Follow @PoliticsIE
 
 
 
Page 1 of 3 123 LastLast
Results 1 to 10 of 21

Thread: Pierse Construction file for examinership

  1. #1
    Politics.ie Member DaveM's Avatar
    Join Date
    Sep 2007
    Posts
    16,004
    Mentioned
    1 Post(s)

    Default Pierse Construction file for examinership

    RT News: Pierse Construction to file for examinership

    Surprised this didn't happen sooner. There's been rumours that Pierse were in dire trouble for the past 18 months.

    It'll be interesting to see if ACC Bank is amongst their creditors. Were it not for the fact that they owed money to ACC, Liam Carroll's and John Fleming's groups would still be limping on.

  2. #2
    Politics.ie Member
    Join Date
    Feb 2010
    Posts
    217
    Mentioned
    0 Post(s)

    Default

    the bad news is never ending, an iconic firm highly visible throughout the country

  3. #3
    Politics.ie Member PUFF DADDY's Avatar
    Join Date
    Jul 2009
    Location
    Dublin
    Posts
    3,003
    Mentioned
    0 Post(s)

    Default

    other half got let go from them Dec 08, was on the cards alright.
    Repeal the 8th

  4. #4
    Politics.ie Member controller's Avatar
    Join Date
    Feb 2009
    Location
    Dublin
    Posts
    3,175
    Mentioned
    0 Post(s)

    Default

    As developers go, I always thought their quality was .........Poor. I'm surprised that they haven't folded yet
    Dear Lord Baby Jesus, I want to thank you for Pink Floyd

  5. #5
    Ex Member
    Join Date
    Sep 2008
    Location
    Around the Corner everyone has turned
    Posts
    3,586
    Mentioned
    0 Post(s)

    Default

    Arent they just applying for protection? This means nobody will loose their jobs just like Quinn.

  6. #6

    Default

    Another Construction Firm RIP. There will soon be none left. Then when something is needed to be constructed the prices will be astronomical and in very short supply.

    This is what happens when interest rates are too low for too long and resources get completely misallocated and the inevitable bust crucifies those at the early stages of production.

    And it is those at the early stages of production that drives recoveries as they are thinking long term and collectively they can start producing for a demand that they perceive in occuring over a year down the road. If the recovery happens and they are still waiting, they have missed the boat, because of the extensive lead time.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

  7. #7
    Politics.ie Member hammer's Avatar
    Join Date
    Jul 2009
    Location
    Olympic Stadium
    Posts
    58,469
    Mentioned
    1 Post(s)

    Default

    Next consequence from listening to News last night is that NAMA ensuring that it makes a profit will not release any funds to creditors of these developers already in NAMA.

    There will be a lot more devastation in the sector.

    Did I read previously that NAMA will only release money to those projects that need to be completed as they have some value?

    We are up the creek

  8. #8
    Politics.ie Member Clanrickard's Avatar
    Join Date
    Apr 2008
    Location
    Last outpost of freedom
    Posts
    31,842
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Cassandra Syndrome View Post
    This is what happens when interest rates are too low for too long and resources get completely misallocated and the inevitable bust crucifies those at the early stages of production.
    .
    Half true. Proper planning could have stopped the rot.

  9. #9
    Politics.ie Member hammer's Avatar
    Join Date
    Jul 2009
    Location
    Olympic Stadium
    Posts
    58,469
    Mentioned
    1 Post(s)

    Default

    Proper planning

    When was there ever proper planning?

    Building on flood plains, brown envelopes, etc...............

  10. #10

    Default

    Quote Originally Posted by Clanrickard View Post
    Half true. Proper planning could have stopped the rot.
    Proper planning by market forces and not some bureaucrat with the pretense of knowledge.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •