Has anyone any opinions on the BlackBee Healthcare fund?

Status
Not open for further replies.
Today's Business Post:

The corporate watchdog has launched High Court cases against two entities related to Blackbee, the failed €180 million Cork-based fund.

Legal cases were filed by the Corporate Enforcement Authority (CEA) against City Quarter Capital II Public Limited Company and Blackbee Group Holdings Limited late last month.

Under its statutory remit, the CEA can bring High Court proceedings where it seeks to appoint inspectors to investigate a company’s affairs. It declined to comment on the nature of these cases, citing its obligation of confidentiality. It comes as City Quarter II, a Blackbee investment vehicle, separately, faces a winding-up application which is due before the High Court next week.

Tom Finneran, who invested €300,000 in a BlackBee social housing project in March 2021, requested that the court appoint KPMG and Friel Stafford, the Dublin financial services firm, as liquidators of City Quarter II on the basis that it was unable to repay its debts.
Click to expand...
 
Axelrose said:
Maybe now we can find out exactly where the funds went as all that is coming from Blackbee is radio silence.
Click to expand...

Well I got a detailed letter from the Joint Official Liquidators (JOLs) of Blackbee Investments this morning but I'm not really very much wiser where things are at, given the labyrinth of investment products that have been steered through City Quarter Capital II PLC. One fascinating detail is that, a full 13 months after their appointment, the JOLs are still ploughing their way through the Blackbee Creditors Ledgers. (Reading between the lines, it appears to me that David O'Shea is providing the minimum level of cooperation.)

It's important to point out that Blackbee Alternatives (which is where some of us poor suckers invested our life savings on the advice of our commission-driven financial advisors) is not being liquidated. So we can all sleep easy in our beds in the knowledge that O'Shea is continuing to manage our funds in these unregulated investments with his normal level of competence.
 
Marsupial said:
Well I got a detailed letter from the Joint Official Liquidators (JOLs) of Blackbee Investments this morning but I'm not really very much wiser where things are at, given the labyrinth of investment products that have been steered through City Quarter Capital II PLC. One fascinating detail is that, a full 13 months after their appointment, the JOLs are still ploughing their way through the Blackbee Creditors Ledgers. (Reading between the lines, it appears to me that David O'Shea is providing the minimum level of cooperation.)

It's important to point out that Blackbee Alternatives (which is where some of us poor suckers invested our life savings on the advice of our commission-driven financial advisors) is not being liquidated. So we can all sleep easy in our beds in the knowledge that O'Shea is continuing to manage our funds in these unregulated investments with his normal level of competence.
Click to expand...

Thanks a lot for the info.

So now it seems those who invested in Blackbee Alternatives are in a worse situation than those who invested in Blackbee Investments.

Any word on the high court case?
 
More fun and games in the Blackbee/David O'Shea game of "Let's Mess with the Liquidators and Screw the Investors".

Extract from a Business Post article dated 30 July 24. Author, the excellent Catherine Sanz.

Anonymous and unsolicited bank statements for a Blackbee investment vehicle were delivered to liquidators of the failed €180 million Cork-based fund, the High Court has been told. In an affidavit sworn to support a winding up petition of City Quarter II, Colin Farquharson of EY, the joint liquidator, said bank statements for City Quarter Capital II, which cover a six year period, were anonymously delivered to him in recent weeks.

Arising from these, he highlighted issues which merited further investigation.

These included a payment of over €2.8 million which he said was transferred within 10 days of receiving a €3 million loan to settle “unrelated liabilities”, including to Blackbee founder David O’Shea, a relative of O’Shea’s and another company.

Last year, Farquharson and Luke Charleton, also of EY, were appointed liquidators of Blackbee Investments, a regulated entity. They are now seeking to be substituted as the petitioners in a winding up petition for City Quarter, which allegedly acted as the issuer of bonds and lent on proceeds to a special purpose vehicle (SPV) for investment in real estate or other assets. Farquharson said the €2.8 million in transfers required “urgent investigation” because a receiver had been appointed over the underlying asset – a Blackrock property – and it had sale agreed status.

