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About LinkBacksFitzPatrick makes plan to protect himself from creditors - The Irish Times - Sat, Mar 20, 2010
Question - Where does the Irish Times get access to this information ? Seanie, I presume.
He may also need to hire a bodyguard the way things are going.
FitzPatrick makes plan to protect himself from creditors - The Irish Times - Sat, Mar 20, 2010
Question - Where does the Irish Times get access to this information ? Seanie, I presume.
He may also need to hire a bodyguard the way things are going.
If he owes all that money, the only thing he should be able to protect is a modest family home. Everything else should be up for grabs by creditors.Originally Posted by hammer
As to where the IT might be getting its info, this quote seems a particularly egregious bit of spin: "Securing a scheme of arrangement to repay his creditors could give Mr FitzPatrick flexibility to sell his interest in the oil field at a later date for a higher price were the field to go into full production." More like buying time.
Agus ansin beidh na muice ag eitilt ! (via Ryanair of course !)
Mr FitzPatrick owes about €85 million in loans to Anglo. 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 . Mr FitzPatrick and ex-Anglo director Lar Bradshaw have a 30 per cent interest in the oil field against which they have borrowed about $40 million (€30 million) from Anglo on a shared 50-50 loan.
Umm.. why doesn't he just slip this loan into NAMA ?
Is it any different to what the other shysters are doing ?
1,197 people agree with me.. how many agree with you ?
Who decides what loans go into NAMA?
no pasaran!
Old fashioned journalism, not sitting in front of a pc.
It is hardly surprising that someone who is in serious debt is taking steps to protect themselves from their creditors. At the same time, if we are to believe the reports that the likes of Anglo are going to chase their debtors to the ends of the world, it would not be unusual for their legal advisors to be taking steps to mitigate against any such defences.
How likely is three-fifths of his creditors aggreeing?The most significant mechanism available to Mr FitzPatrick to shield himself from creditors would be to seek to appoint himself an “arranging debtor”, a rarely used protective measure under bankruptcy law.
Arranging debtors are protected by the courts if they can devise a so-called scheme of arrangement where creditors would be repaid some or all of their debts on an orderly basis over an extended period of time. The arrangement must be approved by three-fifths of creditors in number and value of debt.
edit: at this stage, surely that would require referendum to find out?
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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!
The heading claims he's making a plan to protect his assets. Even the dimmest observer have known that he'd do that. The article mentions a legislative provision that's available to him should he wish to use it. It doesn't say that this is what Fitzpatrick is actually doing.
It took three of them to come up with this space-filling sh1te. And they say the PS is overstaffed.
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