The Galway Tent Blog: April 2012

April 12, 2012

Covanta Using MacQuarie to seek Debt & Equity

Covanta's Sam Zell. Multi-Billionaire.

How will Macquarie Capital price the risk of Covanta's proposed Poolbeg Incinerator contract being declared illegal by the EU?

The legal payments to FF and to FG by agents of Covanta and the interference by associated aliens prior to and during an Irish General Election may influence the rigging of the market for waste in Dublin but are unlikely to be as influential with the EU's lawyers.

From Macquarie's spin department via sparkspread and the Irish Independent:

Macquarie Capital, Covanta Energy and 'Project Liath'.
€350m via third-party equity and senior and mezzanine debt.
Covanta plans to invest between €100m and €150m of its own equity

Macquarie Capital has begun trying to drum up interest in what its marketing literature labels 'Project Liath'. It's trying to help Covanta raise as much as €350m via third-party equity and senior and mezzanine debt.

Macquarie has already undertaken preliminary marketing and next month (May 2012) it expects to provide a more detailed information memorandum as well as a financial model to pre-qualified parties.

The known risks of investing in a project possibly dictated to officials at Dublin City Council by The Drumcondra Mafia and the disgraced Bertie Ahern are not mentioned. Such risks include future legal cases to investigate DCC-RPS 'massaging' the truth to mislead the public (Judge McKechnie) and the very dodgy incinerator procurement process which apparently violates EU Law on several fronts.

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Is it possible Macquarie represented any of the secret bondholders whose private bond debts were socialised by Bertie's buddies to the tune of €70 Billion in September 2008?

Questions on EU Law could be addressed to Macquarie in 'The City' in the UK:

PRODUCT/SERVICE	NAME/TITLE	PHONE	EMAIL
Advisory and capital raising	Lene Holten	+44 20 3037 2045	Email
Financial Instutitions	Louis d'Alancon	+44 20 3037 5228	Email
Industrials	Michael Tarrant	+44 20 3037 2697	Email
Real Estate	Jonathan Harris	+44 20 3037 5614	Email
Resources	Sam Small	+44 20 3037 5432	Email
Infrastructure, Utilities and Renewables	Daniel Wong	+44 20 3037 2232	Email
Telecommunications, Media, Entertainment and Technology	Bill Kennish	+44 20 3037 2426	Email
Debt Capital Markets	Sergio Ronga	+44 20 3037 5932	Email
Equity Capital Market	Antony Isaacs	+44 20 3037 5436	Email
Private Capital Markets	Adam Hain	+44 20 3037 2232	Email

April 8, 2012

Are Covanta Shareholders Safe From EU Investigation into Procurement Law Violations for Dublin Incinerator?

Along with other 'strokes' it would appear that Dublin City Council has broken EU Procurement laws concerning the proposed Poolbeg Incinerator. It would be good if Covanta (CVA) made a full disclosure to the SEC on the matter in order to fully inform its shareholders.

Breaches of EU Public Procurement Rules by Dublin City Council
A formal complaint was submitted on 28 March 2012 to the EU Commission offices.

The complaint concerns breaches of the EU Public Procurement Directives by Dublin City Council.

If you are a CVA shareholder you may wish to visit www.fiasco.ie for these PDFs and then ask some questions at the Covanta conference call scheduled for 8:30 AM (Eastern) on Thursday, April 19, 2012 to discuss its first quarter results. Or simply sell CVA if you conclude the known-unknowns and hassle are too high.

Documents (www.fiasco.ie)

Below are materials supporting EU Public Procurement Rules complaint:

Press Release - EU Complaint re Poolbeg Incinerator.pdf.
March 2012
PDF

Background Material - EU Complaint re Poolbeg Incinerator.pdf.
March 2012
PDF

CVA owners could also note the costs of litigation in Ireland. A recently concluded tribunal into other dodgy dealings for another public utility contract awarded by members of the current FG administration took fifteen years and cost $450 Million (€300 Million). What would Mr Zell say if his senior managers were tied up for 15 years until 2027?

In the USA its illegal for aliens to buy influence from members of congress. Perhaps CVA owners could ask why Covanta, an alien entity in Ireland, paid money to Ireland's FG before the Irish General Election and ask what they were promised in return for their money. Covanta senior management held at least one known meeting with two members of the current administration (Minister Quinn; Minister Hogan) during the 2011 Irish General Election.