Fitzpatrick's Loans?

B

bamboozle

Registered User
Messages
536
Does anyone know what interest rate he paid on these loans?

i'm just interested that the board of Anglo would be doing their best to maximise shareholder profits by ensuring any loans given out were earning money for its shareholders.
apologies if this has been addressed elsewhere.
 
A good question. Unfortunately I don't know the answer. I posted my own related queries here...

  1. What was FitzPatrick's €87M used for?
  2. Why did he go to such lengths to hide these loans over an eight year period?
 
i'm sure he would have received plenty of Anglo shares as part of his terms of employment, i'd guess he used those shares as collatoral against the 87m loan...
one things for sure is his stock options aint worth what they used be...
 
it was reported that all directors loans were on standard commercial terms. Whether this applied to his loans is not clear...
 
tallpaul said:
With any luck he bought Anglo shares and he is now left with a pile of worthless paper and a whopping great loan to pay back...
Click to expand...

If he is unable to pay it back, the bank takes a big hit. Ultimately, the way things are going, that means the taxpayers would pick up the tab.

So let's the the vengeful dream in proportion: that he has just enough assets to redeem the loans, and nothing over.
 
There was an article in the SBP about some of his investments including one in an oil company he made with Lars, not sure of the amounts but think it was €20m or more.
 
LDFerguson said:
What was FitzPatrick's €87M used for?
Click to expand...

From : http://www.timesonline.co.uk/tol/news/world/ireland/article5375904.ece

The minister said the investigation uncovered details of FitzPatrick’s hidden loan, which then came into the public domain on Thursday evening. FitzPatrick has invested in a number of ventures, including an oil well in Nigeria and a casino in Macau.
Click to expand...

So I was not the only one to get those emails from Nigera :rolleyes:


i'd guess he used those shares as collatoral against the 87m loan...
one things for sure is his stock options aint worth what they used be...
Click to expand...

That is what I have read/heard. He had about 80m in Anglo shares.


it was reported that all directors loans were on standard commercial terms. Whether this applied to his loans is not clear...
Click to expand...

I am also interested in the rate he paid. It must have been a better one than Irish Nationwide were giving him!


With any luck he bought Anglo shares and he is now left with a pile of worthless paper and a whopping great loan to pay back...
Click to expand...

Not by the sounds of it. Unlike Sean Quinn's share holding :
 
What Sean Fitzpatrick did was wrong.

But it is in everyone's interest that he has sufficient assets to dispose of to repay the €87m.

Don't forget that any amounts he can't pay back will be effectively at the expense of the taxpayer who will pick up any deficit if Anglo is insolvent.

brendan
 
Brendan said:
What Sean Fitzpatrick did was wrong.
But it is in everyone's interest that he has sufficient assets to dispose of to repay the €87m.
Click to expand...

I agree. What he did was wrong but im sure hes not feeling the happiest person in the world at the moment.

Why do the Irish love to see successful business people get into trouble?? Its a truely dreadful trait we have. Fitzpatrick is a highly successful business person who set up a fantastic business in Anglo. They set it up from nothing and in the face of massive competition from the likes of the imcumbent aib and boi etc.
Anglo is an entrepreneurs bank and has led to some very successful achievements for Irish business people.

If anglo dies it will be a very very disappointing, worrying and disturbing day for Ireland.
 
smiley said:
I agree. What he did was wrong but im sure hes not feeling the happiest person in the world at the moment.

Why do the Irish love to see successful business people get into trouble?? Its a truely dreadful trait we have. Fitzpatrick is a highly successful business person who set up a fantastic business in Anglo. They set it up from nothing and in the face of massive competition from the likes of the imcumbent aib and boi etc.
Anglo is an entrepreneurs bank and has led to some very successful achievements for Irish business people.

If anglo dies it will be a very very disappointing, worrying and disturbing day for Ireland.
Click to expand...
You don't see any contradictions in your post?
"what he did was wrong"/"why do the irish love to see successful business people get into trouble" --> er, he did it all by his lonesome. Schadenfreude exists in every country. Look at the abuse Helmut Kohl got in Germany when caught with his hand in the till.

