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Mark Paul's face
Mark Paul
Fri Jul 3 2015 - 01:30
That ringing sound you can hear is possibly coming from the ears of Tom Anderson, the former chairman of Aim-listed Circle Oil.
The businessman this week received what could politely be described as a dressing down from Mr Justice Brian Cregan.
It came in a High Court judgment over a dispute concerning a stalled deal to open a Las Vegas-inspired nightclub on Dublin's Harcourt Street, which was to be financed by the scion of the Anderson cinema- owning family.
Grab yourself some popcorn and a bucket of soda. The judgment is a thriller, utterly fascinating for its level of detail about the approach to business of one of Ireland’s most publicity-shy investors.
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Anderson was part of a consortium including radio investor Mike Ormond and publican Colin Dolan, which in 2012 approached former Pod nightclub owner John Reynolds about leasing the premises from him after the Pod shut.
The two sides fell out over the terms of the deal, including the building of a new fire escape, before settling a High Court case in 2014.
That settlement promptly fell out of bed when the deal wasn’t closed as arranged, resulting in another trip to the courts, which Reynolds won this week.
The lease is to be rescinded and Reynolds is to be awarded damages for breach of contract, after the judge found the Anderson consortium had made “an unscrupulous attempt” to leverage extra concessions from him.
In his judgment, Mr Justice Cregan said Anderson, the main financier of the deal, was the “key architect” of the consortium’s strategy in relation to Reynolds.
The beak expressed bemusement that Anderson had such a "strange relationship" with the consortium's solicitor, Simon Carty, to whom he had apparently never spoken despite being represented by him.
The judgment recalls how, under oath, Anderson explained why he didn’t want his own consortium’s solicitor to know anything about his finances.
“You’ve got to understand that Mr Carty has no idea what my status is,” said Anderson. “He has no idea whether I have funds or not and I don’t want him to know . . . I don’t want guys like that putting pressure on me ...”
Reynolds’s counsel asked what he meant by “guys like that”.
Anderson responded: “People who aren’t on my slate.”
Reynolds’s lawyer asked: “Are you telling me you don’t trust him?”
“He doesn’t know me,” replied Anderson.
The judge said this exchange demonstrated “how evasive Mr Anderson was in the witness box”.
The judge then criticised Anderson for having “scant regard for the discovery process” for delaying the discovery of documents relating to his finances.
“This . . . can only be characterised as a deliberate attempt to mislead the court,” said Mr Justice Cregan. “The extent to which Mr Anderson sought to mislead the court in relation to the payment of monies is clear.”
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"the hugely successful Circle Oil company based in Limerick" .
This is false and misleading information posted by someone who is a ramper or a fool or both.
The most cursory internet search will show the disaster that was Circle Oil.
"the hugely successful Circle Oil company based in Limerick" .
This is false and misleading information posted by someone who is a ramper or a fool or both.
The most cursory internet search will show the disaster that was Circle Oil.
Reference this post by Maverick on Jonathan Henry's cv:
"Chairman of the Board
Jonathan was President and Chief Executive Officer of TSXV-listed Gabriel Resources Ltd. from June 2010 to July 2018. Between 1994 and 2010 he worked with Avocet Mining PLC, now a West African gold mining and exploration company operating the Inata Gold Mine in Burkina Faso, in a variety of senior management capacities including Finance Director and Chief Executive Officer of the Company. During his tenure at Avocet he oversaw successful exploration, feasibility study, mine development and capital funding activities, plus a number of acquisitions and disposals of mine assets in Portugal, Peru, USA, Tajikistan, Burkina Faso, Malaysia and Indonesia. Jonathan is a director of Irish and AIM listed Ormonde Mining plc where he chairs the Remuneration Committee."
Avocet LSE:OVM was placed into Administration 21/08/2019
Judge gives cinema mogul Tom Anderson bad review in Pod ...www.irishtimes.com › business › companies › judge-gi...
Hi Big Bobby,
That is great news.
crusader898989**********
Bizana
Dont know why complete address is being blocked.
Try geemail and dot come if tht makes sense!
**********
Hi Big Bobby,
That is great news.
crusader898989**********
Bizana
Broomfielder,
Look up my 2 posts of 21 June.
Bizana
Steep decline in commodity prices - ATP no exception.
$300-315 today v. 333-341 4/52 ago.
May post again after AGM.
Bizana
Telemarker,
Thanks, that was a very interesting link.
Either TSN is way overvalued or ORM way undervalued. A bit of both I expect.
Bizana
20 July
$333-341
Hi BB20,
Really pleased that you are on the mend.
Hi everyone else.
Agree with you Broomfield about the SP. It's all a bit bizarre but the volumes are small.
Our, taciturn, Board is focussed on getting the mine into production. No bad thing, but it looks like our Media/PR people have been given the year off.
Bizana
Thanks Gotabesirius.
Access to the Davy analysis (13 page document) appears to be client restricted.
Investors looking for a get-out point need to look at Oaktree. They are not miners. To the best of my knowledge the average time they hols an investment is 4 years.