Worse than Oliver Cromwell
After 3000+ pages of the Mahon Tribunal Report, one finding is clear: it’s all the fault of Denis O’Brien. Soon it will come out that he was in the room on the night of the bank guarantee. Anyway, following quickly on the Sunday Independent’s line, the Irish Times has another anti-Denis scoop:
A FRENCH company has claimed it was denied the opportunity to make an offer for Irish company Siteserv which businessman Denis O’Brien is poised to acquire this week for €45 million. The Altrad group, which owns companies in the same areas of business as Siteserv, said at the weekend that it had been prepared to offer €60 million for the Irish firm. But it was effectively denied the opportunity because its representative was told the Irish group was not for sale.
Now that all may be, but is a little Googling too much to expect? Here’s Davy’s summary of the deal, and they should know as they were involved in it:
Under the terms of the disposal, IBRC [Anglo Irish Bank] has agreed to accept payment of an amount which is less than the total debt owed by the group in full and final discharge of its indebtedness. This agreement was critical to the proposed acquisition by Millington. [DOB vehicle]
In other words, the firm has a huge debt to pay and it can’t pay it. So to quote from one firm’s version of the e-mails that it sent with an offer price for the equity is meaningless. The Irish Times needs to explain what the French firm’s bid — which somehow missed the window where the company and IBRC were discussing what to do — would have done with the firm’s debt. You’d think by now in Ireland there’d be an understanding that legacy debt is a dealbreaker. Apparently not.