Kingspan Share Discussion Threads

[lbo] 26/1/2010 09:54

LBO - 29 Jul'09 - 17:11 - 95 of 145 edit



Brendan Murtagh pledged his entire shareholding against bank loans. Those shares are now worth almost €12m, having been valued at up to €113m at the peak

[4pm] 25/1/2010 21:29

So are you guys trying to say that this may affect Kingspan as a business even though Brenden Murtagh sold his share of Kingspan? Please explain these threads.

[lbo] 25/1/2010 20:16

The Educational Building Society has secured summary judgment orders for €31.7 million, plus interest of more than €1.6 million, against Kingspan co-founder Brendan Murtagh and another businessman over their failure to make certain payments under a settlement agreed last year in proceedings brought over unpaid loans for land developments in Co Cork.

Mr Justice Peter Kelly noted the terms of settlement had included a proposed raising by the defendants of $60 million dollars in funds and the handing over to the EBS of a painting by artist Jack B Yeats entitled Looking towards the lake. That painting was handed over but the fund-raising had not been completed to date, he was told.

[lbo] 25/1/2010 20:12

SIPTU serves strike notice on Kingspan

[father o toole] 25/1/2010 12:49

short from 631, looks like double top into the bargin.

[father o toole] 24/1/2010 21:28

interesting lbo, iam getting ready to pull the trigger on this one again.

[lbo] 24/1/2010 21:26

Leading businessman Brendan Murtagh and former co-directors at Howard Holdings have been ordered to pay €1m in damages in a property dispute about lands owned in Mallorca.

[lbo] 24/1/2010 21:25

Receiver appointed to Maulbawn Holdings
24 January 2010

Anglo Irish Bank has seized control of a substantial land bank from a subsidiary of Howard Holdings, the property business backed by Kingspan co-founder Brendan Murtagh.

The bank has installed a receiver over the assets of Maulbawn Holdings, which controls large tracts of land around Cork. The company has total liabilities of more than €30million, much of which is owed to Anglo

[lbo] 21/1/2010 20:16

Construction-related companies including Grafton, Kingspan and McInerney lead the charge downward. Building materials group Grafton, which applied to list an extra one million shares, was among the biggest decliners, sliding 5.2pc to €2.91 as the pace of British construction sank to a one-year low in December.

New figures showed the recent cold snap kept contractors from breaking ground on new projects. Kingspan, which sells into the British and Irish markets, fell 2.2pc to €6.26. Home builder McInerney dropped 1.5pc to 20c.

[lbo] 11/1/2010 22:25

It's not just business, it's personal
The banks are now calling in personal guarantees given by developers on loans



Cavan businessman Brendan Murtagh, meanwhile, has already come to rue the day he gave a personal guarantee on his borrowings.

Having reaped a bonanza in 2007 with the sale of €50m in shares in Kingspan, his family's insulation business, the millionaire found himself in altogether different territory last October when the EBS brought him and two of his partners in Cork property firm Howard Holdings to court to repay a €31.5m loan secured on the basis of their personal guarantee.

[lbo] 12/12/2009 13:53

In a report out yesterday, Standard Bank said that Ireland -- along with Greece -- was among several countries in an "intolerable" economic situation that might lead to bailouts or even an exit from the euro area by the end of next year.

"Countries like Ireland and Greece may not be able to grow out of the current crisis," said Steve Barrow, head of Group of 10 foreign-exchange strategy at the bank in London.

"With interest-rate cuts, exchange-rate depreciation and significant fiscal support all off-limits for these countries, bailouts or even pullouts from EMU may happen next year."

In his report, Mr Barrow had said the absence of a mechanism to permit so-called fiscal transfers within the 16-nation eurozone might undermine the exchange-rate system.

Concern some nations will need to be rescued may drive the premium investors demand to hold 10-year Greek debt instead of benchmark German bunds to 400 basis points next year, from 214 basis points today, and the Irish premium may also jump, he said.

