Daily Archives: November 25, 2009

Another Irish car dealer goes bust – thank you Green Party!

What has happened to car dealerships in Ireland?, they are now closing down weekly, two weeks ago it was Belgard Motors and today a liquidator was appointed to EP Mooney a family owner dealership in business since 1971.

Well I’ll tell you what happened, another Green Party cock up, and do you know what they don’t care less. In fact they think it is great that the motor industry in Ireland has gone to the wall because they think we’ll all take to bicycles and electric cars.

So how did we let this happen?, well the simple answer to this is we didn’t, it was forced upon us in the form of carbon measures in the budget of December 2007, the first with the Green party in government. Just as car dealers nationwide were gearing up for their annual January sales spree the rug was pulled from under them with incentives introduced for hybrid and small engined diesels, whilst punitive measures in the form of increased car tax rates were introduced for everything else.

The sting in the tail was that the incentive measures weren’t introduced until the Summer 2008 so nothing happened in the meantime. So income dried up whilst debt committments and salary costs mounted.

Now add another sting, those that went out and bought a diesel car were hit with a 5 cent a litre increase in the cost of fuel last April just as diesel costs were increasing. Shame on the Green Party but also shame on those in the Department of Finance who let it happen, they now have to send more money over to the Department of Social Welfare to cover dole payments to unemployed motor industry staff.

So what happens for the consumer who actually wants to drive a car?, well less competition will ultimately be a bad thing for the car buyer who will have less opportunity to shop around, but the Green Party will be happy with that won”t they, less of us will be able to afford to drive a car.

Liquidator appointed to EP Mooney
MARY CAROLAN – Irish Times

A provisional liquidator has been appointed by the High Court to motor sales dealership EP Mooney after being told the firm is insolvent with debts of some €22 million.

The firm operates five garages in Dublin and currently employs 95 people.

On the petition of the directors of the company, Ms Justice Mary Laffoy yesterday appointed accountant Paul McCann provisional liquidator to the motor dealer.

James Doherty, for the company, said the directors had passed a resolution earlier that morning to have the company wound up.

EP Mooney operates three dealerships on the Naas Road, Dublin, for Nissan, Volvo and Honda/Suzuki made vehicles. It also has a Nissan dealership on the Long Mile Road, Dublin, and a dealership for Hyundai, Fiat, Opel, Chevrolet at Airton Road, Tallaght.

As well as being engaged in the sale of cars, the company also sells spare parts and has workshops, Mr Doherty said.

The court heard the firm has an excess of liabilities over assets of €22 million. Its gross revenue had fallen from €63 million in 2007 to €60 million in 2008 and was €42 million to the end of October last.

The firm incurred losses of €828,000 in 2007 with that figure increasing to €8.7 million in 2008. After a cost-cutting plan was put in place, a loss of €3.6 million was recorded for the first 10 months of this year. The shareholders of the firm are Paraic Mooney, who has more than 90 per cent of the shares, and EP Mooney & Co Ltd.

The company has more than 700 cars in stock at the five premises plus a significant level of spare parts, plant and machinery.

In an affidavit, Mr Mooney said the company’s difficulties have been caused by the current economic climate; government changes to vehicle registration tax which had impacted on spending on used cars; and reduced financing being made available to dealers and customers.

Other adverse factors included customers buying cars in Northern Ireland due to falling Sterling and restrictions on vehicle stocking finance resulting in inceased VAT payments.

He said various cost cutting mesasures, including reductions in staff numbers, pay cuts of between 10 per cent and 30 per cent and closure of a dealership in Finglas and showrooms in Newbridge and Greenhills, Tallaght, had achieved a 60 per cent reduction in overheads.

Despite such measures, the company’s performance had continued to deteriorate and he did not believe it would be possible to reverse the decline, Mr Mooney said.

Anglo commences legal action against David Drumm

An international news story. I though I would bring you the Dow Jones News Wires version. There is nowhere that David Drumm can hide without this story following him. In once sense I feel somewhat sorry for him, he is afterall a young man and may never work again after his brief stint at the helm of Anglo Irish Bank.

However, as time goes on we learn more about the reckless lending policies in Anglo under his leadership and his predessors I must also add.

