September 25, 2009

Poolbeg Tinkers Curse For Covanta is Bankruptcy?

The Poolbeg Tinkers Curse is Bankruptcy.

Thinking of building on Poolbeg's sands?  Get a grip.  Companies building in Dublin Bay stand a high chance of The Bay taking revenge on their toxic hubris. 

  1. Poolbeg: Zoe Developments -  Bankrupt?
  2. Poolbeg: DDDA - Bankrupt?
  3. Poolbeg: IGB Investors - Bankrupt?
  4. Poolbeg: Incinerator - Covanta rated for Bankruptcy.
  5. Quinlan: 'Retired' to Zum Zug country. 

(all of this is pub-talk speculation without any foundation whatsoever, allegedly, not even from the  bribed Financial Regulator of Ireland, allegedly.  Or at least its speculation until DDDA's "parish governance expert" publishes some accounts for 2008.  Even cooked ones would be good at this late stage.)

[Pub Talk].

Only the Irish bankrupts swallowed by The Poolbeg Tinkers Curse will be saved by passive Irish taxpayers in the NAMA scam.  Leveraged Covanta will have to rely on self-made CEO's named Toni in the local NY and NJ waste and cement industries in their polluted garden state, not one of whom has ever sunk a ship with radioactive waste off Italy

[Pope Talk].

Once upon a time in the 1890's the pope in Rome wondered why the Irish were not law abiding like the Germans and obeying their government.  Now in the Celtic Rat era the newly passified Irish are obeying offshore bonds' salesmen, including bonds scammers in London laughing at Paddy Irish taxpayers. 

[Green Talk].

Covanta is highly rated for bankruptcy - even with the awesome anti-competitive contract they signed with Dublin City Council, some of whom existed long enough in the public service game to depart into publicly funded pensions. 

[Fool Talk].

According to The Motley Fool Covanta is one of seven stocks that 'could cause permanent losses of capital'.  

The man om the left in the bin is Mr Zell, major owner of Covanta stock ($666 million worth in 2008).

Covanta has a ridiculous Z-score of just 1.29, very bad news for billionaire Mr Zell, a Covanta investor.  Mr Zell dumped his property portfolio for many billions exactly before the property crash.  

Does he still own Covanta and the Chicago Cubs?  Is he still wrecking the LA Times and The Chicago Tribune in a scenario the journalists refer to as Zell Hell?

Zell Hell is distinct from Cell Hell, a loose term for the process whereby small and invisible particles from an incinerator or other sources enter your cells giving you heart problems, cancer and a premature death.   

A more technical name for the particles is "PM10", "PM 2.5" and "PM1.0".  The science for what these dangerous particles do is here.


Balance sheet / financial risk: Excessive leverage can force a company into bankruptcy, no matter how sound the underlying business. Investors need to be particularly sensitive to financial risk in an environment that combines a contracting economy and tight credit.
The Z-Score is a statistical indicator of bankruptcy risk developed by Edward Altman of NYU. Montier's screen identifies companies with a Z-score below 1.8, the "distressed" range in which companies run a significant risk of bankruptcy.      Example: Covanta.

Caution from legal advisors to Magdalene Laundries & Letterfrack.  
Caution: the 200-day technical average may give a different view on Covanta.

September 24, 2009

Crooks or Fools? CBRE -Poolbeg Incinerator, ZOE Developments/Carroll.

"It is irresponsible to suggest that the ‘negative equity’ scenario that occurred in the late 1980’s in the UK could occur in Ireland"
- Marie Hunt, Director of Research, CB Richard Ellis
April 2007.    - Press Release 17/Apr/2007

Is the public taxpayer in Ireland being seriously mislead by CBRE?  If true how many billions in financial damage could this cause to the Irish taxpayer?

Did the promoters of the Poolbeg Incinerator give a fair and true presentation to Inspector Thornton of Bord Pleanala?   Was the presentation fully honest or just spin, or at best as  foolish and 'fanciful' as the evidence given on behalf of ZOE?

In August 2009 The Irish High Court and The Irish Supreme Court were presented with 'fanciful' valuations for Liam Carroll's Zoe Developments.