"The widening difference in yield, or spread, between Greek and Irish bonds and German securities may accelerate, increasing the debt burden for these countries," Mr Barrow wrote in the report.

The Irish-German 10-year spread may rise to 300 basis points next year, from about 170 basis points, he said. The spread averaged about 43 basis points in the past five years, with the Greek-German average at 67 basis points in the period.

"It can, in many ways, be a more destructive line of attack for the market than currency pressure," Mr Barrow wrote

[lbo] 10/12/2009 00:17

LOL

15x operating profits!

Brokers manipulating markets by stealth, says Financial Regulator



Some Dublin stockbrokers are potentially engaging in market manipulation by seeking to place largescale orders for stocks which are then not implemented, the Financial Regulator has concluded after a long investigation

[mveseyx] 09/12/2009 10:20

it doesn't matter what irrelevant links you post here, chart does not lie.

[lbo] 08/12/2009 15:58

WELL-KNOWN businessman Brendan Murtagh is among three businessmen against whom summary judgment orders for some €27.7 million are being sought by a Luxembourg company over their alleged failure to honour agreements related to property investment in Poland.

[lbo] 07/12/2009 11:49

The firm that runs Coventry Airport is the subject of a winding-up petition by the Inland Revenue, the BBC has learnt.

[lbo] 30/11/2009 15:11

Monuments to the madness



The €4bn redevelopment of Cork's rather unpleasant docklands was set to be the biggest thing since the construction of the IFSC in Dublin.

Howard Holdings €1bn Atlantic Quarter was to be one of the tentpole attractions of the plan, which was to have three vast plectrum-shaped apartment blocks, a huge conference and event centre, 550,000sq ft of offices and the ubiquitous four-star hotel.

Despite planning permission being granted over the summer, the project has hit serious speedbumps.

Like most other property developers, the Brendan Murtagh-controlled Howard Holdings is being squeezed by the banks, with EBS launching a lawsuit seeking the return of €26m.

A government decision to defer a €2.3m grant to kickstart construction of a key bridge has also raised questions over the future of the scheme

[lbo] 25/11/2009 10:23

Superglass, the UK based manufacturer of flexible insulation products, reports sharp fall in margins

[lbo] 14/11/2009 14:32

STATE-OWNED ANGLO Irish Bank has restructured securities it holds over the assets of developer Howard Holdings assets in a move understood to be in preparation for moving its loans to Nama.

Howard was one of the most active property players in the boom – at one stage it had assets of €4 billion under development. It is the main private investor behind the proposed €1 billion Atlantic Quarter in Cork's docklands. It was also developing a conference and event centre there in partnership with the local authority.

Howard Holdings plc in Britain was wound up earlier this year. The company was a shareholder in Howard Property Ireland, along with Brendan Murtagh, Lee Madden and Greg Coughlan.

[lbo] 10/11/2009 11:14

Debt holders in Smart group set to write off about €50m in loans



Smart was rescued in 2006 by Cavan businessman Brendan Murtagh and his associate Tom Jones. The pair have provided personal guarantees for the loans provided by the bondholders and it remains to be seen if they will be pursued for this money

[lbo] 14/10/2009 22:45

EBS brings action against co-founder of Kingspan

[lbo] 12/10/2009 09:00

Building sector gains wiped out by decline



FOUR months of improving trends in Ireland's construction industry came to an abrupt end in September as the sector's deterioration gained pace for the first time since May.

[lbo] 06/10/2009 09:27

The Monaghan family trust has settled an action in which it had sought judgment orders for €11 million against businessman Brendan Murtagh and others over money allegedly loaned by the trust for a major development in Poland.

The proceedings by Ray and Eileen Monaghan, of Rossaville, Ballincar, Co Sligo, acting on behalf of the Monaghan family partnership, were admitted to the Commercial Court earlier this year by Mr Justice Peter Kelly.

Yesterday, the judge was told by Ross Gorman that the matter had been settled. Counsel asked for a long adjournment to February next to facilitate implementation of the settlement which, he said, involved the defendants procuring the sale of certain properties. The judge agreed to that adjournment