So whay is all this about? Well the dog in the street knows he thought it wise to transfer ownership in one of his properties to a third party thereby protecting his exposure to his former bank closing in on his assets. Nasty.

 

Anglo Irish Bk Lodges Legal Action Against Former CEO -Source

By Quentin Fottrell – DOW JONES NEWSWIRES

DUBLIN (Dow Jones)–Nationalized corporate lender Anglo Irish Bank Corp. has lodged documents with the country’s High Court in an attempt to begin recovering personal loans taken out by former Chief Executive Officer David Drumm, a person familiar with the situation said Wednesday.

“Documents were lodged with the High Court,” the person told Dow Jones Newswires.

Outstanding loans to executive directors last year prior to the bank’s nationalization totaled EUR179 million, management said at the bank’s Extraordinary General Meeting earlier this year.

Last December, FitzPatrick resigned after revelations about loan transfers between Anglo and Irish Nationwide Building Society to conceal EUR122 million in borrowings from Anglo so as to avoid including them in the year-end results. Drumm and former Chief Financial Officer Willie McAteer also resigned.

Efforts to contact Drumm were unsucessful.

More public sector inefficiency causes loss of jobs at Budget Travel

Yet again a government quango causes the loss of jobs.

In the old days when those in business were respected by government departments and the public service, everyone worked together to ensure the survival of companies whether they were big or small.

Today that is different with regulations and rules rigidly enforced, no leeway and no assistance when required.

Now almost 200 people are unemployed and a once good business is no more.

It appears that whilst the company was experiencing difficulties the Commission for Aviation Regulation wouldn’t renew their licence. The company sought repayment of excess bonds held which was an overpayment and the refusal of the commission led to the closure of the company.

Wow, so another branch of those striking yesterday adopted a who cares approach. And guess what? Yes they will sleep tonight because they don’t really care about the €160,000 a month dole payments the state will have to make to those Budget Travel workers.

The Irish Times reports:

Budget Travel to cease trading

MARY CAROLAN and CHARLIE TAYLOR – Irish Times

Ireland’s largest tour operator Budget Travel is to cease trading this evening with the loss of 172 jobs and the closure of 17 shops.

In a statement issued this afternooon the company said it had applied to the High Court to have the company placed into provisional liquidation and for the appointment of Simon Coyle of Mazars as provisional liquidator.

Senior executives of the company and the liquidator are due to meet with the Commission for Aviation Regulation this evening with a view to making arrangements to cater for holidaymakers who are currently abroad and for customers who had been scheduled to depart in the coming days and weeks.

Some 747 Budget holidaymakers are effectively stranded abroad, the High Court heard this afternoon, but the company is to pay for them to be put up in hotels and will also assist in getting them home. Almost 400 other people who booked holidays with Budget and are due to depart on flights this weekend will have to seek refunds from the aviation regulator.

The company said it has already drawn up contingency plans and will work constructively with the Commission to minimise the disruption caused to holidaymakers.

A helpline has been established at Budget Travel to deal with queries from customers concerned about their bookings. The number for the helpline is 01 6613122.

Budget said it currently has a bond of €11.4 million in cash lodged with the Commission for Aviation Regulation which will be used to assist holidaymakers abroad and refund any deposits or bookings made with the company which can not now be honoured.

Ms Justice Mary Laffoy was told today that Budget had made a profit of some €3.9 million for the year ending October 2008 on the basis of a profit of some €5 per passenger but was “caught off guard” by the speed and severity of the recession and had massively overestimated projected turnover for the year to October 31st last.

Passenger numbers “fell off the cliff” in the twelve months to October 31st last and Budget was left with pre-booked contracts which it could not terminate without incurring onerous penalty clauses, Bernard Dunleavy, for Budget said. This meant it was opertaing at an average loss of €50 per passenger.

Budget also claims the actions of the aviation regulator in allegedly refusing to decide its application to renew its licence on November 1st last or to repay some €4 million alleged excess overpayment of its travel bond had jeopardised its business. The regulator on November 16th refused to renew the licence.

Mr Dunleavy added Budget was “pushed over the edge” by demands for repayment of inter-company loans of some €3.8 million which expired today. Budget could not repay those sums, counsel said.