Another issue highlighted by the bank statements concerned whether any payments made from the sale of properties purchased with social housing bonds were transferred to investors. Farquharson further alleged that over €16 million was transferred from City Quarter to O’Shea, BBGH, and Blackbee Holdings Limited from 2020 to 2024. ...........................................................................................
................................ Since being appointed by the High Court last May, the joint liquidators alleged that they have experienced difficulty in access to Blackbee’s books and records, which they allege O’Shea has refused to provide.
Click to expand...
 
Today's Sunday Times:

The troubles facing David O’Shea, founder of BlackBee Investments and BlackBee Alternatives, continue to mount. An investor in bonds issued by BlackBee Group has opened a High Court case against the Cork financier and firms associated with him.

Two investors told The Sunday Times last week that they were considering legal action over what they claim is a lack of information from BlackBee Alternatives and a failure to return their money.
Click to expand...

www.thetimes.com

Blackbee investors forced to go legal to get updates

The troubles facing David O’Shea continue to mount. An investor in bonds issued by BlackBee Group has opened a High Court case against the Cork financier
www.thetimes.com www.thetimes.com
 
Axelrose said:
www.thetimes.com

What’s the buzz about BlackBee Group’s property bonds?

Investors in offices, nursing homes and social housing schemes are seeking urgent answers as to where their money is
www.thetimes.com www.thetimes.com

Behind pay wall.
Click to expand...

O'Shea continues to act the bullocks. It's utterly incredible, given the national housing housing shortage that he appears to be unable to sell those social homes that he took my (and many other investors') money to construct, back in early 2021.
 
From above article: “O’Shea said he expected the social housing bonds “will mature within the next six months”.

We’re sure this social housing bond hasn’t been completed?

That being said, I’ll believe it, when I see it.
 
They said
loopdeloop said:
From above article: “O’Shea said he expected the social housing bonds “will mature within the next six months”.

We’re sure this social housing bond hasn’t been completed?

That being said, I’ll believe it, when I see it.
Click to expand...
They said in the last update they provided back in April 2024 that the bond would be repaid in a number of weeks.
Theres been no update from them since so I'd agree with you.

"6 months" sounds like another one of the ongoing stalling tactics this company uses to buy more time.
 
Thanks for posting that article. Daly did her homework on it. It is incredibly hard to come across information on what is happening and she managed it. I suspect this is going to be another CHC where it will drag out for years.

O'Shea's excuses beggar belief. He talks about the struggles of nursing homes post Covid. As someone who recently had a relative go into a nursing home, it's hard to get spaces. And it's not as if people stopped needing nursing home care during Covid! The homes were badly run and some of them were shut down they were run so badly.

For anyone reading this who is thinking in investing in some type of structured bond that is paying out 6% interest, Don't! This is the risk you are taking. You are investing in projects run by small companies that take on a lot of debt. If things go belly up (which they increasingly are), it could be years before you find out what is going on. Stick to the boring stock and bond market with the main players.
 
Another issue with one of the nursing homes in Kerry in a recent Irish Examiner article - are there many of left?
 
Anybody have a copy of the times article ? this is a message from a broker regarding social housing bond 29.8.24

Latest re Blackbee. There is another hearing of the case to appoint a liquidator tomorrow. The Broker grouping will have legal counsel there and will have an update next week which we share with you on receipt. ( never got an update )
 
Dreadpr said:
Anybody have a copy of the times article?
Click to expand...

Much too long to post here. But if you go to The Times website, there's currently a special offer of a year's sub for €5.

If you snap it up, then you can read the following (and other) stories about David O'Shea's hijinks.

www.thetimes.com

What’s the buzz about BlackBee Group’s property bonds?

Investors in offices, nursing homes and social housing schemes are seeking urgent answers as to where their money is
www.thetimes.com www.thetimes.com

PS I've just noticed that the "comments" option on the Times's latest story about the goings on in BlackBee have been disabled since I read it last Sunday. Perhaps someone has written a solicitor's letter!
 
Last edited:
No link , got the info from a broker , original petitioner Tom finneran replaced by the same liquidator appointed to the other blackbee sham last year
 
Status
Not open for further replies.
Back
Top