In April 2007, CBRE's Director of Research made a curious presentation to the Poolbeg Incinerator Oral Hearing.   Was the Bord Pleanala Inspector mislead at the Oral Hearing?  If not mislead was he over-ruled by Board Pleanala Director cronies appointed by friends of the galway tent?

Both ZOE and the Incinerator promoters have used the same lawyer.

In the two years following the April 2007 incinerator spin and crayon-work posing as research, CBRE's share price dropped from $33 to $2.33.  This means Wall Street has less than high expectations of CBRE.

DDDA To Be Sued By McNamara?

There is a scurrilous rumour however true or false that DDDA is in the process of being sued for €70,000,000 by McNamara Construction concerning the Irish Glass Bottle site in Ringsend.  Is this accurate? 

McNamara's sister's architecture company is in a position of influence on 'The Board' at DDDA.  Mr McNamara is a former elected official.

McNamara is part of the Becbay grouping.  Becbay is a co-investor with Quinlan Private and DDDA at IGB-Ringsend where DDDA has helped put taxpayers into the hole for up to €450,000,000 plus interest.   It will soon be 2010, yet DDDA has not published its 2008 accounts.

DDDA's chairman and 'governance expert' is the wife of the former PD leader.

The PD's have a vision to create a Manhattan in Poolbeg.  Manhattan has large rats which scurry across the sidewalks at nighttime.  Poolbeg only has small Irish rats who have visions of being world-class rats.

It's reported a Mr Quinlan, a former government tax officer, has moved to Switzerland to legally avoid Irish taxes.  Mr Quinlan is another investor in the Irish Glass Bottle site.

NAMA may spend up to €450,000,000 of taxpayer money to buy the IGB site to bail out Anglo-Irish Bank and unknown offshore bonds salesmen.



The IGB site and the neighbouring ZOE site are surrounded by large black walls constructed on public land.  These psuedo-legal structures tend to direct the public whether on foot or on bicycle into dangerous traffic (cement trucks, commuters). 

Last week two cyclists were killed by trucks in Dublin.

DDDA Covering Up?

Currently DDDA is firing staff.  Some are exiting the building on Thursday, September 24, 2009.

Is this an opportunity for DDDA to get some files mixed up or even lost?

The Irish Police (Gardai) took about six months after the fact to raid the HQ-offices of Anglo-Irish Bank.

The Dublin Docklands Developers Autocracy (DDDA) is considered by some to be the planning-permission-front for Anglo-Irish Bank and for the coming NAMA scheme.  As is generally understood DDDA has adopted many best practices from Anglo-Irish.  Anglo seems to have cooked its books; DDDA has not yet published its accounts for 2008.   DDDA is hiding something big, and lots of small things.

September 21, 2009

Bankrupt Dublin Docklands Developers Autocracy Bails out Bankrupt Developer ZOE

Bankrupt Bails Out Bankrupt With Taxpayer Cash?

 Is Dublin Docklands Developers Autocracy acting as the market-rigging lab rat for NAMA by arranging a €10,900,000 donation to bankrupt ZOE for 51 drug-land flats at Castleforbes Square and Northbank?

Where does bankrupt DDDA get the eleven million from?

 Who Stole The Peoples's Money.  'T WAS HIM.
[Tammany Hall]

 Perhaps honest NAMA will rob taxpayers to give €10.9 million to Anglo-Irish to give to DDDA to give to ZOE to give to Anglo-Irish to give to offshore bond salesmen in Macau to give to Seanie for Seanie's casino partners in Macau, or Ringsend.


Green-Washed Social Dividend.

DDDA used to provide affordable housing photo-ops for Berty.

Now John The Traitor Gormley is polishing his bicycle clips for the affordable photo-ops.   John has already achieved his 2-year pension dream, a pension higher than that Kenyan non-national in the White People's House.  Three more years gets honest John's pension into bankster territory.

Meanwhile the fired green-party sandal-wearers are afraid to walk around local supermarkets.