The company’s managing director Eileen O’Sullivan, today expressed her regret at the decision to place the company into provisional liquidation.

“This has been a painful and distressing time for us all and we deeply regret that this situation has arisen. We particularly regret the impact of the decision on our loyal customers and on our colleagues across the company many of whom have worked with us for decades. We will do everything we can to minimise the impact of this decision especially on those who are currently travelling with us,” she said.

Ms O’Sullivan said that an ongoing dispute with the Commission over the granting of licences for the coming year had brought financial challenges to a head.

“The travel industry in Ireland is facing massive pressure from a sharp and sudden collapse in demand this year. We understand that the Commission has a job to do but we sincerely believe that had our licences been renewed as expected we would have been able to apply to the Courts for protection under the Examinership procedures during which we could have restructured our business to take account of the market collapse,” said Ms O’Sullivan.

“Not only that but we would have benefitted from the fact that the bond necessary to secure the licences going forward would have been approximately 40 per cent smaller than the €11.4 million bond currently with the Commission. The difference refunded to the company would have helped it to tackle its financial challenges,” she added.

Budget Travel began a restructuring process in August of this year when it announced the closure of 14 of its retail outlets and the loss of 95 jobs. While that addressed some of the financial challenges the company was facing, the company said today it had not been sufficient to prevent the financial challenge escalating.

Violence at lighting of Christmas Tree in Belfast

Today I sang a Christmas carol in frustration of the yobs in Belfast who have spoiled what should have been a happy family event.

Christmas time, mistletoe and wine, children singing, skinheads on wine.

With lovely intentions, they lit up the tree, it symbolises hope for them and for me.

Christmas time, skinheads on wine, fighting for Jesus, the same one each side,
With love lost between them, hatred is high, they have ruined another Christmas for you and for I.

The Irish Independent run the story:

Violence mars Christmas lights event

Irish Independent

Three people have been arrested after gangs of Protestant and Catholic youths clashed with each other and the police at Belfast’s Christmas lights switch-on.

The three arrested – a 19-year-old man, a 17-year-old boy and a 14-year-old
girl – were released pending reports to prosecutors.

Shop windows were broken and cars were vandalised during the disturbances in
the city centre. Police said there were no reports of any injuries.

The area was packed with families for the annual event outside the City Hall,
which this year had cartoon character Bob the Builder as guest of honour.

A spokeswoman for Belfast City Council criticised those responsible for the
trouble.

“It’s very disappointing that a small minority of youths were intent on
causing trouble at what was a fun family event for the city,” she said.

“There is always a fantastic atmosphere in Belfast during the annual
Christmas lights switch-on and it was great to see so many people enjoying
the entertainment at City Hall, and helping to kick off the city’s festive
season.

“At a time when Belfast is buzzing and attracting tourists and shoppers,
this was a great opportunity to showcase all that is good about our city.

“Instead a very small minority have detracted from the overall success of
tonight’s event, which saw hundreds of people come to Belfast to enjoy an
evening of fun family entertainment.”

Roof blown off apartment block – Lots of hot air about Nama

Property Management company Wyse are busy today managing the clean-up of Carrickmines Manor, Glenamuck Road, Carrickmines located on Dublin’s southside close to Leopardstown Racecourse.

The reason – the roof blew off the recently constructed block. Builders Pierce are on site investigating the incident. Residents have been evacuated. 

News story from RTE:

Roof blown off Dublin apartment block

He is also living in a top floor apartment in the complex and says his building felt ‘pretty shaky’ this morning.

A major emergency operation is under way at an apartment block in south Co Dublin after the roof was blown off the building.

The incident occurred at an apartment complex at Carrickmines Manor on the Glenamuck Road.

Dublin fire brigade has four fire engines and a rescue unit at the scene. There are no reports of injuries.

Three nearby buildings buildings have been evacuated.

Residents from the affected block are to be temporarily housed at local hotel. Over 20 people live in the block where roof came off.

The incident happened at 8.30am.

According to eyewitness David Cooney, gardaí have a cordon across the entrance to the complex.

The buildings are being evacuated until they can all be assessed.

