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July 17, 2018

New jobs to be created by Longford resort project

Hundreds of jobs are to be created with one of the UK’s biggest holiday firms planning to open a park at a forest in the Midlands.

Center Parcs, which operates five resorts in Britain, is to expand its operations into Ireland with workers to be hired for the site in Ballymahon, Co Longford.

The company is to make a formal announcement of the plans tomorrow.

It is understood talks have been continuing with forestry board Coillte to build the holiday firm’s distinctive woodland lodges and villas and the main complex with a swimming pool, spa, restaurant and bar.

The resort is planned for woods around Newcastle House, near the River Inny.

Center Parcs opened its fifth holiday village in the UK last summer with a £250m resort in Woburn Forest, Bedfordshire, catering for around 350,000 guests a year.

In 2013 the holiday company had 1.7 million guests at four parks – Sherwood Forest in Nottinghamshire, Elveden Forest, near Brandon in Suffolk, Longleat Forest near Warminster in Wiltshire, and Whinfell Forest near Penrith, Cumbria.

Center Parcs is owned by asset management firm Blackstone.

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New jobs to be created by Longford resort project

HgCapital Selects iLEVEL for Portfolio Monitoring

NEW YORK–(BUSINESS WIRE)–

iLEVEL, the leading portfolio monitoring, analytics and transparency platform for the global private capital markets, has been selected by European private equity firm HgCapital to support the optimization of their portfolio data management and reporting processes.

HgCapital has assets under management of over £5 billion, serving over 100 highly regarded institutional investors, including private and public pension funds, endowments, insurance companies and fund of funds. A staff of more than 100 people in investment offices in London and Munch manage three investment funds.

Amanda Good, Head of the Portfolio Projects team at HgCapital said: “iLEVEL will streamline our reporting process, enabling us to create reports faster and automate many of the tasks that previously had to be performed manually.”

Melissa Ferraz, Vice President, EMEA Client Development of iLEVEL said: “We are delighted a firm of the calibre of HgCapital has selected iLEVEL. With our recent expansion into the European market, we’ve experienced an overwhelmingly positive reception to the iLEVEL platform, with firms like HgCapital recognizing the value of leveraging data flows more efficiently.”

In 2014, iLEVEL launched their London-based operations and opened a European data centre in the United Kingdom.

The number of firms on iLEVEL has doubled in the past year and includes alternative investment firms of varying sizes that employ a wide range of investment strategies including Private Equity, Real Estate, Credit and Venture Capital. Leading LPs and Funds of Funds are also adopting iLEVEL. More than 5,500 iLEVEL users span the globe, tracking over a billion data points across 11,500 portfolio companies.

About HgCapital

HgCapital is a sector expert private equity investor, supporting management teams to grow industry champions. Deeply resourced sector teams focus on specific sub-sectors and investment themes to identify companies occupying an established market position, and which have the potential to grow faster than their market, create employment and become the leader in their industry. HgCapital’s dedicated portfolio management team provides practical support to management teams to help them realise their growth ambitions. HgCapital invests in expanding segments of the TMT, Services, Industrials and Renewable Energy sectors across Western Europe. Based in London and Munich, HgCapital manages over £5 billion for some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com.

About iLEVEL

iLEVEL is the leading portfolio monitoring, analytics and transparency platform for the global private capital markets. iLEVEL’s SAAS, cloud-based platform empowers fund managers and investors to harness their data and gain insights and transparency never before possible in private markets. Investors in iLEVEL include Blackstone (BX), The Carlyle Group (CG), Duff & Phelps, Hamilton Lane, Swift River Investments, and Egis Capital Partners. For more information, visit www.ilevelsolutions.com.

Contact:
iLEVEL

Lauren Weiner

Director of Marketing, +1-646-747-9817


lweiner@ilevelsolutions.com

Link – 

HgCapital Selects iLEVEL for Portfolio Monitoring

Liberty Hall Capital Partners Selects iLEVEL for Portfolio Monitoring

NEW YORK–(BUSINESS WIRE)–

iLEVEL, the cloud-based software provider to the private capital market, announced today that Liberty Hall Capital Partners has selected the iLEVEL Private Capital Data Platform to streamline their portfolio data collection process and enhance their reporting capabilities. Liberty Hall is a private equity firm focused exclusively on investments in businesses serving the global aerospace and defense industry.