The Green traitors are now 'insisting' on a green-washed social dividend from the socialised banks in the capitalist's NAMA scam.

Imagine you were a 2007 fool to whom DDDA sold an "affordable" flat in Dublin for €400,000.  It's now worth less than €125,000.  And next the Greens will use your NAMA money to move in some challenged people to enhance your 'hood.

Or imagine you are a private purchaser who is competing in 2009 to buy the €125,000 flat in Dublin - with DDDA & NAMA rigging the price with taxpayer cash to rig the price to above €210,000 per flat.

ZOE's flats can not be sold to sane people, and it's not just because they are beside Sheriff Street's drugs industry.  Even a gated community with armed response won't protect any private purchasers of ZOE's flats from Anglo-Irish, DDDA, NAMA and grotesque Green Party financial threats and pocket picking for votes.


The flats are barely a drug needle's distance from the stalled and illegal concrete shell built by ZOE as Anglo-Irish Bank's HQ  - now stalled because DDDA apparently conspired with others to issue illegal or curious planning permits or procedures.  

 Why has DDDA not published its annual accounts for December 31, 2008?  Is it because DDDA is financially, ethically and socially bankrupt?  

DDDA seems to be waiting for NAMA to create "expert valuations" for its financially and chemically toxic €450 toxic hole in the ground at the Irish Glass Bottle Site in Ringsend.  

Ex-DDDA and ex-Anglo Seanie can donate plans from his Macau Casino Caper.  

Conflicts of interest abound: 

  • Both DDDA and NAMA directly control planning permission.  
  • Both are politically controlled property market speculators 
  • or riggers, in a legalised pyramid scheme.  
  • Both effectively operate in secret.  

NAMA's corporate objective as effectively stated on TV by Ireland's Finance Minister 
is to rig the Irish property market for decades to keep prices above fair market prices for decades.  DDDA and NAMA will make some people homeless and also keep the country non-competitive by rigging office and home pricing.

Supposedly because of money troubles the bankrupt Dublin Docklands Developers Autocracy (DDDA) recently fired about half its staff, no doubt including governance scapegoats and potential whistle-blowers.  DDDA appears to be bankrupt not just  ethically, but financially - DDDA's annual accounts are withheld to con or misinform the public.


ZOE operates a few floors of offices in Parnell Street directly below two floors of offices for the rescued mega-bankrupt Bank of Scotland.   Learjet FAS has a huge office across the street.

September 18, 2009

Poolbeg Incinerator -Finances, Alternatives

From Comment No. 9 posted by 'Carol' - September 15, 2009 to The Cedar Lounge Revolution


Firstly the issues about the cost of this project must be raised again and again. You are correct that Dublin CC have been landed with a huge bill to manage the project so far, however from my reading of the information to date it is now well over €30 million and not the (€19 million) figure quoted here. The omissions include the various additional costs within Dublin CC and Bord An Pleanala as well as Government and the various other Consultants employed by the Ministry – and it wont stop there!

The second part of the costs issue relates to the fact that the advised Tender Cost by Dong is farcical and wholly inaccurate and in the light of forthcoming and approved Environmental Legislation to be enacted before 2019 will be exceeded by a huge amount. These include the adoption of stringent particulate emission control as well as preventing the emission of the Persistent Organic Pollutants (POPS) which is covered under Irish and European Union Legislation following UN edicts included in the Stockholm Convention. In addition though, even more interesting, is the fact that by 2019 all incineration plants will be required to install equipment to capture all the carbon dioxide they emit.

These issues are already defined and known about and without a doubt the additional costs of around €180 million will have to be borne by the Irish Tax Payers as they would be considered ”additional” to the base and the premise by which the existing offer in response to the call for tenders was invited. It is worthy to note that under EU Procurement Directives this change to a proposal is declared to be significant enough and of such a high value as to declare the existing offer for incineration to be invalid. Accordingly the Minister has a right on behalf of the Government to declare [the existing & secret contract] should be thrown out.

