Bellingham’s Billion Dollar Boondoggle Begins?
Bellingham’s Billion Dollar Boondoggle Begins?
Bellingham’s Billion Dollar Boondoggle Begins?
19 Nov 2014: Harcourt’s last available accounts show it had €70 million in net assets at the end of 2012. The developer had debts of €800 million, a proportion of which was due to the National Asset Management Agency....
15 February 2015: "...this piece of group-restructuring gymnastics, achieved by banging ownership of its shares through several different entities in Ireland and the Isle of Man in a single day last week, has been coupled with a re-registering of Harcourt Developments in Dublin as an unlimited company. Harcourt can now have its accounting cake and eat it. As it is unlimited, it does not have to file detailed public accounts in the Companies Registration Office. So its creditors, rivals and the pesky reprobates in the media will no longer be able to turn up anything about the financial performance of Harcourt"
17 February 2015: "The sudden move by Titanic Quarter Ltd comes after loans relating to the company were sold by Ulster Bank. They are now owned by Davidson Kempner, a US vulture fund with a reputation for cost-cutting."
The image above is from the Porrt of Bellingham, given the Bellingham Herald to depict the maximum contemplated development, for an article published April 27, 2013.
Billion Dollar Boondoggle
The Port's Foul Vapors
Little Hong Kong by the Bay
Steal This Waterfront
Trust Me!
Working Waterfront?
Good, Bad and Ugly
What We Don't Know?