“As Liberty Hall continues to grow, we are confident iLEVEL will be an invaluable asset to track metrics and report to our investors in a timely, consistent, and transparent manner,” said Rowan G.P. Taylor, founding Partner of Liberty Hall. “We recognize the importance of transparency when monitoring our assets, both for our own investment purposes and for investor reporting. We look forward to implementing the iLEVEL Private Capital Data Platform.”

iLEVEL grants managers of private capital the ability to do more with their data and meet the increased demands for investor reporting. Funds can streamline their data collection process and store their information in a central repository, which can be accessed via the web, through an iPad or in existing excel models. iLEVEL can optimize portfolio performance, demonstrate value creation, and more quickly run valuations.

“iLEVEL is transformational for private capital managers of all sizes,” said Kevin Black, CEO of iLEVEL. “We are thrilled to sign Liberty Hall as a client and look forward to helping them expand their business through our platform.”

The number of firms using iLEVEL has doubled in the past year and includes alternative investment firms of varying sizes that employ a wide range of investment strategies including Private Equity, Real Estate, Credit and Venture Capital. Leading LPs and Funds of Funds are also adopting iLEVEL. More than 5,500 iLEVEL users span the globe, tracking over a billion data points across 11,500 portfolio companies.

About Liberty Hall Partners

Liberty Hall Capital Partners is a private equity firm focused exclusively on investments in businesses serving the global aerospace and defense industry. Liberty Hall’s principals have a 20-plus year history of working together and have led the investment of over $2 billion in equity capital in businesses serving multiple segments of the aerospace and defense industry and complementary industrial markets. Liberty Hall develops actionable investment strategies for attractive segments of the aerospace and defense industry and then partners with entrepreneurs and management teams to acquire leading businesses serving these segments and, together with them, develops sound, long-term strategic plans to build these businesses through a combination of strategic investments and strategic acquisitions. For more information, please visit http://www.libertyhallcapital.com/.

About iLEVEL

iLEVEL offers a market-leading cloud-based Private Capital Data Platform that empowers fund managers and investors to control information and gain actionable insights by taking data collection, investment analysis and performance reporting to a whole new level. Investors in iLEVEL include Blackstone (BX), The Carlyle Group (CG), Duff & Phelps, Hamilton Lane, Swift River Investments, and Egis Capital Partners. For more information, visit www.ilevelsolutions.com

Contact:
iLEVEL

Lauren Weiner, +1-646-747-9817

Director of Marketing


lweiner@ilevelsolutions.com

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Liberty Hall Capital Partners Selects iLEVEL for Portfolio Monitoring

Lampin Profit Grows 70 Percent in 2014

UXBRIDGE, Mass., Feb. 10, 2015 /PRNewswire/ — Lampin Corporation has released FY2014 figures projecting a 70 percent growth in net profit margins compared to FY2013, with total revenues increasing by 22 percent over the same period.

Lampin President Bill DiBenedetto is excited by the fact the company is becoming more productive and profitable despite significant shifts to small quantity runs and much more programming demand from the marketplace.

“I’m very happy with these numbers,” said DiBenedetto. “It’s a strong testament in support of our LEAN Manufacturing practices.”

The year also saw the company focus on setup reduction and reducing lead times through improved workshop organization. The majority of the company’s cost is in labor and as much as 45 percent of that expense was being spent in production setup. During the past year, Lampin employee-owners were able to reduce overall setup times by one-third, generating a significant cost savings.

“Lampin’s gross margins improved because the company spent time and resources to capture and reduce operational waste thus increasing capacity to ship more revenue,” said DiBenedetto. “This added capacity came at a time when our clients needed it.”

DiBenedetto predicts that the coming fiscal year will yield even better numbers for Lampin. The company plans to spend the upcoming year improving its response time to increasing customer demand by bringing state of the art equipment technology on line in the first and second quarters.

“It hasn’t been easy,” said DiBenedetto. “You can’t get caught up in growth. You have to standardize practices and find something that works. This makes our manufacturing operation more formidable and strengthens the ESOP trust fund.”

