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Treasury Holdings suggests to NAMA “let’s talk”

June 14, 2012 by namawinelake

There’s a midly vulgar expression we use in my neck of the woods “you have your shite” which roughly means “you have no chance whatsoever” as well as implying criticism of your efforts. I have a feeling – unconfirmed, I should stress – that this expression or something similar is being muttered at NAMA HQ this afternoon.

This afternoon, Dublin-based developer Treasury Holdings which is involved in colossal legal wrangles with NAMA has called – presumably “called” on NAMA – to appoint mediators to deal with Treasury’s loans now controlled by the Agency. Treasury is the company founded by Richard Barrett and Johnny Ronan and is understood to be one of NAMA’s Top 10 developers. NAMA has appointed administrators and receivers to Treasury assets on foot of over nearly €2bn in outstanding loans. NAMA is also pursuing Messrs Barrett and Ronan for up to €20m following a transfer of assets by the duo on the eve of NAMA taking over its loans and NAMA has obtained security for costs in its legal battles (should Treasury lose of course). On the other hand, Treasury itself is suing NAMA over its dealings with the Battersea Power Station inLondonand is also pursuing a judicial review of NAMA’s dealings generally with its loans. During this past week alone we learned that the NAMA v Treasury court case involving the so-called TAIL transaction is to be heard in October 2012, whilst Treasury’s judicial review is set to commence in July 2012. Treasury is a formidable company led by “big beasts” but NAMA has not shied away from its objectives and seems to be giving as good as it gets in the ongoing legal battles.

This afternoon, Treasury has released its version of its dealings with NAMA. In response NAMA has not yet commented on the publication today and I don’t think it will, but it goes without saying that NAMA may not necessarily agree with the Treasury interpretation of events. Treasury’s version is available here as a MS Word document, and it says “its aim is to question NAMA’s refusal to engage with it or potential investors in order to maximise the return to the taxpayer and keep intact what is currently the only full spectrum property asset management and development company in Ireland.”

Treasury has also called for “third party mediation” to help sell Treasury’s loans owed to NAMA and the company recalls that it has previously engaged with at least three non-Irish investment companies to help resolve its loans owed to NAMA.

There is a personal statement from what are described as “current shareholders of Treasury Holdings Richard Barrett and John Ronan” who say

“The property crash has brought a new reality to this company.  One part of it is that if a deal is done to bring new investors into Treasury Holdings or to sell our loans, the company will then be controlled by others, and not by us. Any deal will have to be approved by NAMA.

What we will get out of any deal is the satisfaction of seeing this company and its unique collection of skills and expertise kept intact and continuing to provide the top quality office and other accommodation that Ireland, and potential foreign direct investors, need. We will also see the jobs of the 300 people who work for Treasury Holdings safeguarded and the company playing a role in Ireland’s economic recovery”

Treasury’s version of events doesn’t appear to add very much to the content of affidavits previously discussed on here, and the nature of the interactions between Treasury and NAMA would suggest on here that these matters will conclude only through a legal process. To stress, there has been no response from NAMA to the developments this afternoon, but the view on here is the unspoken response will be “you have your shite”

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Posted in Developers, NAMA | 7 Comments

7 Responses

  1. on June 14, 2012 at 7:04 pm john gallaher

    is this it!
    not much ‘legal chaos’ here,’securing the future’ how about you don’t have one.
    “Barrett once wrote to Paul Clinton, a property developer with whom the pair had clashed repeatedly over a Dublin shopping mall: “Certain opponents of ours have underestimated our ability to cause legal chaos to their detriment.”
    http://www.guardian.co.uk/business/2011/dec/20/irish-property-developers-battersea-power-station
    The dynamic duo must be familiar with the ‘game’,the way to keep score and win is to stay solvent, that’s how the ‘score’ is kept.Treasury Holdings is insolvent,they are unable to pay or service their debts,their liabilities also exceed the market values of their assets.
    Which part do they not understand,regarding the linked statement it contains numerous factual inaccuracies,but mostly nonsense.
    They are very eager to help the Irish taxpayer and state,which is facing a loss of about 1 BILLION here,i think that’s about enough help for now.
    Interesting section and allegations regarding NAMA and the draft term sheets, expect to hear a lot more about that.Basically,TH is alleging that NAMA requested it engage in illegal activity.A warning shot across the bow !

