22 thoughts on “De Tuesday Papers

  1. jusayinlike

    The poor loyalists and their illegal eviction warrant, getting molested at dawn. My heart bleeds for them.

    The Indo is leading with state spoofer Paul Williams claiming vigilante justice has replaced the law.

    1. Praetorian.

      +1
      This coming from a reptile implicit in the villification of Maurice McCabe.
      Williams is a scrote.

    2. dylad

      Without all the information on this case, it’s hard to know what to think about this, but glad to see it hasn’t stopped you.

  2. Giggidygoo

    Simon Harris, last week on the one o clock news on RTE maintained that no health services would be affected by the overrun of €1bn approx on a €500m approx initial cost of the children’s hospital in Varadkars back yard.
    And a couple of days later, Varadkar is telling us that services will be affected. The boys can’t even get their own story straight. So who is the beneficiary of this three fold overrun? One of the cast of the flintstones?

  3. johnny

    This report was prepared for the US Senate has been widely discussed/analyzed and quoted.

    “Cyber troops are government, military or political party teams committed to manipulating public opinion over social media. In this working paper, we report on specific organizations created, often 8ith public money, to help define and manage what is in the best interest of the public. We compare such organizations across 28 countries, and inventory them according to the kinds of messages, valences and communication strategies used.”

    https://comprop.oii.ox.ac.uk/research/troops-trolls-and-trouble-makers-a-global-inventory-of-organized-social-media-manipulation/

  4. johnny

    -apols prior link was to an earlier paper,here’s that senate report,full paper link at bottom of summary.

    “Russia’s Internet Research Agency (IRA) launched an extended attack on the United States by using computational propaganda to misinform and polarize US voters. This report provides the first major analysis of this attack based on data provided by social media firms to the Senate Select Committee on Intelligence (SSCI).”

    https://comprop.oii.ox.ac.uk/research/ira-political-polarization/

      1. Johnny

        What are you trying say Bro,the widely anticipated report was published yesterday into Russian interference in US elections.It was leaked to WaPo Friday,has dominated the news cycle here since,prepared by leading researchers.
        Can you explain where you are going with this,almost every one my posts you have something useless to say,how do you think this is going to go for you,one definition of stupidity is doing the same thing over and over again,expecting a different outcome.
        .

        1. Brother Barnabas

          you’re quite right, johnny. i shouldn’t laugh at you. it’s just that you’re such an extraordinary dullard with such hilariously pretentious notions about yourself that it’s hard not to. i promise, though, to try harder to ignore you from now on. happy with that?

    1. Eoin

      “Denis O’Brien’s telecoms company, Digicel, is edging toward an accord with *some* investors to push out a share of its debt after months of negotiations, according to a person familiar with the talks.” reports Bloomberg, which is re-reported in the Irish Times.

      Apparently the “accord” involves an undertaking by Denis O’Brien that he (1) won’t extract more dividends and (2) he won’t use Digicel to do business with his other companies.

      However, it seems only some of the bondholders are biting, which presumably means the other bondholders will get the benefit of the accord even though they hold onto bonds which are redeemable in 21 months. Several Digicel bonds are trading at record lows in recent days.

      1. Johnny

        Thanks Eoin,this has be the best line on it from Indo,the inability of Digicel and Dennis O’Brien to buy them back at that yield is all you need to know.
        ‘Market fluctuations mean Digicel bonds due to be repaid in September 2020 yield 35pc, up from about 21pc in July.’

        1. johnny

          Little bit housekeeping on Digicel Deathwatch:
          Moody’s Investor Service 5-Dec-2018.
          Issuer Comment-paywall/sub only so apols.

          “There is still uncertainty as regards the final outcome of the exchange offers, in particular the level of acceptance that they will reach, which will determine the eventual amount of new notes at Digicel Group One Limited (DGL1), Digicel Group Two Limited (DGL2) and DGL and whether there remain any existing notes at DGL. After the launch of the August 31 exchange offers,we assigned a Caa2 rating on the proposed, new 2022 and 2024 notes, with the existing notes at DGL being rated Caa3. Once the updated exchange offers close, and depending on the outcome, we may reassess DGL’s ratings and notching of debt instruments. If the transactions are completed as proposed, we will consider the exchange offers as a distressed exchange.”

          Key part is Digicel proposed bond exchange is considered DISTRESSED !

