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Thread: Seanad leader paid €200,000 in airport deal. But for what ?

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    Politics.ie Member mmrebel's Avatar
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    Default Seanad leader paid €200,000 in airport deal. But for what ?

    Donie Cassidy was paid 20% of the net profits from the company that operated seven bars in Dublin airport for the past 10 years, despite a senior figure in the business being “not aware” of the nature of the services provided by the Fianna Fail senator and businessman.

    Cassidy’s family company, Wentridge Investments, acquired a 10% stake in Atwell, the company operating the airport bars, for a “nominal sum” in 1998.

    The other 90% of Atwell was held by Thomas Read, a pub business then owned by Hugh O’Regan. Cassidy received more than €200,000 in payments from Atwell in the 12 months to May 2008.

    The lucrative deal, agreed more than a decade ago, stated that Cassidy was not required to provide capital or financial support to the company.

    In addition, the Seanad leader was indemnified against “any and all liabilities” by Thomas Read. Documents drawn up at the formation of the company state that Cassidy’s annual payments were to be “in recognition of his services” to Atwell.

    Mark Leavey, a former chief executive of Thomas Read, has stated in an affidavit that he was “not aware” of any services Cassidy provided to Atwell in return for these payments.

    Cassidy declined to outline to The Sunday Times the nature of services provided.

    “We are a family business and our business affairs are private and confidential,” Cassidy said in a statement.

    “We are fully compliant as a family business with any and every request by the Dublin Airport Authority,” he added.

    The terms of Cassidy’s agreement with O’Regan have not been disclosed previously.

    Aer Rianta, which managed Dublin airport until the creation of the Dublin Airport Authority (DAA) in 2004, awarded Atwell the contract to operate the bars on May 21, 1999 following a tender.

    Thomas Read was sold in 2004 but the arrangement with Atwell stayed in place.
    Seanad leader paid €200,000 in airport deal - Times Online
    Why oh why ????

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    He's managed to keep that under the rug up to now.

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    Was this not declared to SIPO as an interest?

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    Paid dividends as a shareholder of Atwell ........nothing illegal about that.

    Interest in holding of company declared in 1999 when tender applied for.

    Company is a limited liability entity so there is no liabilty to shareholder under normal conditions of business.

    As a minority shareholder in the Joint venture where the work is carried out by majority shareholder then would be no liability anyway as not engaged in normal course of day to day business.

    As it was a private company in 1998 and still is then original sharecapital was probably 1 Pound so giving someone 10% was probably 10p worth at that point in time.

    Claims from former Chief Exec (Not owners) from another company that he was not aware of the services provided is hardly suprising as
    1) He worked for Thomas Read
    2) Attwell is a completely separate company
    3) Owners of Thomas Read made the deal NOT Chief Exec

    Balance of contract being switched to one of the joint venture partner is not unusual as DAA wants to keep continuity BUT they haven't awarded a New Contract apart from adding on a bar, they have awarded the balance of the exisiting contract.

    The Receiver seeking of Finance is part of his job but given the state of the capital markets I think you are pretty much guaranteed that it would not happen as a Bank lending the money would require security against property and be able to remove and repay existing borrowers and creditors.
    Last edited by odie1kanobe; 17th May 2009 at 10:07 AM.

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    None so blind as those who will not see.
    Hiding behind company law and procedures cannot mask the facts.
    Donnie was getting payback for something. What was it for? What services did his company provide to Thomas Read to justify such a annual drawdown?
    Last edited by gubugirl; 17th May 2009 at 10:15 AM. Reason: correcting typo

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    Quote Originally Posted by gubugirl View Post
    None so blind as those who will not see.
    Hiding behind company law and procedures cannot mask the facts.
    Donnie will getting payback for something. What was it for? What services did his company provide to Thomas Read to justify such a annual drawdown?
    What facts ?

    Company law is there and IF there was anything illegal then Receiver would be acting on it. It is his responsibility to act for the Creditors of Thomas Read.

    It is quite likely that the 50k returned was a part payment for the year but when company went into receivership the receiver asked for it to be returned and it was.

    Contract between Attwell Ltd and Thomas Read Ltd are between them and receiver had examined them.

    Remember Thomas Read was sold on in 2004 and new orders did not repudiate the contracts nor were they apparently at issue with the Annual Audit conducted or with the lenders as it was likely declared.

    You keep want to claim things so go ahead and there doesn't appear to be a story just an attempt at conjecture and smear.

    Thomas Read Ltd made the contract and kept it for 10 years.

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    Quote Originally Posted by gubugirl View Post
    None so blind as those who will not see.
    Hiding behind company law and procedures cannot mask the facts.
    Donnie was getting payback for something. What was it for? What services did his company provide to Thomas Read to justify such a annual drawdown?

    Certainly looks like Donie got the bar contract from DAA in 1999, probably on the old FF nod nod wink wink scheme after all it is Bertie's patch, then subcontracted on to Thomas Read.

    Donie's work was done when he got the contract, the rest of the time was spent making sure he got his share.

    Defo old pal's act, political influence.

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    Politics.ie Member Pauli's Avatar
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    He kept that very much under his hat/hair. A pork-barrel carve-up in a money-for-nothing racket beloved of the nod'n'wink FF brigade. An everyday story of how FF corrodes the fibre of the nation. Nothing unusual, it has to be said. Just the same 'ol, same ol' FF.
    Fianna Fail - The Loss of Sovereignty Party.

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    The facts as the Sunday Times reported them are:

    *Donnie Cassidy was paid 20% of the net profits from the company that operated seven bars in Dublin airport for the past 10 years.

    * Cassidy’s family company, Wentridge Investments, acquired a 10% stake in Atwell, the company operating the airport bars, for a “nominal sum” in 1998.

    * Cassidy received more than €200,000 in payments from Atwell in the 12 months to May 2008.

    * Cassidy was not required to provide capital or financial support to the company.

    * He was indemnified against “any and all liabilities” by Thomas Read.

    * Cassidy’s annual payments were to be “in recognition of his services” to Atwell.

    * The former chief executive of Thomas Read was “not aware” of any services Cassidy provided to Atwell in return for these payments.

    * Aer Rianta awarded Atwell the contract to operate the bars on May 21, 1999.

    * Thomas Read went into examinership earlier this year with debts of €26m. Even though it was in financial difficulties, Cassidy was still paid a dividend of €50,000.

    * Two weeks ago a consortium part-owned by Cassidy took control of all the bars in Dublin airport while Martin Ferris, the receiver of Thomas Read, was attempting to secure new finance to maintain the business.

    * The contract was switched without a formal tender.

    * In his role as a senator Cassidy has defended Aer Rianta’s commercial interests in the Seanad.

  10. #10

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    Quote Originally Posted by stanley View Post
    Certainly looks like Donie got the bar contract from DAA in 1999, probably on the old FF nod nod wink wink scheme after all it is Bertie's patch, then subcontracted on to Thomas Read.

    Donie's work was done when he got the contract, the rest of the time was spent making sure he got his share.

    Defo old pal's act, political influence.
    Unless you can prove it then be very careful about making allocations like this under DGDS.

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