    “The draft term sheets received however were unfortunately seriously flawed in a number of respects, including the fact that they required cross guarantees between different and unrelated companies across our Group which have different 3rd party shareholders. The most serious of these errors was the requirement that Real Estate Opportunities Plc, a public property company listed on the London Stock market with many institutional shareholders be required to guarantee the private debts of other parts of Treasury. This is in breach of Irish company law and Stock Exchange regulations and though NAMA never acknowledged these errors when brought to their attention, it is significant that the revised Term Sheets issued to us in November 2011 were substantially rectified in this regard.
    In our efforts to agree term sheets with NAMA we thoroughly reviewed the draft term sheets and where we noted errors or conditions that we just could not sign up to without being immediately in breach, thereby rendering the term sheet process a futile one, we pointed out these out to NAMA in an attempt to correct them and to make them work for both sides. We found however that when we did this, the common suggestion from NAMA was that that we should just sign up to the flawed and in certain cases illegal term sheets, as ‘every other borrower has done so’. We found this remarkable, as did the board members of both the private and public companies within our group.”
    link above.


  2. on June 14, 2012 at 7:06 pm OMF

    This is a pretty classic maneuver from Irish business characters.

    After untold heckling, wrangling, stonewalling and general uncooperative tactics, they offer a (by now discredited) olive branch, extending the gentleman’s hand of friendship and goodwill, so that all this can be worked out cordially. When the offer is (quite rightly) rejected, they will turn around and claim that Nama is being “petty”, “vindictive”, and is unwilling to “engage” honestly with them.

    Sean Quinn pulled the very same stunts with Anglo/IBRC (while Ukrainian railways workers were signing documents I might add). It’s another stalling tactic, and a way to launch cheap PR shots if it fails. If we had a media that was willing to call Treasury out on this, it would be different, but right now this is a minor lose-lose situation for Nama.

    The lesson here is that, when a company is bankrupt, you should just liquidate it right away and get it over with. The longer you forestall, the more forbearance you show, the more the company owners and management will behave like spoiled children and the more difficulty you will have when your foot finally has to come down.

    There was a documentary about such behaviour among Celtic Tiger cubs made a few years back. I think it’s still pretty relevant to Treasury Holdings today.


  3. on June 14, 2012 at 7:21 pm Robert Browne

    I hope they replace that guy in the famous picture outside the central bank as AJ Chopra passes by.


  4. on June 15, 2012 at 12:21 am camella cummins

    NWL you think” they have no chance whatever”. This is Ireland.I woulnd not like to bet on them not pulling somthing off.


  5. on June 15, 2012 at 1:34 am who_shot_the_tiger

    “….keep intact what is currently the only full spectrum property asset management and development company in Ireland.”

    Talk about arrogance!! They do themselves no favours spinning such hubristic rubbish. They are not even builders.
    There’s Sisk, Ballymore, Cramptons, Bennett, Walls (all builders as well)…. and that’s without putting a thinking cap on.

    There’s at least another 6 developers who do not specialise in building and then there is Green who just specialise in asset management.


  6. on June 15, 2012 at 1:39 am Gerhard Dengler

    If this reported offer is accurate, it’s my guess that Treasury sense that they might win some battles but they can’t win the war with NAMA.
    Why make a “let’s talk offer” now, given the vitriol of Treasury’s legal skirmishes and their PR skirmishes with NAMA in the past 12 months or so?

    Treasury went to great lengths to try to fight their corner against the appointment of NAMA and the appointment of receivers by NAMA.


  7. on June 20, 2012 at 7:23 pm john gallaher

    sure its a technical glitch but try Treasury holdings web site…….REO to be de-listed sparing the blushes off NAMA,who had been funding this.
    “Given the importance of the outcome of this case to the REO group, the Board has decided to delay the release of the annual accounts for the year ended 29 February 2012 to the week commencing 20 August 2012. The annual accounts will be posted to Shareholders and made available on the Company’s website http://www.realestateopportunities.co.uk.”
    With regards to the delisting REO said: “Taking into consideration the current suspension of listing and the circumstances of the company which have led to the suspension of listing, the merits of a listing and the value and costs of maintaining such a listing, together with the timeframes of the reporting obligations imposed on the company, the Board is of the opinion that it would be in the best interests of shareholders for the company to delist so as to provide cost savings, and to afford more timing flexibility in providing general and financial updates which will be of more substantial value to shareholders.”
    http://www.costar.co.uk//en/assets/news/2012/June/REO-delays-annual-report-as-it-awaits-NAMA-judicial-review/?dm_i=UQT,UKOX,4KQZWH,2IHEL,1

    “Not Found
    The requested URL /about_us/ was not found on this server.
    Apache/2.2.3 (Red Hat) Server at http://www.treasuryholdings.com Port 80″
    http://www.treasuryholdings.com/about_us/



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