Mr Cooney says he did not see any debris around – just the roof ‘clean off’ the building.

So when is “professional misconduct” manslaughter

Today’s tragic story is about a woman let down by the health system. She has a routine proceedure and dies a short time later.

She was incorrectly diagnosed.

The young mother had a cyst on one of her ovaries but her consultant diagnosed it as polycystic ovarian syndrome.

Irish Independent news story:

Husband tells of wife’s ‘painful’ death following routine surgery

Brian McDonald – Irish Independent

A FATHER of two young children told yesterday how his wife died following what was supposed to be a straightforward day procedure in hospital.

Dr Andrea Hermann, the consultant gynaecologist who performed the simple
laparoscopy at the Galway Clinic in 2005, has admitted to the Medical
Council’s Fitness to Practice committee that her care of the woman amounted
to professional misconduct.

The resumed hearing of the committee’s inquiry into the circumstances
surrounding the death of Saundra O’Connor (39), of Claregalway, Co Galway,
heard yesterday that Dr Hermann had initially wrongly diagnosed Mrs O’Connor
as suffering from polycystic ovarian syndrome. She simply had a cyst on one
of her ovaries.

Eoin McCullough, for the Medical Council, said that the complaints against Dr
Hermann were that she had failed to conduct appropriate investigations
before carrying out a laparoscopy; failed to provide conservative management
of the cyst; failed to provide for early administration of antibiotics,
failed to appreciate the gravity of the patient’s condition; and failed to
provide appropriate standards of clinical judgment.

He added Dr Hermann had accepted that these amounted to professional
misconduct.

In his evidence to the inquiry, the patient’s husband, Martin O’Connor, said
that following his wife’s laparoscopy on March 25, 2005, he was phoned to
come and collect his wife. She was drowsy and began to retch when he arrived
at the Galway Clinic. Shortly afterwards, Dr Hermann arrived and said she
would keep her in overnight.

When he returned the next morning, his wife was “doubled” over with
pain. Saundra then vomited up brown fluid.

At 5.30pm on March 27, his wife was still in pain and could not even talk to
her daughters. “That was the last time she spoke,” Mr O’Connor
said.

The inquiry was told her condition deteriorated overnight and Dr Hermann
arranged for surgery. She was transferred to theatre at 5.45am and underwent
another laparoscopy and a laparotomy. Large amounts of brown fluid were
discovered in her abdominal cavity.

She was taken to the ICU and suffered multi-organ failure and a cardiac
arrest. Her family later signed a Do Not Resuscitate form and she remained
in a vegetative state until she died on February 19 last year.

Bleeding

In the second case against Dr Hermann, a teacher told of undergoing an
abdominal hysterectomy without the presence of critical blood products to
deal with her haemophilia condition. The 39-year-old mother of two said she
suffered from Factor 11 deficiency, a rare bleeding disease.

Following the hysterectomy in March last year, the woman was released from
hospital but became extremely ill and had to be admitted to University
Hospital, Galway. A post-operative haematoma was found and she eventually
recovered after 19 days.

Mr McCullough said in their assessment of her performance with this patient,
the peer review group wondered why such a high-risk surgery was performed. Also queried was the absence of Factor 11 concentrate in the operating theatre.

Cots recalled worldwide due to toddler & baby deaths

This is awful.  If you own one of these please go to the shop you purchased it from as soon as you can and demand a refund.

It is simply unacceptable that you get a “repair kit” and can then rest easy.

 

 

 

 

Story in the Irish Times:

Parents warned on faulty cribs

JOANNA ROBERTS  Irish Times

Irish consumers who own cribs manufactured by Stork Craft should stop using them immediately, the Consumers’ Association of Ireland (CAI) has warned.

The warning comes as Canadian firm Stork Craft Manufacturing Inc is voluntarily recalling more than 2.1 million baby cribs in the United States and Canada due to a potential suffocation hazard.

The cribs were sold online at Amazon.com, Costco.com and Target.com, as well as at major retailers such as JC Penney, Kmart and Wal-Mart, the US Consumer Product Safety Commission said.

CAI chief executive Dermott Jewell said anyone in Ireland who has bought a Stork Craft crib and is concerned about its safety should contact the place they bought it to discuss their options. If not completely satisfied with the response they should ask for a refund, he said.

