Seanie - to protect his personal assets

[StraightShooter]

How likely is three-fifths of his creditors aggreeing?

edit: at this stage, surely that would require referendum to find out ?

I'm familiar with these schemes of arrangement. This will come down to whether the majority of Seans creditors can be convinced that given more time they can recover more of their loans as opposed to just moving in ASAP and liquidating the assets. From the outset it seems that the further investment in the oil well is the issue, whether he can secure that funding. I would have thought that no one would want to touch him for obvious reasons. In any case I'm sure Anglo could get that oil wll into a functioning state themselves should they consider that the risk is merited.

All in all it might look like Seanie is wriggling here but be be in no doubt this SOR will be completely at the mercy of Anglo.

[Baron von Biffo]

Uriah, your post vanished as I was replying to it. Were you suggesting that Fitzer is going into the taxi business?

[Aristodemus]

That story in the It is actually a nothing story full of specualation and conjecture

[Mitsui2]

A bit off topic but what the heck...I was watching the clip on rte player of him leaving the garda station and getting into the car,from the looks of who he kissed in the front seat he would appear to be a cowboy in more ways than one!

That was his son, I believe.

[FakeViking]

That was his son, I believe.

Miriam Lord at her tongue in cheek (sorry!) best:

MANY A father has faced the unpleasant task of driving to the local Garda station to collect a son who has spent a night in the cells.
And the morning after many a chastened son has crumpled into the passenger seat and given his Da a grateful peck on the cheek for coming to his rescue.
In the forecourt of Bray Garda station yesterday, the roles were reversed

[cyberianpan]

FitzPatrick makes plan to protect himself from creditors - The Irish Times - Sat, Mar 20, 2010

His most valuable asset is potentially an investment in a Nigerian oilfield.

The company behind the project, in which Mr FitzPatrick is an investor, has claimed that the Ekeh oil field could be worth close to $500 million (€370 million) if it is put into full production to tap an estimated 20 million barrels of oil.

However, the “marginal” oil field needs further expenditure of $35 million – before operating costs – to bring it to continuous production, which will require further drilling.

Dear Mr Brendan McDonagh,

I have been requested by the Nigerian National Petroleum Company to contact you for assistance in resolving a matter. The Nigerian National Petroleum Company has recently concluded a large number of contracts for oil exploration in the Ekeh region. The contracts have show reserves equivalent to moneys totaling US$400,000,000. The Nigerian National Petroleum Company is desirous of oil exploration in other parts of the world, however, because of certain regulations of the Nigerian Government, it is unable to move these funds to another region.

You assistance is requested as a non-Nigerian company to assist the Nigerian National Petroleum Company, and also the Central Bank of Nigeria, in exploiting this resource. We have urgent need of $35 million in US Dollars as this will release the other investors and allow us to realize a sale. Due to Nigerian foreign exchange control regulations we need to deal with a sovereign country. If the funds can be transferred from Nama, from your Irish Government account, we would be most greatful. In exchange for your accomodating services, the Nigerian National Petroleum Company would agree to allow you to retain 15% of sale price, or US$60 million , whichever is higher.

If it will be possible for you to assist us, we would be most grateful. We suggest that you meet with us in person in Lagos, and that during your visit I introduce you to the representatives of the Nigerian National Petroleum Company, as well as with certain officials of the Central Bank of Nigeria.

Please email me at your earliest convenience at seanie.fitzpatrick@chancers.com . Time is of the essence in this matter; very quickly the Nigerian Government will realize that exchange control regulations are in breech - and will be able to seize these oilfields. If you could please urgently forward the $35 million today I can assure you of a speedy and profitable resolution.

Yours sincerely

Seanie Fitzpatrick

cYp

[hammer]

If 3/5 of creditors need to agree to the scheme in value then Anglo will have to agree to it.

That should be an interesting debate.