January 21, 2009

SOLD! Anglo & DDDA Hole In Ground Bought By Taxpayers for €450 Million.

The October 2008 guess is correct. Over the weekend patriot BIFFO was sent another bag of chips from Seanie who told patriot Brian to add the salt and vinegar. Seanie was safely outside the jurisdiction in South Africa, perhaps investigating BEE schemes and direct flights to Bolivia.

By nationalising Anglo Irish Bank the taxpayers have just bought a hole in the ground for €450,000,000. The former Ringsend glass recycling site where 300 workers were fired is now worth perhaps €45 million, or less. The exact value is a secret and even if Anglo Irish Bank published a value who would believe them?

Is this Galway Tent directed bank-and-developer-rescue a legal theft of more than €400 million of taxpayer's cash?

The cross-contaminated(a) Dublin Developer's Autocracy (DDDA) is a co-investor in the site along with the Becbay group of property developers. The Dublin Developer's Autocracy dictates planning permission in Poolbeg and denied a conflict of interest, at a June 2008 statutory public "consultation" event.

Anglo Irish Bank provided €288 million for the site (Did Mr Quinn initially invest €288 million in Anglo?). One of the developers is obliged to pay seventeen percent interest (17%) on money borrowed from someone. Perhaps to someone with an interest in Bolivian airlines.

For Sale: Hole In Toxic Ground Beside Europe's Biggest Incinerator

The site has been excavated and is now literally a hole in the ground, possibly even below current sea level, yet somewhat higher than the scuttled Anglo Irish Bank.

(a) The site is in a contaminated Dublin City refuse dump situated Banana Republic style on Sandymount Strand and on the foreshore of Dublin Bay.

Money, Dublin Docklands Authority, Dublin Developers Autocracy, Anglo Irish Bank, Hiding Evidence, Poolbeg, The Big Lie,


Anonymous said...


23rd December 2008, #117

DDDA / Docklands Miscellany


23rd December 2008, #117

DDDA / Docklands Miscellany

So the two disgraced directors of Anglo Irish Bank were also directors of the DDDA.

Surprise, surprise Anglo was the most involved bank in the docklands and provided finance to pretty much every developer who built anything there.

So the boys were both in charge of providing finance (through their personal fiefdom Anglo) and permission/direction of where to build (through their position in the DDDA) and even what to build (through their personal and indirect equity interest in various projects).

In the US, they would have been clapped in irons and thrown in jail already but I've never heard of white collar crime being punished in this country.

I'm not one for conspiracy theories; I'm generally happy to ascribe to stupidity what others ascribe to conspiratorial malice but this entire affair is simply grotesque, unbelievable, bizarre and unprecedented.
In other words, it stinks to high heaven.


Anonymous said...


Davy writes down 60% of Ringsend site
Sunday, January 25, 2009 By Kathleen Barrington
Davy Stockbrokers has told clients who invested in the €413 million Irish Glass Bottle deal at Ringsend in Dublin that it has written down 60 per cent of its investment following a revaluation.

While the fall in the value of its investment is obviously a disappointment to Davy’s clients it is believed that the new, more realistic market valuation will at least allow investors clarity on the value of their investments.

The move will also give them certain financial advantages, because it will enable them to claim certain losses for tax purposes and to reduce the size of the fees they pay to the stockbroking firm.

Sources said that it was likely that investors in other property funds would demand revaluations in order to be able to obtain tax relief and to reduce the size of the fees they pay to the professionals who manage their assets.

There has been pressure on many institutions, including the country’s leading banks, to come clean on property values, given the downturn in the market.

The Irish Glass Bottle site was one of the most expensive ever acquired in Ireland when a consortium including Bernard McNamara, Derek Quinlan and the Dublin Docklands Development Authority paid €413 million for it in 2006.

The deal was seen as a major coup for McNamara at the time after he invested just €5 million of his own funds and still came out with at 41 per cent stake in the site. He raised an additional €52 million for his equity share from Davy private clients who were to be paid 17 per cent interest on their funds. Quinlan is believed to have put in about €33 million into the project.

It is believed Davy has also revised sharply downwards the value of other investments by private clients in certain other properties promoted by the stockbroking firm.

The values have been written down due to the lack of demand for land and the lack of available finance to develop sites triggered by the downturn in the domestic economy and the international credit crunch.

Anonymous said...

Honest Mafia Bertie's honest Mafia friend Kicked Out of Dublin Port Company.
With full pension diddling the taxpayers again?


January 29, 2009, 20:13
Burke to step down as Dublin Port chairman

Businessman Joe Burke is to step down as chairman of the Dublin Port Company, it was announced this evening.

A close friend of former Taoiseach Bertie Ahern, Mr Burke (59) was a member of the so-called "Drunmcondra Mafia".

Mr Burke, who leaves his post immediately, today met Minister for Transport Noel Dempsey to inform him of his resignation.

In a statement, the board thanked Mr Burke for his work over the past seven years.

“Since his appointment in 2002, Dublin Port Company continued to grow successfully and profitably.

“It is well placed to continue its role and responsibility as a key national asset of the Irish economy,” the authority said.

The Government-appointed position of Mr Burke was questioned by Fine Gael in November after a High Court ruling restricted his role as a company director.

Mr Burke, whose second term as chairman was due to run until 2012, is appealing the decision to the Supreme Court.

The High Court restriction order, under section 150 of the Companies Act, restricts a person from involvement in the management of a company for five years unless that company meets certain capital funding conditions.

The order was sought in November by the liquidator of Mr Burke’s building company, JH Burke Sons Ltd, which went into liquidation in 2006.

Mr Justice Kevin Feeney put a stay on the restriction order in the event of an appeal.

However, the judge noted in court that Mr Burke had acted honestly in the conduct of the company’s affairs.

Fine Gael councillor Gerry Breen this evening welcomed Mr Burke's resignation, saying "with the High Court decision to restrict of Joe Burke as a Director under the Companies Act, his position was untenable and today closes that chapter."

"Perhaps the Port Company can now concentrate on the job at hand at getting goods in and out of the country most efficiently,rather than spend millions in an ill conceived and unnecessary proposal to infill part of Dublin Bay," he added.


Anonymous said...


Hopping Mad
How to ruin the economy in an unknown number of steps. Mark Fiore.