My comment in response is that if you follow the links in the ”Google web” search engine there is a ready answer here based upon full recycling of the raw waste and the subsequent treatment of the residual waste which is called here ”biodegradable municipal waste (BMW)” to make the biofuel ethanol for transport uses. In these items a statement about the best way forward as an alternative was raised in discussions about 2 or 3 years ago with the Government in Dublin which stated that:
(i) by fully recycling materials from the waste and recovering them and the inert materials – removing them from the waste,
(ii) there were no environmental down sides compared to incineration (no toxic emissions) because the process was totally enclosed and wet,
(iii) that all the residues were all able to be reused.

I understand that in discussions about this proposition a budget was given at less than €100 million for the equivalent project for Dublin’s Ringsend project and that it did not need a gate fee (treatment fee) any higher than €30-00 per tonne.

I understand and hear that a number of projects using the same system have been given approval to start in Holland, Yorkshire (UK), Kentucky, Hawaii, and Viet Nam with others to be announced by November 2009.

So as these projects are now going ahead – even in England – and they are all firmly costed in line with this proposal which was stated for Dublin and to the Ministers then there cannot be any doubt that the Government here must change its direction here, And the Minister John Gormley TD and his compatriot Eamon Ryan TD must act now and quickly to stop this nonsense in Ringsend.

September 7, 2009

DDDA Directors, Fools or Crooks? There isn’t anything in between.

‘You have to make a choice. Did you not know what was going on? If you didn’t, you must ask yourself, are you a competent director? And if you did know, you were complicit in recklessness and fraud. So which is it? Because there isn’t anything in between’.

- Comment on Ireland's cronies by Niall Fitzgerald, a former chief executive of Unilever and a 1990s non-executive director of Bank of Ireland.

This question applies to all people involved at DDDA and to their masters at Anglo-Irish Bank.  It also applies to The Hierarchy at Dublin City Council's Incinerator Op., EPA, Bord Pleanala and so on.



FINTAN O'TOOLE's article is here.

September 6, 2009

NAMA's Ground Zero for GUBU Culture

"Illegal" Anglo Irish Bank HQ 
GUBU-Approved by 
Developers Autocracy DDDA.

NAMA Is GUBU Culture.

Will Bord Pleanala politically approve and introspectively legalise the 'illegal' Anglo-Irish Bank HQ building GUBU-ed by The Developers Autocracy, DDDA?  Will pseudo-bankrupt Anglo-Irish Bank rob €68,000,000 from taxpayers to give to examinership-challenged Zoe Developments to complete the 'illegal' building?  Will NAMA approve taxpayer money to complete the HQ absurdity?

Will Mr Brian Lenihan use NAMA to keep this apparently unprecedented misuse of taxpayer money secret and outside the Feedom of Information Act?
Being situated on The Liffey the 'illegal' Anglo Irish Bank HQ is an ideal location for a State Casino to be run by Ireland's Wild West Indians.  Space can be made available for solid patriots politically appointed to DDDA, Bord Pleanala,  EPA-Ireland, Anglo-Irish Bank and NAMA.  The grotesque Green Party could be in charge of protecting The Final Nail, Fianna-Fails bicycle shed, from the barbarians in Sheriff Street.

Apparently the speculative Anglo-Irish Bank HQ was declared 'illegal' by the courts - work has stopped. The builder was a Zoe Developments entity.  Instead of being liquidated, Anglo-Irish Bank was unbelievably sold to the Irish Taxpayers as part of Green-FF's €490,000,000,000 guarantee and bailout of Wall Street equity and bond speculators.   The bizarre  Developers Autocracy (DDDA) recently fired another of its bosses but he may be just the scapegoat for the absurd HQ.  He was fired by an alleged governance expert who until recently received director's remuneration from Ulster Bank/RBOScotland (lender to ZOE).   The alleged governance expert has a financial-contract by marriage with the fired boss of a failed political party which promoted greedy delusions for creating Manhattan in Poolbeg, beside Europe's and Africa's Biggest Incinerator.  

Curiously ZOE in its unprecedented bankruptcy proceedings to 'overturn' the Supreme Court with 'new' information is using the same lawyer as the Poolbeg Incinerator promoters.  The waste-to-toxins incinerator was politically approved by Bord Pleanala and pollution agency EPA.   

