The important news is that Irish Bank Resolution Corporation is nearing its 6-week window which it was giving its large borrowers to refinance their loans, and developer and businessman Paddy McKillen is reported to be amongst IBRC’s largest borrowers with personal loans, variously reported at €300-370m and corporate loans reported at €550m. But all that horsetrading is taking place behind closed doors, though after recent injunctions and freedom of information requests, the participants on the IBRC side know that their actions will be closely scrutinized for probity.
So, it really is just flim-flam to re-report Paddy’s attendance at a New York society event this week where his pal and business associate Bono – seen here at the party, looking pissed (in an American sense) -was paying tribute to a Dublin artist Sean Scully who has one exhibition on the go at the moment and is opening a new exhibition of his work in New York shortly.
The 400 guests at the event included Michael Stipe of R.E.M.- fame, and our own Paddy, who Bloomberg reported, donated wines for the evening from his Chateau La Coste in France. Other guests included Eric Rudin of Rudin Capital Management. We’re all still wondering where Paddy found the readies to fund a rights issue at Coroin last year, and given the judge in Paddy’s High Court action didn’t seem very impressed with the adequacy of Paddy’s access to finance to buy Derek Quinlan’s shares, we’re left scratching our heads wondering how Paddy came up with €65m equivalent in December 2012 to meet his allotment under the rights issue and defeat a clear attempt by the Barclay brothers to dilute him.
Paddy’s vineyard at Chateau La Coste near Aix-en-Provence is part of a 600-acre development dubbed “Xanadu” which features architecture and sculpture on a sublime scale, including sculptures by moonlighting REM-frontman Michael Stipe.