Sir Anthony O'Rielly Declared Bankrupt By A Bahamas Court
The juxtaposition of two articles in the “most read” list of the
Irish Times’s online news digest on Saturday spoke volumes about the
changed fortunes of two men.
In first place was the story headlined Sir Anthony O’Reilly declared bankrupt by court in Bahamas. In second place: Denis O’Brien’s €60m jet delivered to Dublin Airport.
O’Reilly was the former controller of the global newspaper publisher, Independent News & Media (INM). O’Brien is now the largest shareholder and effective controller of that same company.
O’Reilly was once regarded as Ireland’s wealthiest, and certainly its most famous, businessman with multiple interests. Now O’Brien is routinely referred to as the richest man in Ireland, head of a string of companies and the country’s largest media owner.
The O’Reilly bankruptcy, which was opposed by one of his main creditors, the AIB bank, will give him protection from creditors under Bahamian bankruptcy law.
He will now be able to distribute the money raised by selling off his assets as a final settlement.
As the Irish Times story noted, it was a landmark moment in the attempts of “the former billionaire” to find a way out of the massive personal debts he faced.
It prevents his assets from being seized by creditors. Now the sale process will be overseen by a court-approved trustee. And the protections are thought to extend to Ireland and the US.
AIB’s lawyers argued unsuccessfully that the Bahamas court lacked jurisdiction. The bank has long signalled its opposition to O’Reilly’s plan to strike a deal with creditors in the Bahamas.
O’Reilly, under pressure from his creditors, has already sold off many assets, including properties in Dublin, Cork and Kildare. According to information filed with the Irish high court last year, he then owed €195m (£136m) to some 10 banks. It is now believed to be closer to €100m (£70m).
O’Reilly’s downfall began with the failure of his investment in Waterford Wedgwood and continued with the plunge in the the share price of INM during a fierce boardroom battle with O’Brien.
By contrast, O’Brien - although he has also lost considerable sums at INM - has enjoyed business success ever since his consortium secured, in controversial circumstances, a mobile phone licence in Ireland in the mid-1990s.
He now controls thriving companies in many countries and his purchase of a €60m (£42m) Gulfstream jet confirms his billionaire status. It replaces an earlier 2013 Gulfstream, which he has put up for sale.
The new jet, which bears an Isle of Man registration but has an Irish tricolour on the tail wing, is said to be the fastest and most luxurious business jet on the market.
O’Brien owns 29% of INM plus a number of radio stations in Ireland, making him far larger a media owner in the Republic than O’Reilly was at his pomp.
However, INM’s newspaper stable - which used to include The Independent titles in the UK and several papers in South Africa - has been slimmed down. And INM’s Irish titles are no longer regarded as being as influential as in the O’Reilly era.
In first place was the story headlined Sir Anthony O’Reilly declared bankrupt by court in Bahamas. In second place: Denis O’Brien’s €60m jet delivered to Dublin Airport.
O’Reilly was the former controller of the global newspaper publisher, Independent News & Media (INM). O’Brien is now the largest shareholder and effective controller of that same company.
O’Reilly was once regarded as Ireland’s wealthiest, and certainly its most famous, businessman with multiple interests. Now O’Brien is routinely referred to as the richest man in Ireland, head of a string of companies and the country’s largest media owner.
The O’Reilly bankruptcy, which was opposed by one of his main creditors, the AIB bank, will give him protection from creditors under Bahamian bankruptcy law.
He will now be able to distribute the money raised by selling off his assets as a final settlement.
As the Irish Times story noted, it was a landmark moment in the attempts of “the former billionaire” to find a way out of the massive personal debts he faced.
It prevents his assets from being seized by creditors. Now the sale process will be overseen by a court-approved trustee. And the protections are thought to extend to Ireland and the US.
AIB’s lawyers argued unsuccessfully that the Bahamas court lacked jurisdiction. The bank has long signalled its opposition to O’Reilly’s plan to strike a deal with creditors in the Bahamas.
O’Reilly, under pressure from his creditors, has already sold off many assets, including properties in Dublin, Cork and Kildare. According to information filed with the Irish high court last year, he then owed €195m (£136m) to some 10 banks. It is now believed to be closer to €100m (£70m).
O’Reilly’s downfall began with the failure of his investment in Waterford Wedgwood and continued with the plunge in the the share price of INM during a fierce boardroom battle with O’Brien.
By contrast, O’Brien - although he has also lost considerable sums at INM - has enjoyed business success ever since his consortium secured, in controversial circumstances, a mobile phone licence in Ireland in the mid-1990s.
He now controls thriving companies in many countries and his purchase of a €60m (£42m) Gulfstream jet confirms his billionaire status. It replaces an earlier 2013 Gulfstream, which he has put up for sale.
The new jet, which bears an Isle of Man registration but has an Irish tricolour on the tail wing, is said to be the fastest and most luxurious business jet on the market.
O’Brien owns 29% of INM plus a number of radio stations in Ireland, making him far larger a media owner in the Republic than O’Reilly was at his pomp.
However, INM’s newspaper stable - which used to include The Independent titles in the UK and several papers in South Africa - has been slimmed down. And INM’s Irish titles are no longer regarded as being as influential as in the O’Reilly era.
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