What does a Mortgage Debt Resolution Agency want with a theatre?

Zamboni

And where do they get €20m from?
And why does a private company mascarade itself as a "civic group"?

http://www.independent.ie/irish-news/arts-minister-called-on-to-protect-bord-gais-theatre-30513889.html

Are my spidey-senses tingling incorrectly or is there hint of dodginess with this crowd?

Pro Hoc Vice

2000+ people each giving €10,000 all set out in the article.

Zamboni

Pro Hoc Vice wrote: »

2000+ people each giving €10,000 all set out in the article.

Aye, that is indeed outlined. But do they attempt to raise this prior to ownership or did they want to give NAMA an IOU until this funding scheme was completed?
Neither seems like a convincing plan.
Hence the "no" I suppose

Pro Hoc Vice

Zamboni wrote: »

Aye, that is indeed outlined. But do they attempt to raise this prior to ownership or did they want to give NAMA an IOU until this funding scheme was completed?
Neither seems like a convincing plan.

Only based on the fact that the article says the proposal was turned down on price alone seems to suggest that they may have believed the money did in fact exist, otherwise they could have turned it down on that basis no proof of funds.

ted1

I'm sure that there is some link between bankruptcy and trusts that they plan to work to their advantage.

ct5amr2ig1nfhp

Ownership until 2207? 190+ year lease? Is that a typo?

"...until 2207 at a notional annual rent of €100..."

superman28

Blatent corruption, incompetence or both.. a building that cost 80 million euro to build (on public land btw) being sold for a paltry 20 million euro...

According to the Irish Times

"The theatre has been consistently profitable since it opened in 2010, with 455,000 seats sold last year and annual revenue of over €8 million."

This is typical of the short-sighted idiotic greed that prevails in this little country.. but were are the protests and outrage.. none of course,,

Marcusm

I assume that this is a vanity project on behalf of some of the people behind New Beginnings rather than an inherent aspect of New Begging's business.

As regards its value, the upfront cost is likely to have been massively overblown as it was a vanity project/community giveback as part of the GCD redevelopment and it was specc'd out at the height of the hubris.

Robbo

I get the impression from this and Fintan O'Toole's other pieces in support of Crosbie that he'd very much like to see himself installed as chief bottle washer of the mooted civiv theatre trust. Fits with his rigourous analysis of the Abbey over this last while.