About Lampin Corporation

Lampin Corporation, an ITAR-compliant and ISO 9001:2008 Certified Company, delivers critical component manufacturing expertise that goes beyond precision. Located in the historic Blackstone River Valley, birthplace of the industrial revolution, Lampin is a 100% employee-owned company. Lampin’s value engineering approach ensures that design, materials and process combine to provide the best value in the industry. Lampin also manufactures MITRPAK, the right angle gearbox and spiral bevel gear drive preferred by OEM and MRO customers desiring reduced risk, lower inventory, and improved asset availability. Learn more about Lampin and MITRPAK and sign up for the e-newsletter at www.Lampin.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lampin-profit-grows-70-percent-in-2014-300033739.html

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Lampin Profit Grows 70 Percent in 2014

Wirefab Announces Purchase of Fiber Laser Cutting Machine

CAPITAL EQUIPMENT INVESTMENTS CONTINUE FOR WIRE PRODUCTS COMPANY

Worcester, MA – Wirefab, Inc., a leading manufacturer in metal-based products for restaurant equipment manufacturers, bakery, OEM and display industries, has recently purchased a new Trumpf 1030 Fiber Laser Cutting Machine. The new equipment will allow Wirefab to expand its capabilities and supplement the continuous effort to improve efficiency and product offerings.

“For decades we have been a leading supplier of wire and metal products to a wide variety of markets”, said Wirefab Vice President Michael Murdock. “The Trumpf Fiber Laser cutting machine will allow us greater creativity, capability, flexibility, lower costs and quicker turnarounds for our clients”, Murdock said. “This state of the art fiber laser will allow Wirefab to further serve customer needs with capabilities that include cutting up to ½” thick cold rolled steel and stainless steel. Additionally it gives us the ability to cut aluminum and even tubing.”

“Quality and creativity are absolute requirements today. We firmly believe that the combination of our skilled workforce with cutting-edge manufacturing equipment and techniques gives us a distinct advantage that cannot be matched in our industry”, Murdock said.

Wirefab’s capabilities includes design, fulfillment, program rollout, wire forming, wire fabrication, aluminum fabricating including cutting, bending, rolling, forming, stamping and resistance, MIG and TIG welding.

About Wirefab
Wirefab has been supplying wire, sheet metal and aluminum products to multiple markets for 60 years. Wirefab operates an 80,000 square foot manufacturing and distribution facility in Worcester, MA. They are a leading manufacturer in wire-based products for the baked goods industry. Nationally recognized brand leader, Dunkin’ Donuts and convenience store giant 7-Eleven, are just two examples of Wirefab’s bakery clientele. Wirefab produces customized wire bakery baskets, bins, racks, screens, aluminum rolling carts, sheet pan racks and trays. Wirefab also services leading Restaurant Equipment and Electronic OEM’s. Capabilities include wire forming, tube fabrication, aluminum and sheet metal fabrication.

Visit the company’s website at: www.wirefab.com.

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Wirefab Announces Purchase of Fiber Laser Cutting Machine

Lampin Corporation Offers Custom Tool for Ordering Timing Pulleys

UXBRIDGE, Mass., Dec. 12, 2014 /PRNewswire/ — Lampin Corporation, a precision machining company based in the Blackstone Valley region of Massachusetts, recently announced that customers interested in ordering custom timing belt pulleys can now upload drawings and specifications online, ensuring the final product received is exactly what was needed.

Rick Caponi, Lampin Corporation’s Senior Project Engineer, said, “This new section of our website was launched with the specific intent to help our customers let us know exactly what they need built, with an absolute minimum of confusion or delay. We wanted our customers to be able to easily upload drawings and define the various specifications that will help ensure the custom timing pulleys we build for them will work exactly as planned.”

Since 1982, Lampin has been designing and manufacturing custom timing pulleys for the robotics, medical device, and other critically important industry sectors. All Lampin timing pulleys are manufactured to order right here in the United States. Available materials include aluminum, delrin (also known as acetal, a plastic preferred over nylon), and stainless steel.

About Lampin Corporation
Lampin Corporation, an ITAR-compliant and ISO 9001:2008 Certified Company, delivers critical component manufacturing expertise that goes beyond precision. Located in the historic Blackstone River Valley, birthplace of the industrial revolution, Lampin is a 100% employee-owned company. Lampin’s value engineering approach ensures that design, materials and process combine to provide the best value in the industry. Lampin also manufactures MITRPAK, the right angle gearbox and spiral bevel gear drive preferred by OEM and MRO customers desiring reduced risk, lower inventory, and improved asset availability. Learn more about Lampin and MITRPAK and sign up for the e-newsletter at www.Lampin.com.  

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lampin-corporation-offers-custom-tool-for-ordering-timing-pulleys-300009042.html

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Lampin Corporation Offers Custom Tool for Ordering Timing Pulleys

Nonprofit given $1M in historic tax credits to redevelop Island Machine mill


December 8, 2014

WOONSOCKET – The state Division of Taxation has awarded a nonprofit development agency more than $1 million worth of historic tax credits as part of a proposed $6.2 million makeover of the onetime Island Machine Company at 15 Island Place.

