The Sunday Independent reports that the National Asset Management Agency has conditionally taken control of John Hegarty's 3 per cent stake in Irish investment company One51.
Nama took control of the stake on foot of a €15.5 million judgment against the businessman and four other parties.
Hegarty’s shares in One51 are said to be worth €1.5 million, having fallen in value by about 90 per cent since the property and financial crash.
Meanwhile, Sankaty Advisors, the debt-investment unit of Bain Capital, is reported to have bought debt of about €17 million in One51. The debt was put on the market by Lloyds bank in recent weeks with a discount of 8 per cent.
One51, whose investment portfolio includes Irish Pride bakeries and a 50 per cent interest in Greenore Port, owes a syndicate of six banks about €100 million.
Danske disposals
Danske Bank is hoping to generate more than €125 million, the Sunday Business Post reports, by offloading a number of properties including Fitzwilliam Hall in Dublin and the Globe Retail Park in Co Kildare.
The most valuable development for sale in the bank’s Project Arc commercial property portfolio is the Arena centre in Tallaght, which has a guide price of €39 million.
The disposal of Project Arc is expected to be the first of a number of auctions by Danske, as the lender begins to sell off its non-core Irish loan book.
Animation fundraising
Animation companies Boulder Media and Brown Bag have instructed accountancy firm Crowe Horwath to raise money for them under the section 481 tax-relief scheme for film and TV production, according to the Sunday Business Post.
The newspaper reports Irish tax-break investors are being asked to help finance several major cartoon series, two of which are being backed by Disney.
Dublin-based Boulder Media instructed Crowe Horwath to raise €5 million under the tax-relief scheme to develop new episodes of Randy Cunningham, a Disney cartoon series about a young ninja.
The section 481 scheme allows people to invest up to €50,000 in a film or TV production and claim 100 per cent tax relief on their investment. More than 3,300 investors availed of the scheme last year, according to the Revenue Commissioners.
