Treasury Holdings will open NAMA challenge today

later12

Lawyers for Treasury Holdings (of Johnny Ronan and Richard Barrett fame) are to challenge NAMA's decision to appoint receivers to its properties today at the High Court in Dublin.

http://www.rte.ie/news/2012/0126/nama.html

The company was given permission yesterday evening to bring the application at short notice.
There is a long list of property assets to which NAMA has decided it will appoint receivers...

Last night Treasury Holdings, which is owned by developers Johnny Ronan and Richard Barrett, said they were very disappointed with NAMA.
The company claimed it had assembled investors prepared buy the property loans at a higher price than they were purchased by NAMA.
However the agency said it was not possible to reach a mutually acceptable agreement.
It said proposals from Treasury Holdings were not commercially viable and it had engaged rigorously with the company since 2010.

Probably won't see much happen at the High Court today before the case is adjourned, but it's a potentially interesting case for NAMA as Treasury are also seeking a judicial review to challenge NAMA's right to appoint receivers in this manner.

MadsL

proposals from Treasury Holdings were not commercially viable

No change there then.

A towering affront to common sense

Spacedog

Treasury Holdings are NAMAs largest debtor, ironically NAMA and many government still pay rent for commercial office space to Treasury Holdings, Ironically, the Treasury Building itself is owned by Treasury Holdings as opposed to The Irish Treasury Department and NAMA residing within it.

It is no wonder that they are in a position better than when they entered NAMA, the tax payer has been 100% propping up their business, cleared their debts, and they are now they are ready to take the company back.

This amounts to money laundering, and is yet another example of Irelands people paying for the incompetence of Developers and Anglo golden circle investors.

Primetime showed a clip of Johnny Ronan telling Bertie to 'keep pulling for us' during an opening event at the National Conference Center in dublins docklands. One of the many juicy government contracts awarded to the TH.

Before the crisis, Ronan and Frank Daily (then in revenue) both worked in the same building and would have had close contact. Daily widely regarded as a "FF man" in the revenue civil service, remains chairman of NAMA despite FG Lab government election.

Finance minister Michael Noonan is mysteriously button lipped regarding anything to do with NAMA, bond holder payouts, or any policy that is business as usual from the FF era.

I also find it ironic that NAMA's biggest debtor Ronan/TH is virtually unheard of in the media, considering he lived the lifestyle of a rockstar during the boom, the lads keeping a real low profile these days.

Slideshowbob

Treasury won

http://www.irishtimes.com/newspaper/finance/2012/0323/1224313766174.html

How can an insolvent company play a role in rebuilding the Irish economy?!?

K-9

Slideshowbob wrote: »

Treasury won

http://www.irishtimes.com/newspaper/finance/2012/0323/1224313766174.html

How can an insolvent company play a role in rebuilding the Irish economy?!?

They haven't won, just got leave to appeal.

neris

Slideshowbob wrote: »

Treasury won

http://www.irishtimes.com/newspaper/finance/2012/0323/1224313766174.html

How can an insolvent company play a role in rebuilding the Irish economy?!?

Reports the other day saying their holdings in china were undervalued by nearly 2/3s so maybe not all that insolvent

Dannyboy1987

http://www.rte.ie/news/2012/0827/kbc-bank-seek-to-have-treasury-holdings-wound-up-business.html

What do people think ?

Dob74

Dannyboy1987 wrote: »

http://www.rte.ie/news/2012/0827/kbc-bank-seek-to-have-treasury-holdings-wound-up-business.html

What do people think ?

There is no reason for a company like treasury to exsist anymore.
Time to call it a day. Gov has pumped enough money into this waste of space time to take control of its assets. Which the taxpayer has paid for twice.
Once with the loans to acquire and build the properties. the second by paying top dollar in rents. Game over

Goose81

Dob74 wrote: »

There is no reason for a company like treasury to exsist anymore.
Time to call it a day. Gov has pumped enough money into this waste of space time to take control of its assets. Which the taxpayer has paid for twice.
Once with the loans to acquire and build the properties. the second by paying top dollar in rents. Game over

Its really not that simple with treasury. Whatever one thinks about them Barrett and Ronin were shrewder operators than nearly any other developers operating at the time and have a huge amount of performing assets in countries other than Ireland.

Many would have said they had a legitimate case the last time they went to court to sue NAMA and I doubt they will give up that company without a fight.

Dob74

Goose81 wrote: »

Its really not that simple with treasury. Whatever one thinks about them Barrett and Ronin were shrewder operators than nearly any other developers operating at the time and have a huge amount of performing assets in countries other than Ireland.

Many would have said they had a legitimate case the last time they went to court to sue NAMA and I doubt they will give up that company without a fight.

where?
Is so why cant they pay back there loans?

The battlsea power station is a white elephant and the china looks like ireland in 07. Only one is down for the real estate market there.

liammur

You couldn't make this up. A while back Treasury were taking NAMA to court, now, they are depending on NAMA.

Close them down. They are out of their depth at every level, and taking the taxpayer down with them.

MadsL

What is the National Convention Centre worth? Aren't the OPW paying Treasury to run it? Boot em out lock the doors?

later12

Towards the end of the story, the plot takes another drastic turn:

http://www.rte.ie/news/2012/0828/treasury-assets-transferred-to-richard-barrett.html

The assets of a Treasury Holdings subsidiary in Singapore have been transferred by another subsidiary in China to a director of Treasury Holdings, Richard Barrett personally. The High Court was told this was announced overnight...

The court was told that as a result of this development, NAMA was now supporting the application by KBC Bank to have Treasury Holdings wound up.

liammur

NAMA really are a laughing stock, they are so far behind the curve it's frightening.