Justice' is one in a series of controversial paintings called 'Boomtown'

By Ken Sweeney


Wednesday November 17 2010

A PAINTER whose recession-themed canvases have provoked controversy has attracted the patronage of millionaire businessman Dermot Desmond.

Artist Brian McCarthy's 'Boomtown' series captures Ireland in 2010 in which the country is portrayed as a vast shanty town, or the Irish nation as boat people in a small craft on treacherous seas.

But it is the night-time scene. 'Sword Of Justice', in which an angry populace prepares for revolution, which has caught the attention of one of the country's most successful entrepreneurs, Dermot Desmond, who purchased the work recently for €4,500.

"Dermot is a genuine patron of the arts," Mr McCarthy said.

"I met him last year at an exhibition in London and he explained to me that, rather than collecting old masters, he preferred to buy work that caught his eye.

"This painting seems to have done that. It's one of the biggest sales I've ever had."

The 50-year-old said the inspiration for his 'Boomtown' work came from listening to RTE programmes like 'Liveline' each day.

"It's the anger of the callers. I never planned to do a series of paintings on this subject but when the first piece 'Boomtown' got such a great reaction, I decided to turn it into a series. I've never known such a response. People seem to identify and understand perfectly what I'm feeling because they feel the same," Mr McCarthy told the Irish Independent.

Another picture in the series, 'Exodus', depicts the Irish nation in a small boat making a desperate attempt to flee.

"The idea came from the Vietnamese boat people who were forced to set sail for a better life.

"This is true for so many young people leaving Ireland now. I choose the backdrop of pointed peaks because it's as far away from an Irish landscape as you can get."

The exhibition 'Boomtown' can be seen at the Keeling Gallery, 41 Clarendon Street, Dublin 2.

- Ken Sweeney

Irish Independent
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Re: Pierse Construction in Liquidation

Postby PVC King » Fri Nov 19, 2010 9:27 am

McInerney to cancel Dublin & London listings
Updated: 07:35, Friday, 19 November 2010

Housebuilder McInerney Holdings has announced that it is cancelling its stock market listing in Dublin and London.

1 of 1 McInerney - housebuilders group to leave Dublin ISEQ Related Stories
Court protection for McInerney extended again
Examiner appointed to five McInerney firms
McInerney reports €17m first-half loss
Housebuilder McInerney Holdings has announced that it is cancelling its stock market listing in Dublin and London.

The company, which is under examinership, says the listing is no longer in the best interests of company or its shareholders as it is no longer in a position to meet its continuing obligations for listing.

'The board has concluded that the continued listing of the shares of the company would jeopardise the successful implentation of any investment or similar arrangement that may be agreed by the examiner to ensure that the survival of the company or companies in its group,' the statement added.

Earlier this month, the High Court said it would continue court protection for the companies in McInerney until December 3.

Mr Justice Frank Clarke said he was continuing the protection with considerable reluctance but he said he could not at this stage come to the conclusion that there was not a realistic chance of the examiner coming up with a scheme which could succeed.

But he said there would be very considerable difficulties in coming up with a scheme which would not prejudice the existing banking syndicate who are owed money by the companies.

Bank of Ireland, KBC and Anglo Irish Bank are owed €115m and are opposed to the examinership. Any scheme submitted by the examiner is likely to be strongly contested by the banks.

The cancellation is expected to take place this morning.


I wonder if any vistiors to the tent made loans as opposed to just donations; if so I wonder could any of those visitors could call in their loans and have Fianna Fail declared insolvent and unable to trade?
PVC King
 

Re: Pierse Construction in Liquidation

Postby onq » Sat Nov 20, 2010 6:09 pm

PVC King wrote:I wonder if any vistiors to the tent made loans as opposed to just donations; if so I wonder could any of those visitors could call in their loans and have Fianna Fail declared insolvent and unable to trade?


They might ask "Independent TD" Michael Lowry to come in and advise them on party finances.
Didn't he do a great job for Fine Gael in the 'Nineties?

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Re: Pierse Construction in Liquidation

Postby PVC King » Sat Nov 20, 2010 6:25 pm

http://en.wikipedia.org/wiki/Michael_Lowry

An utter scumbag but in fairness to our new Commissioner of Sport he was booted as soon as a whiff of scandal emerged and the evidence given by DTZ director Mark Fitzgerald at the Moriarty Tribunal re the Eircom Rent Review on Marlborough Street was a very telling indication that FG do not close ranks and that even if the party reputation is on the line the that any perceived wrong doing will come out.

It is vital that both the EPP & Socialist blocks in the Brussels parliment have a coalition for our new government; I am not voting Fine Gael as since Garrett Fitzgerald retired they haven't had a decent candidate in DSE any way the last Finance Minister with an IQ above 10 was Ruairi Quinn
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