Who owns what at tech firm Trintech?Just what is happening at Trintech, the Irish technology company quoted on the Nasdaq that was founded by the McGuire brothers, John and Cyril?
There seems little point asking Trintech itself, as the company was at a loss this week to give details of the ownership of a 13 per cent stake in the firm. Likewise, company broker Davy seemed blissfully unaware that 13 per cent of the company has changed hands, if its weekly book is any guide.
What makes this even more interesting is that the shares were owned by John McGuire, Trintech's co-founder and brother of the firm's current chief executive, Cyril McGuire.
It is possible that John - who unexpectedly departed the board of Trintech in the middle of 2002 - sold the shares in small chunks over a several-month period in the run up to January. It is also possible that he transferred the stake into some kind of a trust vehicle. But the answer to this mystery may have to wait until Trintech files its annual report with the Securities and Exchange Commission.
Greencore still owed a pretty penny by bakery
The "mind the pennies and the pounds will mind themselves" maxim popped into Current Account's mind earlier this week in relation to Greencore.
It is a year since the food group severed connections with the British bread market by selling its Rathbones Bakery subsidiary for €30 million.
It was a reasonable deal at the time, marking, as it did, Greencore's escape from an underperforming business.
However, 12 months on and the ghost of Rathbones continues to linger over Greencore's accounts. It is, admittedly, a small ghost, but it could cause a bit of an irritation all the same.
The problem is that the bakery this week went into administration, at a point where Greencore was still owed some money from the sale in the form of deferred consideration.
At the time of the deal, these delayed payments were to make up slightly more than one third of the overall sale value and of this, about €10.7 million remained outstanding at the start of this week.
As Goodbody Stockbrokers points out, the company has already made exceptional provisions for €7.3 million of this outstanding amount. But, remembering the pennies, what of the remaining €3.4 million?
This is an issue that Greencore will have to thrash out with the bakery's new owner - Finedon Mill - the party which actually owes the money. The prospects for full recovery are at this stage hard to gauge, but it seems unlikely that Greencore will let the issue pass without at least trying for full recovery. The pennies do, after all, add up.
Bertie's US tax admirer
Bertie Ahern may claim to be one of Ireland's last socialists, but crucial aspects of his Government's taxation policies were backed this week by the US right-winger, Dan Mitchell.
As chief tax wonk in the conservative Heritage Foundation, Mitchell was in town this week for a chat with the Open Republic think-tank.
Mitchell had many words of praise for "the Irish miracle" and spoke in favour of tax competition between states.
That chimes with Ahern's resistance to tax harmonisation in the EU, although the Taoiseach will not be going along with Michell's call for a flat rate of personal and corporate taxation.
Even if Bertie could afford it, that would not be in the style of the great leader from Drumcondra.
More blushes for B of I
Customers of Irish financial institutions were hardly surprised to learn of another overcharging scandal this week.
It was Bank of Ireland's turn to own up to wrongfully taking money from 65,000 customers, who had taken out payment protection policies with new loans.
Bank of Ireland, which wants to axe more than 2,000 staff, could be forgiven for wondering whether its latest public embarrassment was orchestrated from within its own ranks.
It will be mindful that after it outsourced its IT functions last year, the bank's former chief executive, Mike Soden, lost his job after its systems highlighted that he breached internet policy by accessing an adult-rated site.