Joseph Garlick, executive director of NeighborWorks Blackstone River Valley, says the 50,000-square-foot, three-story rubblestone mill will be converted into a half-dozen “live-work spaces” for artists on the upper stories, with office space on the ground floor.

The project is the first in the city to win historic tax credits under a 2013 act of the state legislature that resurrected the program after a lengthy hiatus. The Division of Taxation awarded packages of up to $5 million worth of tax credits by lottery during an initial round of disbursements after the program was rekindled. Garlick said NeighborWorks was not among the initial 30 lottery winners, but not all of those chosen were able to meet the eligibility criteria.

Full story appears on page A1 of Tuesday’s Call.

Link: 

Nonprofit given $1M in historic tax credits to redevelop Island Machine mill

Lampin Corporation Educates Students with Company Tours on Manufacturing Day

UXBRIDGE, Mass., Oct. 1, 2014 /PRNewswire/ — Lampin Corporation is proud to be participating in Manufacturing Day on October 3. This Day, which happens in the autumn of every year, is intended to bring attention to the manufacturing industry. By doing so, it allows local manufacturing companies to showcase their services and educate the public about what they do.

This year the Blackstone Valley Education Foundation, Blackstone Valley Chamber of Commerce and the regional high schools have decided to partner with manufacturing companies in the area. With these partnerships, high school students are able to increase their knowledge about careers in the manufacturing industry.

Lampin is one of the area’s most active manufacturing companies, providing engineering and precision machining to manufacture right angle gear drives, and custom precision components. Lampin and other manufacturing companies will use Manufacturing Day to invite students from local high schools to have an inside look at their facility and learn how the manufacturing process works.

“The purpose is to continue offering exposure to manufacturing in the hope that more of our students will learn, see opportunities and want to center their careers in this type of business,” said Bill DiBenedetto, president of Lampin. “This is part of our continuing effort to help develop the workforce of tomorrow.”

Manufacturing Day events help educate local students to be prepared for the workforce and make an independent living for themselves. In today’s society, this is an invaluable resource since many young adults struggle to find lucrative employment. For this reason, the companies participating in this event are dedicated to their community and to helping future generations pave a path for themselves in the manufacturing industry.

About Lampin:
Lampin Corporation, an ITAR-compliant and ISO 9001:2008 Certified Company, delivers critical component manufacturing expertise that goes beyond precision. Located in the historic Blackstone River Valley, Lampin is a 100% employee-owned company. Lampin’s value engineering approach ensures that design, materials and process combine to provide the best value in the industry. Lampin also manufactures MITRPAK, the right angle gearbox and spiral bevel gear drive preferred by OEM and MRO customers desiring reduced risk, lower inventory, and improved asset availability. Learn more about Lampin and MITRPAK and sign up for the e-newsletter at www.Lampin.com.

Read this article – 

Lampin Corporation Educates Students with Company Tours on Manufacturing Day

Gas, coal fuel city’s progress

BLACKSTONE BOYS: Workmen hew coal from the Bogside Pit, Cooneana Estate, in earlier days.
BLACKSTONE BOYS: Workmen hew coal from the Bogside Pit, Cooneana Estate, in earlier days. CONTRIBUTED

THE people of Ipswich in the 1870s had every reason to be proud of the progress being made in their town.

There was the establishment of the woollen and gas companies, a fire brigade and the construction of the waterworks on the banks of the Brisbane River.

It was in the early stages of the discussion re the erection of the Queensland Woollen Factory which led, during 1876, towards the formation of a company for the manufacture of gas in Ipswich.

At a meeting of interested people, one speaker stated: “The gas works would not only operate as a great boon to the inhabitants of Ipswich, but would be an investment of a most lucrative character to the share-holders.”

It was decided the capital needed to establish the gas works would be 8000 pounds, 7000 pounds of which would be sufficient for the purchase of machinery and 1000 would be enough for other incidentals.

The site for the new works was selected at North Ipswich (now part of Riverlink) as it was Crown land but, owing to some delay in the Lands Department, this two acres of land was not put forward until September 6, 1877. The Ipswich Gas Company, which had been registered as a limited liability company in November 1876, bought it.

William Highfields, engineer, drew up the plans for the new establishment and these were forwarded to England for the necessary machinery to be indented.

Englishman John Lewis became the first manager and secretary appointed, but he resigned soon after arriving here, so Henry Courtis from Melbourne was selected to superintend the laying down of the plant with Mr T Reece as contractor.