"fantastic business in Anglo"/"If anglo dies" --> not so fantastic then, is it, when the first real downturn in the Irish economy destroys it utterly. Few can say that a business is good or bad until it hits a rocky patch.
 
smiley said:
I agree. What he did was wrong but im sure hes not feeling the happiest person in the world at the moment.

Why do the Irish love to see successful business people get into trouble?? Its a truely dreadful trait we have. Fitzpatrick is a highly successful business person who set up a fantastic business in Anglo. They set it up from nothing and in the face of massive competition from the likes of the imcumbent aib and boi etc.
Anglo is an entrepreneurs bank and has led to some very successful achievements for Irish business people.

If anglo dies it will be a very very disappointing, worrying and disturbing day for Ireland.
Click to expand...

What??!! It's not schadenfreude to demand answers from a company director who clearly has engaged in "inappropriate" practices. I'm all for entrepreneurship, but I'm also for honesty and transparency when you are a director of a company (and so is the Director of Corporate Enforcement). What I would love to have seen is a successful business person who didn't hide massive loans he was given from his own company for *8 years running*. Yeah, "inappropriate" all right.... It's a friggin' joke and a disgrace.
 
smiley said:
What he did was wrong but im sure hes not feeling the happiest person in the world at the moment.
Click to expand...

Unhappy because he deliberately deceived his shareholders, or unhappy because he was caught out?
 
smiley said:
I agree. What he did was wrong but im sure hes not feeling the happiest person in the world at the moment.

Why do the Irish love to see successful business people get into trouble?? Its a truely dreadful trait we have. Fitzpatrick is a highly successful business person who set up a fantastic business in Anglo. They set it up from nothing and in the face of massive competition from the likes of the imcumbent aib and boi etc.
Anglo is an entrepreneurs bank and has led to some very successful achievements for Irish business people.

If anglo dies it will be a very very disappointing, worrying and disturbing day for Ireland.
Click to expand...
I'm not quite sure that Irish people like to see their heros fall ......... providing they have not been hoisted up on the plinth by a false premise. Now, 'a sucessful business man' in my book would be a person that built up or carried on a legal enterprise. Otherwise some notable taxi-drivers, airport operators, TDs et al could also be considered as 'successful business people', when what they did was rob banks, fence stolen property and not pay their legal debts. So surely the word 'successful' should be used in tandem with 'legal'. As for the famous Irish begrudgery? It's only when our idols get a bit uppity!
 
smiley said:
Why do the Irish love to see successful business people get into trouble?? Its a truely dreadful trait we have. Fitzpatrick is a highly successful business person who set up a fantastic business in Anglo. They set it up from nothing and in the face of massive competition from the likes of the imcumbent aib and boi etc.
Anglo is an entrepreneurs bank and has led to some very successful achievements for Irish business people.

If anglo dies it will be a very very disappointing, worrying and disturbing day for Ireland.
Click to expand...


Our Emperors have been wearing no clothes - for a very long time. Maybe we should all have spoken out about these 'highly successful business persons."


When Anglo gave (some of ) the Ballsbridge loans they weren't being 'highly successful' - they were bankrupting the country.
 
IMO the Ballsbridge debacle is a banking issue and not a planning issue.
 
investor1 said:
Smiley, speaking of contradictions your reference to fitzpatrick as " a highly successful business person who set up a fantastic business in Anglo" has to be right up there. Ask an Anglo shareholder who lost 95% plus last year, or ask yourself why a successful business needs a bailout??
Click to expand...

Couldnt agree more.. I think its time to wake up Smiley
 
beekeeper said:
Couldnt agree more.. I think its time to wake up Smiley
Click to expand...


I am quite awake thanks very much. I know quite a few anglo investors myself included.
Some have held shares for over 20 years. I am still a shareholder and am happy to still own part of the company. If the bank is totally nationalised so be it. I am well diversified. Thats the name of the investing game. You are not going to win them all. It doesnt happen.
 
Smiley - after losing your shirt in Anglo you want to sing the praises of the guy who caused it - and it's alright - 'because you are diversified'

Fair play to you....
 
danash said:
Smiley - after losing your shirt in Anglo you want to sing the praises of the guy who caused it - and it's alright - 'because you are diversified'

Fair play to you....
Click to expand...

Im diversified, so i cant lose my shirt.
 
You must log in or register to reply here.
Back
Top