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Archive for May 6th, 2013

SDHearingOff

Just in this evening, the US court system PACER is indicating that the creditors meeting in the Sean Dunne bankruptcy that was scheduled for this Wednesday 8th May, 2013 is now “off”. PACER indicates that there is a statement adjourning the meeting together with a “hearing off” statement. Neither document has been uploaded to PACER yet, so we don’t yet know the details or if a new hearing has been scheduled.

At this stage, it is too early to read much into the development, we don’t know why the meeting has been adjourned or at who’s request, Sean’s, the bankruptcy trustees or some other party or the judge.

Hopefully the documents will become available soon on PACER and will be brought to you here.

UPDATE (1): 6th May, 2013.  The new date for the creditors meeting is 29th May 2013 at 10am (EDT) at the premises of the trustee, Richard Coan.

UPDATE (2): 6th May, 2013. It is understood the postponement was at the request of NAMA and it seems NAMA has sought more time to digest the statement of affairs filed on Friday night.

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WECLogo

A county Wicklow business park, the Wicklow Enterprise Centre, which is mired in controversy over expensive foreign junkets for its board members, spouses and children, over a payment to a director which is allegedly in conflict with its Memorandum and Articles of Association, over a bullying case taken to the Labour Relations Commission and with several of its board members resigning recently, has attracted a wave of negative reporting in recent weeks notably from The Phoenix magazine – not available online without subscription.

Now Enterprise Ireland is withholding a grant pending a review of its support for the business facility.

Wicklow Enterprise Centre is a business park in Wicklow town which offers 64,000 sq ft of office and factory space. It has a range of business tenants and is managed by Wicklow Enterprise Park Limited, set up in 1993. According to its latest accounts, has a strikingly large cash balance of over €5m, in part, in part, contributed to by the State.

The current board members listed on the Centre’s website include Blaise Treacy, the 78-year old former Wicklow county manager and the current €142,469-a-year Wicklow county manager, Eddie Sheehy. Board members are not remunerated but The Phoenix has recently reported about paid-for foreign trips which included jollies to Disney parks.

A fortnight ago, the Sinn Fein finance spokesperson, Pearse Doherty asked the Minister for Jobs, Enterprise and Innovation, Richard Bruton about the state funding of the centre and about the apparent breach of the terms of the Memorandum and Articles of Association when an ex-gratia payment was apparently made to a departing board member in 2012.

The parliamentary question and response are here:

Deputy Pearse Doherty: To ask the Minister for Jobs, Enterprise and Innovation if he will confirm for each of the years 2008, 2009, 2010, 2011 and 2012 the State funding provided to Wicklow Enterprise Park Limited; if he will confirm that it is a term of that company’s memorandum and articles of association that directors will not receive any remuneration or other benefit in money or moneys worth from the company; and if that term has been violated in 2012.

Minister for Jobs, Enterprise and Innovation, Richard Bruton: I am informed that only one of the State enterprise agencies, under the aegis of my Department, has supported the company.  In this regard, I understand from Enterprise Ireland that they made payments to Wicklow Enterprise Park Ltd in 2011 of €110,627 and €25,000 in 2012.   The support in 2011 was a Community Enterprise Centre Capital Grant and in 2012 the funding was a Community Enterprise Centre Employment Grant for a Centre Manager.  No payments were made in 2008, 2009 and 2010.

I am informed by Enterprise Ireland (EI) that it is aware of certain issues in relation to Wicklow Enterprise Park Limited, that EI is conducting a thorough review of its support for this Community Enterprise Centre and that the payment of €25,000 outstanding against a Business Development Manager grant of €50,000 is being withheld pending the outcome of that review.

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General
The reserved judgment in the Paddy McKillen
appeal hearing in London is due any day now
Monday 6th May 2013
Holiday in Ireland and UK
Tuesday 7th May 2013
(CSO) Vehicles licensed for the first time April 2013
(CSO) Mthly Services Index Mar 2013 (Provl) Feb 2013 (Final)
Troika review scheduled to conclude
Agriculture Oireachtas committee – Coillte sale
Wednesday 8th May 2013
(CSO) Crops and Livestock Survey June 2012
Finance Oireachtas committee – Pre-ECOFIN Min Finance
Sean Dunne creditors meeting Connecticut
Thursday 9th May 2013
(CSO) Consumer Price Index April 2013
Friday 10th May 2013
Central Bank provisional banking figures April 2013

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