Ewan McKenna

[Duine Inteacht Eile]

Still sounds like an incentive for county boards to lose the run of themselves. Certainly takes the risk out of it.

When do the GAA shout stop on this?

[thewobbler]

They helped Kildare too. But they also got us back on track in the longer term which costs less.

See the issue is that if the GAA didn't get involved and stood off, allowing vultures in, the same man would be SCATHING of the GAA.

But in this case the GAA are the vulture fund.

No. That's what Ewan wants you to think.

A loan is a loan. It's an agreement between two parties and everything is understood. Once you sign up the terms, you make the repayments. If you default, rules are in place for how it is handled. All in the contract.

If these financial mechanisms did not exist, the world we live in could not exist.

The purpose of a vulture fund is to maximise financial returns regardless of human cost. It's the separation of person from entity, and the entity will squeeze the person at every opportunity to enhance their profitability.

This is not what's happening here.

[thewobbler]

Still sounds like an incentive for county boards to lose the run of themselves. Certainly takes the risk out of it.

When do the GAA shout stop on this?

Still sounds like an incentive for county boards to lose the run of themselves. Certainly takes the risk out of it.

When do the GAA shout stop on this?

I'm really confused by how you're interpreting this.

[Duine Inteacht Eile]

I see that from the double quote.

Well, if the actual vultures are removed from the equation and the GAA are coming in like an easier option, then the risks (such as losing assets) are greatly reduced.
With this being the known process, county boards may be more willing to take risks.
Is that a good thing, seeing as the GAA just get the money off them anyway? I'm not so sure.
Where does it go if counties just renege on paying it back?
I get that it's within the GAA's interest to protect the county boards but to what end? They can't be covering everybody's arse.

[thewobbler]

I see that from the double quote.

Well, if the actual vultures are removed from the equation and the GAA are coming in like an easier option, then the risks (such as losing assets) are greatly reduced.
With this being the known process, county boards may be more willing to take risks.
Is that a good thing, seeing as the GAA just get the money off them anyway? I'm not so sure.
Where does it go if counties just renege on paying it back?
I get that it's within the GAA's interest to protect the county boards but to what end? They can't be covering everybody's arse.

How this came around - I believe - was an unusual set of circumstances whereby a lender exiting the Irish market, was having a bit of a firesale on risky loans within the jurisdiction.

And vulture funds - I believe - probably wouldn't be interested in taking on such a loan, as the negative PR they would face from squeezing a volunteer-led association, wouldn't be worth the effort.

But ultimately, Mayo are no directly better off than they were when dealing with RBS. They're a tad indirectly better off in that the parent organisation should have a little more cash to push around. But that'll be peanuts compared to their direct  outgoings.

So I'm not sure where the incentive is.

From what I'm reading, it seems Centrak Council have played this solid.

[Duine Inteacht Eile]

If the Gaa hadn't bought it , a spiv outfit would have and would have cranked the interest rate up to 10%/15% and more.

Gaa can't give Mayo a write down as it would be a green light to every county board to borrow money on overdraft and wait to be bailed out.

Central officers will have a fiduciary duty not piss the Gaa's money up the wall either.

This outcome is the best one for all parties, Mayo are effectively getting a subsidised interest rate versus the market, Gaa gets to hold financial discipline.

They'll also be able to negotiate and re-finance to their heart's content as required.

This paints a much prettier portrait.

[Dag Dog]

Was the cockney looper O'Leary trying to rat out Mayo CB again?

[Captain Scarlet]

We are off again on X.

Lots of screen shots re a trip Enda Kenny made in 2019.
It was some fundraiser and he got fancy flights, hotel, etc.

But not sure the key issue as it wasn't bankrolled by Mayo County Board...

[Baile Brigín 2]

I see that from the double quote.

Well, if the actual vultures are removed from the equation and the GAA are coming in like an easier option, then the risks (such as losing assets) are greatly reduced.
With this being the known process, county boards may be more willing to take risks.
Is that a good thing, seeing as the GAA just get the money off them anyway? I'm not so sure.
Where does it go if counties just renege on paying it back?
I get that it's within the GAA's interest to protect the county boards but to what end? They can't be covering everybody's arse.

How this came around - I believe - was an unusual set of circumstances whereby a lender exiting the Irish market, was having a bit of a firesale on risky loans within the jurisdiction.

And vulture funds - I believe - probably wouldn't be interested in taking on such a loan, as the negative PR they would face from squeezing a volunteer-led association, wouldn't be worth the effort.

But ultimately, Mayo are no directly better off than they were when dealing with RBS. They're a tad indirectly better off in that the parent organisation should have a little more cash to push around. But that'll be peanuts compared to their direct  outgoings.

So I'm not sure where the incentive is.

From what I'm reading, it seems Centrak Council have played this solid.

If you think a US vulture fund gives a rashers what anyone thinks of them, I have some magic beans for sale.

The reality is McHale Park is an almost useless asset. There aren't a queue of sports teams in Castlebar that need a 28,000 seater stadium. Getting planning to level it would be almost impossible.

If Mayo CB welched on the debt, what do the fund do? Rent it back to them. But there is no way a county board can refuse to repay loans.

[David McKeown]

May not be the correct place but can someone give me a synopsis of Ewan McKenna v Mayo. I have no idea who he is or what this is about.  The reason I ask is that I'm confused by my Twitter timeline this evening.

McKenna seems to be threatening Mayo CB with legal action for attacking his credibility. On the assumption he's talking about potential defamation/libel proceedings I find the behaviour very strange. I know nothing about the situation so that's not a comment on who is in the right or wrong but it strikes me as odd that you are so concerned about your reputation that you publicly draw more attention to what you say is defaming/libelling you.

[p3427977]

McKenna is a massive w**ker.

[gallsman]

There's more than a touch of the Bryson's about Ewan. Shouts long and loud about topics he has little actual knowledge of.

[Captain Scarlet]

As you can see from this thread his first GOTCHA SCOOP didn't get the traction, so now it's another bite with the Enda Kenny fundrasier trip to New York.

From the Times

Last week, O'Leary wrote to Jarlath Burns, president of the GAA, to outline his concerns about the Mayo county board's historical finances and set out some of the history of his own donations to the county. In his letter, he said that in May 2019 he had paid nearly $10,000 (€9,200) to send Kenny to New York for a fundraiser to coincide with the opening game in the Connacht championship

I don't even think it was an official Mayo GAA fundraiser? And no mention of how much was raised...

[Fogarty]

The usual MacKenna. High on ranting, low on facts.

[Dag Dog]

He's even paying to promote his dirge on twitter.