A round-up of today's other news in brief
AIB bondholders threaten action over Government's loan 'haircut'
A group of subordinated bondholders at Allied Irish Banks is threatening legal action to prevent the Government passing on some of the bank’s losses by forcing a “haircut” on their loans.
The group has been organised by London law firm Bingham McCutchen, which held a conference call last week for such AIB bondholders interested in taking legal action against potential losses being applied to them. AIB is heading for effective nationalisation as it must raise €9.8 billion as part of the latest plan to prop up the troubled banks.
Under the €85 billion external rescue plan for Ireland, “burden-sharing” with subordinated bondholders will start before the end of March, depending on a bank’s requirement for Government capital and the viability of the lender.
Gold mine 'major step' for Conroy
Conroy Diamonds and Gold is set to develop a gold mine at Clontibret, Co Monaghan, in what will be “a major step forward for the company”, according to chairman Richard Conroy.
Mr Conroy confirmed to the agm that subject to financial and engineering analysis expected in January, the firm would move from exploration to development of the site after “excellent” test results.
The firm is set to change its name to Conroy Gold and Natural Resources after approval of a motion at the agm yesterday. Its diamond interests are now under a separate firm, Karelian.
The firm has raised funds to complete a feasibility study at Clontibret and carry out further work at Clay Lake, Co Armagh, Mr Conroy said.
Anglo in court action over debt
Anglo Irish Bank has claimed a chartered accountant with an estimated net worth last June of some €10 million can but won’t pay a debt of some €650,000 to the bank, writes Mary Carolan.
After the Commercial Court heard that Anglo had no security in place for its loans to Bryan Phelan, Mr Justice Peter Kelly remarked: “More fool the bank for lending with no security.”
Anglo has brought proceedings against Mr Phelan, Ardilea Wood, Dublin, with his business at Orchard House, Clonskeagh Square, Dublin, seeking to recover sums of €525,884 and £97,107, plus interest.
The case will now proceed in the High Court list and not in the Commercial Court.
Platinum One
A report on Saturday, November 27th stated that sports management company Platinum One Ltd made a loss of €2.1 million in 2009. In fact, the company made a net profit of €354,000 in 2009. The report also stated that the company made losses of €2.5 million in 2008. The actual loss that year was €1.7 million, including exceptional items. The company states that it restructured the business in 2008, allowing it to return to profitability last year and in 2010.