Four suffocation deaths related to cribs with drop-down sides made by the Canadian company have been reported in the United States, the commission said in a statement announcing the recall.

US and Canadian safety officials have received a combined 110 reports of accidents involving Stork Craft drop-side cribs, the agency said.The voluntary recall involves about 1.2 million cribs distributed in the United States and 968,000 units distributed in Canada.

Problems with the cribs’ plastic hardware or improper installation could cause the side that drops to detach, creating a potentially dangerous space between the crib and mattress, the agency added.

“The bodies of infants and toddlers can become entrapped in the space which can lead to suffocation. Complete detachment of drop-sides can lead to falls from the crib,” the agency said.

The recall includes Stork Craft cribs made and distributed between January 1993 and October 2009, including 147,000 with the Fisher-Price logo. Parents should immediately stop using the recalled cribs and contact Stork Craft for a free repair kit, the agency said.

Mr Jewell said Irish customers should satisfy themselves that the repair kit will do the job and if they are still worried to ask for a refund or money towards a new crib.

Brian Cowen tells unions “You’re wasting your time”

As someone who has seen a huge drop in income over the last 18 months I can’t stand the sight of public sector workers who are striking because they won’t share the pain that I am most others are feeling.

My kids go without many things that they would easily have got two years ago such as a Summer holiday. I and my better half have gone without things and I don’t buy a lunch every day but either go without or bring my own.

As I pass the picket lines I see ordinary people just like me who during the good times experienced massive increases in salary, but unlike me, during the biggest economic downturn in Ireland’s history they continue to receive inflated salaries benchmarked against historic private sector pay.

The private sector is ready for war Mr Cowen, yes, we can endure the electricity blackouts and withdrawal of essential services just to get this country back on track. Please stand up to the greed and selfish behaviour displayed by the public sector union leaders.

The Evening Herald bring us the story:

You’re wasting your time, Taoiseach tells public sector strikers

VITAL: Cutbacks will go through, unions warned

Cormac Murphy – Evening Herald

Brian Cowen has warned public sector unions the Government must impose drastic spending cuts — regardless of how many strikes are staged.

Speaking as the unions prepare to hold a national stoppage tomorrow, the Taoiseach said he does not think strikes are “going to achieve anything”.

Up to 300,000 staff in the public service are staging a one-day strike on Tuesday in protest at Government proposals for further pay cuts.

Mr Cowen said the action, or any future disruption, will not alter the economic facts — that “there is €32bn coming in and up to €58bn going out” of the State coffers.

The Taoiseach said he would prefer if the financial challenges facing the country were recognised “rather than people suggesting that no change is a viable option”.

His comments come as the trade unions were expected to agree to go back into talks with the Government to discuss how €1.3bn in savings can be achieved without pay cuts.

But Mr Cowen warned that the Government had to act to correct the national finances in the interests of all taxpayers.

He said the “money coming in” is a lot less than in previous years and “that means we have to make adjustments”.

The Taoiseach told a newspaper that unless the cutbacks are made, everything that has been achieved in this country in recent years will be put at risk.

It emerged today that payments to 55,000 welfare recipients will be delayed by a day as a result of the strike action.

Recipients who are paid through post offices are not expected to be affected.

All offices at the Department of Social and Family Affairs will be closed to the public tomorrow due to the industrial action.

Delay

The department said the vast majority of the over 1.3 million weekly welfare payments — made through electronic fund transfer –will not be affected.

However, about 35,000 people on short-term schemes and whose weekly payment is due this Wednesday will experience a delay of one day. It will also affect a further 20,000 recipients who are paid by cheque.

The public service committee of ICTU is scheduled to consider plans for further industrial action. However, due to the flooding, the Irish Nurses’ Organisation and the Psychiatric Nurses’ Association have decided to suspend tomorrow’s planned industrial action in Cork City and County, Ballinasloe, Co Galway, and its immediate area.

It is understood the Government is looking at giving public servants 10 days of unpaid leave in a bid to save €600m.

In addition, child benefit could be cut by 20pc in an effort to save €300m as the Government prepares to cut €4bn from exchequer spending.