The 1,600 unsecured creditors of Irish Press Newspapers (IPN) would get nothing from the sale of the company's three properties which realised almost £1.7 million, the liquidator said in his report yesterday. Mr Tom Grace, of Price Waterhouse, said there was a shortfall of more than £1 million from what is owed to the three chargeholders, Ingersoll Irish Publications, Independent Newspapers and Irish Press plc, who were currently in a dispute as to the share they should each receive. "If there was not a dispute between the debenture holders the money would be gone, I would have already paid it," he said.
He presented the accounts relating to the sale by public tender of properties at Burgh Quay, Poolbeg Street and Sheriff Street in Dublin, which show that the balance at September 7th, 1997, is £1,550,762.
The Poolbeg Street property was sold for £261,100, the Burgh Quay site realised £1,375,000, and the Sheriff Street site made £53,101.
Some of the 30 creditors who attended yesterday's meeting said the prices received for the properties seemed low, and requested to see the guide prices, if any, provided by Lisney estate agents. Mr Grace said that legally, the liquidators had a responsibility to ensure that the best market price for the properties was received, and that Lisney and the chargeholders would have had to approve their sale.
He added, in response to further questioning, that as far as he was aware no member of the de Valera family, or Mr Vincent Jennings, chairman of Irish Press plc, or anybody connected with the Irish Press had had any interest in the purchase of the properties.
One creditor said that the former employees had made the biggest investment into the closed newspaper group, more than £20 million.
Mr Grace replied that he was not under-estimating the service "the loyal employees" gave to the Irish Press. "Unfortunately, sensitivities do not come into this situation, legalities come into this situation," he said.