The first person to secure the credit of having a meter placed on his bakery business was Robert Tallon of The Terrace, North Ipswich. This was in June 1878.

To prepare for the lighting of Ipswich with gas, the Municipal Council decided that street lamps should be placed at Mellefonts, corner Nicholas and Bremer Sts; Givens Corner, cnr Brisbane and Nicholas Sts; The Queensland Times, cnr Brisbane and Ellenborough Sts, and McDonalds, cnr Brisbane and West Sts. At the Australian Joint Bank, cnr Bell and Brisbane Sts, and at the Bremer Bridge etc (prior to this there had been a few lamps which were lit with kerosene).

Ipswich was illuminated with gas on August 14, 1878, when the main part of town was lit for the first time.

Mining news

FEBRUARY 1883, the opening of a new pit at Bundamba to be worked as The Mount Pleasant Coal Company was made by Messrs W. Stafford, his three brothers, E. Sheppard and H. Price. These men had previously worked at Lewis Thomas’s mine at Blackstone. The new company leased 40 acres of land from James Payne and Mr Wright for this undertaking.

The Aberdare Collieries owned by Lewis Thomas in the 1880s employed 100 men and 200 tons of coal per day was raised.

Messrs Jones and Tapps’ Ross End and the Bremer River Coal company mines were at Redbank. Manager was Mr J. Hunter and these tunnels were about half a mile from, and to the west of the Redbank railway company. In opening up these old mines, many interesting relics of the crude workings of 60-odd years ago were discovered.

John Ferrett’s mine at Woodend was also re-opened and worked for a time between 1884 and 1887.

The Walloon Colliery in 1884 was worked by Aaron Noble.

The Bremer Basin Colliery with Mr R. D. Graham as manager, which came into existence in the 1880s, had a shaft sunk on the point of the Basin Pocket, opposite Tivoli.

The Ipswich Coal and Coke Company, under the management of Mr W. Harris, cut a block of coal weighing two tons and was 4’4″ in length, 3’6″ in breadth and 2’3″ in depth – which was forwarded to Melbourne for exhibition to show the capabilities of the Ipswich district as a coal producer in the 1880s.

In June 1889 a mass meeting of coal owners and miners took place in the Oddfellows Hall, Bundamba. The meeting was to consider the advisability of taking steps to deal with the bringing of New South Wales coal into Queensland.

Fernvale

TWENTY-one pieces of land forming part of the old Fernvale Timber Reserve were thrown open to settlement in August 1886.

Annual rental was fixed at two shillings and sixpence per acre and the purchasing price six pounds an acre. The farms varied in size from 40 to 45 acres.

These prices were considered too high and comparatively few people cared to rent or buy the farms.

Cricket

A SPORTS carnival promoted by the Alberts Cricket Club was held on the Ipswich Reserve in October 1911.

A procession consisting of the Blackstone Band and members of the cricket club in fancy dress marched through the city.

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Gas, coal fuel city’s progress

Blackstone Suffers Court Setback in Irish Real Estate Drama

At 11:15 a.m. on July 29, Irish
property developer Michael O’Flynn realized that Blackstone
Group LP (BX)
was trying to gain control of his real estate empire,
which includes the country’s tallest residential tower.

Ten weeks earlier, the private equity firm had bought 1.8
billion euros ($2.4 billion) of loans to O’Flynn’s companies and
the developer personally. Coming out of a meeting, he learned
Blackstone was demanding the immediate repayment of 16 million
euros of personal loans secured on his shareholdings — even
though he wasn’t in default. By the end of the day he had lost
control of the business he’d spent more than 30 years building.

“I was shocked that they’d made this demand,” O’Flynn,
57, said in an interview. “It took time to understand the
gravity of it because I’ve never been served with a demand in my
36 years of business. I was very recently transferred to
Blackstone and I was doing my damnedest to work with them.”

O’Flynn was out, but not for long. Last week, an Irish
judge restored him to the top of his company, saying Blackstone
hadn’t acted in the “utmost good faith” or given the developer
enough time to repay the money.

The judgment is a setback for Blackstone, manager of the
largest fund dedicated to buying real estate in Europe, as it
tries to buy up distressed real estate assets in Ireland with
the economy starting to rebound from its property crash of 2008.

Judge Mary Irvine ruled Aug. 13 that Blackstone failed to
disclose relevant information when it sought to have officials
appointed by a court to oversee O’Flynn’s companies in July.
That “breached the obligation of utmost good faith,” she said.

