tag:blogger.com,1999:blog-604907734958782081.post7472266083241451237..comments2023-03-31T09:25:02.356-07:00Comments on The Galway Tent Blog: NAMA's Ground Zero for GUBU CultureUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-604907734958782081.post-28176652569374667882009-09-06T23:04:49.182-07:002009-09-06T23:04:49.182-07:00Pasted From Shane Ross, Sunday Independent:
The e...Pasted From Shane Ross, Sunday Independent:<br /><br /><b>The entire Irish establishment is backing Carroll's bid for an honoured place in the world of fantasy valuations.</b><br /><br />---------------<br /><br />Somehow, the hopelessly insolvent Zoe has made a monkey of the examiner process, designed to protect a troubled business from its creditors. Zoe's appeal from ACCBank's attempts to put it into receivership has been thrown out by the Supreme Court -- but somehow Zoe is back again in the High Court seeking a different answer to the same question.<br /><br />Like Nama, Zoe's survival depends on convincing the beak that property prices will rise. In pursuit of this goal, Zoe marched its own army of property fantasists into the courtroom.<br /><br />Carroll's legal team produced a report from accountants KPMG, maintaining that Zoe could see its assets rise to €1.36bn in less than five years. <b> KPMG also happen to be auditor to AIB, Carroll's biggest creditor. Presumably the blue- blooded auditors declared this fact. Carroll owes AIB nearly €500m.</b><br /><br />An optimistic report from Goodbody Stockbroker's economist Dermot O'Leary was offered by Carroll's counsel as a reliable forecast that the general recession would bottom out in 2010, followed by a recovery in 2011. <b>Goodbody is owned by AIB. Presumably this was declared in court?</b><br /><br />AIB is not opposing Carroll's court bid to keep the receiver at bay. Like the other banks, it wants to see Carroll's loans bought at inflated Nama prices. All Zoe's other creditor banks except one -- the foreign owned ACCBank -- are taking the Nama line.<br /><br /><b>The entire Irish establishment is backing Carroll's bid for an honoured place in the world of fantasy valuations.</b>Anonymousnoreply@blogger.com