Allied Irish Bank apparently sold a large part of Sandymount Strand disguised as a "sports field" for a pittance to ZOE.  ZOE companies now owe AIB perhaps €1,200,000,000 or €600 million or so, depending on the accounting standards used.  The Irish Supreme Court seems to have credibly said ZOE is effectively bankrupt.  But sure now why would that stop ye having another go at the NAMA gravy train.

Haughey was an amateur. 
URL to this image is lost - if known, please insert link as a comment to this blog posting

Ultra Vires [Latin, Beyond the powers.] The doctrine in the law of corporations that holds that if a corporation enters into a contract that is beyond the scope of its corporate powers, the contract is illegal.

A man in Longford, Ireland, was recently given 10 months in jail for stealing a cooked chicken from UK company Tesco.  In the good old days when Ireland was run by The Empire a chicken stealer would be simply shipped off to Australia - like Ned Kelly's ancestors. The Kelly's fixed banks.  Now the traffic is reversed. An Aussie will go to Ireland to fix the Anglo-Irish Bank
Green-Fianna-Fail's new spelling for GUBU is NAMA. 

Aussies use esteemed DDDA to influence Paddy to move to Australia.

September 5, 2009

The Gormley

john gormley
The Gormley

Dedicated to 
John My-Hands-Are-Tied Gormley

                 The Hoover

September 3, 2009

Australia Exploits DDDA Incompetence or Corruption

DDDA Dublin DocklandsLarrikins, Eff de DDDA!  Fly to Aussie.

DDDA Now Helps Regeneration In Australia

  ' Irish taxpayers are now reluctant stake-holders in this (Ringsend Glass Bottle) and other stagnating (DDDA) projects, paying the price for a decade-long party that ended with long-lasting hangovers all round.   Little wonder so many Irish are applying for visas and buying plane tickets, frequently for Australia. '

Australia is using DDDA incompetence or corruption to entice people to move to Australia.  Meanwhile Ireland entices the possible son-of-sheep-stealers to come back home to run Anglo Irish Bank.

In 2009 a man in Longford, Ireland, was given 10 months jail time for stealing a chicken from Tesco.'  For similar reasons Ned Kelly's ancestors were given a free lifetime transportation to Australia to engage with banks.

The Longford man's jail time will cost Irish taxpayers €85,000 for his ten months of B&B, enough to buy seventeen thousand chickens.  Ten months is about how long it took police to raid the Stephens Green offices of Ireland's biggest bank job, Anglo Irish Bank.  The more cost conscious Empire sent such criminals to Australia.

Quentin says DDDA is the downtown-niggers' planning department for Anglo Irish Bank.   The Galway Tent's beloved Dublin Docklands Developers Autocracy is now helping Australia's government to poach highly skilled Irish workers, "before they hire you".

Australia's government uses to tell the world:

' Dublin is pockmarked by unfinished construction projects, including one of Anglo Irish Bank’s investments, a 412-million euro deal in 2007 to buy land for a 2,000-unit apartment complex. By February 2009, the property was worth 30% less(Note1), according to one of the investors, the government-owned Dublin Docklands Development Authority '.

DDDA Dublin Docklands
DDDA Virus in Poolbeg


Note1:  DDDA has legally pulled a stroke by not publishing accounts for nine months ago, for December 30, 2008.  The toxic IGB site is worth not just '30% less' but at least 95% less than the previous book value of €450 million.  It may actually have a negative price due to the cost of removing remaining pollution at the toxic site.   It seems DDDA is waiting for the highly secretive NAMA to be set up before it massages its 2008 accounts. The IGB site is worth perhaps €10 Million to a willing buyer.  DDDA will fix the planning permissions and their EPA partners will also dance as told.  

liveinaustralia.comIrish taxpayers are now reluctant stake-holders in this and other stagnating [DDDA] projects, paying the price for a decade-long party that ended with long-lasting hangovers all round. Little wonder so many Irish are applying for visas and buying plane tickets, frequently for Australia.