‘Appropriate’ Actions

After the court defeat, Carbon Finance, the Blackstone-owned company that bought O’Flynn’s loans for more than 1
billion euros, said in a statement its actions were
“appropriate and necessary.” The company declined to comment
beyond the statement while officials at Blackstone in London
declined to comment.

The ruling may only be a temporary reprieve for O’Flynn
until a full hearing over Blackstone’s efforts to gain control
of the company in October. Irvine said while Blackstone may have
the “better side of the argument” in its view that it was
enforcing an accord O’Flynn had entered with “open eyes,” the
company’s approach had raised enough questions to warrant a full
airing of the case.

The case is part of the legacy of Ireland’s economic
collapse, which stemmed from a real estate bubble that burst in
2008. Property developers had borrowed billions of euros from
the nation’s banks as they sought to cash in on the boom. After
the collapse, home prices halved, the government took over the
domestic banking system, and the state needed a three-year
international bailout in 2010.

Elysian, Cork

O’Flynn’s story begins in Cork, a city of about 120,000
people in the south of Ireland. From there, O’Flynn forged his
real estate business, culminating in the construction of the
Elysian in Cork at the height of the nation’s property bubble.

Close to the River Lee, the 17-story tower contained 211
apartments, selling for as much as much as 1.8 million euros
each. Trouble was, construction finished just as Ireland’s
property market crashed, in 2008.

Two years later, O’Flynn’s loans were transferred to the
country’s bad bank, the National Asset Management Agency, set up
to purge the financial system of commercial real estate loans.

Enter Blackstone. In May, it agreed to buy the O’Flynn
loans through Carbon Finance.

Burlington Hotel

Spearheaded by Blackstone, overseas investors have poured
into Ireland since the crash, picking up real estate and loans
to developers at a fraction of their face value. Blackstone owns
the Burlington Hotel, a landmark, 501-bedroom hotel in the south
of Dublin, and this year bought three office buildings in the
capital from NAMA. Prime Dublin office rents rose 15 percent in
the second quarter from the previous three months, according to
CBRE Group Inc., a real estate services adviser.

Last month, Blackstone delivered a letter to O’Flynn’s home
in the Cork village of Ovens, alerting him to the demand for
payment of personal loans, according to Irvine’s ruling.

In court filings on July 29, Blackstone said that it wanted
to seize shares in O’Flynn’s parent company he had pledged as
security for personal loans if he wasn’t in a position to meet
their demands. The loans were payable on demand, Blackstone said
in the filings. As O’Flynn was unable to repay the loans
forthwith, Blackstone was able to topple him, and by 1:05 p.m.
that day, court-appointed officials had removed O’Flynn as a
director of the wider group.

August Hearing

O’Flynn would still be out of a job if not for Irvine’s
ruling. The judge returned to Dublin’s court complex, which was
otherwise deserted during the August summer break, to deliver
her decision.

The press and public galleries, including Bill Cullen, who
hosted “The Apprentice” television show in Ireland as the
nation’s version of Donald Trump, were full. In 2008,
contestants on the show were invited to create a 45-second
commercial for the Elysian, with the winner chosen by O’Flynn.

O’Flynn visibly relaxed during Irvine’s hour-long reading
of the judgment as it became clear that he had defeated
Blackstone.

Irvine concluded that Blackstone’s demand for instant
repayment was designed to gain control of the entire company,
because the loans were linked.

“When it issued the demand letters, it was not setting out
to recover the money,” she said. “The last thing it wanted was
payment because that would have scuttled its plans.”

Year-end Payment

In its statement, Blackstone signaled it’s not giving up.
At the end of the year, 235 million euros are scheduled to be
repaid to Carbon Finance, which maintained his companies are
insolvent.

The company “will continue to safeguard its position as a
significant creditor of the O’Flynn Group and to do everything
to protect the assets of the group and its creditors,” Carbon
Finance said in its statement.

O’Flynn, for his part, simply says he’s ready to move on.

“We’re all big boys and we just want to move on with doing
what we do best,” O’Flynn said. “That’s making a return.”

To contact the reporters on this story:
Dara Doyle in Dublin at
ddoyle1@bloomberg.net;
Donal Griffin in Dublin at
dgriffin10@bloomberg.net

To contact the editors responsible for this story:
Heather Harris at
hharris5@bloomberg.net
Edward Evans, Simone Meier

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Blackstone Suffers Court Setback in Irish Real Estate Drama