Henda Burns the Bondholders

[Duke of Marmalade]

Where has all this talk about IBRC's Junior Bondholders suddenly come from? Am I missing something? IBRC is in wind down. The JBs are legally last in line, extremely unlikely anything left for them. This is how it always has been.

Yet now we hear Henda boast that unlike FF who put the bondholders before the taxpayer he is putting the taxpayer before the bondholder.

Fierce Doherty is on to his ploy and has asked that Henda states that in no circumstances whatever JBs will be paid. Henda can't exactly say that, but what he has said is that "in no circumstances can he see" them being paid. The woman in the street won't spot the nuance.

Look, I don't begrudge Henda a PR dirty trick. The opposition seem to have a complete free hand in playing PR dirty tricks.

 

[flowerman]

Where has all this talk about IBRC's Junior Bondholders suddenly come from? Am I missing something? IBRC is in wind down. The JBs are legally last in line, extremely unlikely anything left for them. This is how it always has been.

Yet now we hear Henda boast that unlike FF who put the bondholders before the taxpayer he is putting the taxpayer before the bondholder.

Fierce Doherty is on to his ploy and has asked that Henda states that in no circumstances whatever JBs will be paid. Henda can't exactly say that, but what he has said is that "in no circumstances can he see" them being paid. The woman in the street won't spot the nuance.

Look, I don't begrudge Henda a PR dirty trick. The opposition seem to have a complete free hand in playing PR dirty tricks.

I bet you they still get paid at some point in the future.

Enda and Joan Burton are trying to play it down and take the heat off themselves.
Sure Enda and co would never tell any lies or falsies or would they???

 

[Conan]

Would it not be good news if the Junior Bondholders got some payment. Since they are last in line for any payment, it would mean that all other creditors (mostly Irish) are paid off and that the liquidation process has yielded a surplus.
That said, it is highly unlikely.

 

[Purple]

Would it not be good news if the Junior Bondholders got some payment. Since they are last in line for any payment, it would mean that all other creditors (mostly Irish) are paid off and that the liquidation process has yielded a surplus.
That said, it is highly unlikely.

Stop letting reality get in the way of political populism.

 

[Conan]

Purple,
My apologies. You are of course correct. I hope the likes of Paul Murphy, Ruth Coppinger, R Boyd-Barrett won't be undermined by a dose of reality. Their politics are based on the fiction that Bondholders get paid first and that all Bondholders are foreign hedge funds (whereas in some cases they are Irish pension funds and Irish Credit Unions). But don't tell the "ordinary working people" that.

 

[Sunny]

How could it possibly be a good news story if the junior bond holders get paid while the State is still owed €35 billion which is what is been talked about. If there is any surplus after the liquidation, it should go to the taxpayer and not subordinated bond holders and I don't care who they are. I don't see what is left wing about that concept

 

[Duke of Marmalade]

How could it possibly be a good news story if the junior bond holders get paid while the State is still owed €35 billion which is what is been talked about. If there is any surplus after the liquidation, it should go to the taxpayer and not subordinated bond holders and I don't care who they are. I don't see what is left wing about that concept

It is illegal.

 

[Sunny]

What's illegal? The bond holders could very well end up with a valid legal claim after the liquidation. I want to know how that is a good news story when the taxpayer lost €35 billion on this bank and will never get it back. Is it really left wing extremism to suggest that it is morally reprehensible that vulture funds (and they are the only holders left) get paid instead of the money been given back to the taxpayer.

 

[Duke of Marmalade]

What's illegal? The bond holders could very well end up with a valid legal claim after the liquidation. I want to know how that is a good news story when the taxpayer lost €35 billion on this bank and will never get it back. Is it really left wing extremism to suggest that it is morally reprehensible that vulture funds (and they are the only holders left) get paid instead of the money been given back to the taxpayer.

I didn't want to get into defending paying the JBs. The point of my OP was to observe that Henda has some nerve to distinguish himself from FF as the one who puts taxpayers before bondholders.

I can see it happening now. Just about mid next year the IBRC JBs will be due a payment (according to an answer from Noonan to Fierce). Henda and Joan will throw a hissy fit and rush through the Anti Bondholder legislation. Of course, nobody in Brussels will give a toss about the vulture funds and Henda and Joan can ride into the next election as the heroes who slew the bondholder dragon

 

[Sunny]

I didn't want to get into defending paying the JBs. The point of my OP was to observe that Henda has some nerve to distinguish himself from FF as the one who puts taxpayers before bondholders.

I can see it happening now. Just about mid next year the IBRC JBs will be due a payment (according to an answer from Noonan to Fierce). Henda and Joan will throw a hissy fit and rush through the Anti Bondholder legislation. Of course, nobody in Brussels will give a toss about the vulture funds and Henda and Joan can ride into the next election as the heroes who slew the bondholder dragon

I agree with you about Enda and Joan making stupid claims that they stood up to bondholders when FF didn't. It's ridiculous.

I am curious as to why Noonan made the comment if there wasn't any truth in it. He doesn't usually shoot his mouth off. There is obviously a real chance that the bondholders will be legally due money which will be political suicide for FG and especially Labour. I can't see how they can legally prevent it.