          “Through the exchange offers, DGL looks to have a longer runway to address its operating issues and highly-leveraged capital structure.DGL is facing large upcoming debt maturities, including $2.0 billion DGL notes maturing in September 2020 and $1.3 billion DL notes
          maturing in April 2021. Digicel has also been considering asset sales and has concluded one tower sale transaction (sale of towers in Jamaica for around $90 million) while another transaction (sale of towers in South Pacific) was delayed. The impact of asset sales on
          the company’s financial profile has therefore been limited so far.
          DGL’s liquidity has been weakening for several quarters, affected by pressures on revenue and EBITDA and negative free cash, also resulting in tighter leeway under its financial covenants. However, we expect the company to return to positive free cash flow generation by the end of its current fiscal year (ending in March 2019), which should gradually increase again it liquidity sources.”

          Moodys-Issuer In-Depth 2-October 2018-REPORT NUMBER 1126235.
          -Digicel Group Limited faces large debt maturities and a highly-leveraged capital
          structure that have materially increased its refinancing risk.
          -A further weakening of Digicel’s liquidity would significantly increase its risk from
          a debt restructuring, but asset sales should ease current stress from negative free
          cash flow.
          -While geographic diversity helps dilute weaknesses in a particular market, Digicel
          is highly exposed to markets that have a history of instability.
          -To reduce leverage, Digicel must not only increase EBITDA but also sell some
          assets and reduce debt.

          “Digicel’s liquidity has been weakening since late 2017, with negative free cash flow cutting the company’s cash balance to $158 million as of June 30, 2018, down from $234 million at the end of September 2017. Digicel has also fully drawn down its $100 million revolving
          credit facility due 2020. The increase in its leverage has substantially reduced the company’s leeway under financial covenants.The cash that Digicel needs to service its debt must be drawn from the local markets where it operates (see Exhibit 2), some of which can face repatriation risks, even though they are not subject to exchange controls. Bonds issued at the Digicel Group Limited level depend particularly on the company’s ability to repatriate cash from Papua New Guinea, where Digicel had $57 million of its total $158 million cash balance as of March 31, 2018. While Digicel has repatriated cash from Papua New Guinea at times, the country has limited US dollars available, which can constrain cash transfers back to the parent.”

          “Even so, Digicel will need to make substantial asset sales or take other initiatives to reach its leverage guidance of a one-turn reduction to a gross debt/EBITDA ratio for the last two quarters available (L2QA) of about 5.7x by the fourth quarter of FY 2019, and to
          sustainably stop its cash burn. So far in FY 2019, Digicel has sold only $145 million in assets (towers), a small amount compared to its total debt of $6.8 billion at March 2018. We view the company’s target as ambitious and view some delay as likely: the timing of further asset sales or any other cash the company can generate from inorganic initiatives remains highly uncertain. To reduce its leverage by 1.0x, Digicel would need to improve its EBITDA by $180 million on an L2QA basis from the FY 2018 level, reduce debt by around $1 billion, or a mix of both.”

          Quite the contrast to the Irish MSM reporting !

  5. Eoin

    According to what must be one of the worst written articles in 2018 in the Times Ireland, Enet is no longer an equity partner in the consortium that is the sole remaining bidder for the National Broadband Plan, but Enet is a supplier to the consortium (there’s a big difference between equity partner and supplier). It is unclear why Enet or others decided it would no longer be an equity partner in the consortium. Presumably, this limits Enet’s ability to generate profits from the deal.

    Enet was fully acquired by the govt backed (through ISIF) Ireland Infrastructure Funds a few months back. Still no word on the price paid, but that transaction looks iffy.

  6. Eoin

    Would you look at the state of the Indo as it goes into Sinister Fringe elite mode

    “local criminal gave go-ahead for vigilante attack on Sunday”
    “INLA and Continuity IRA behind the attack”
    ““Dissidents from the North and Dublin are suspected of involvement. They reached a deal with local crime groups allowing for them to carry out the attacks on their turf,” one source said.”

    In the words of one supporter of the family peaceably giving support by their presence last night

    “The right thing you can do is f*** off back to Dublin,” one man told the Irish Independent. “I’m here as an independent person representing the people of Ireland. The likes of your reporting is atrocious and you should be ashamed to come here tonight.””

    1. anne

      It does have the hallmark of being organised.. Barriers put up on the roads before storming the house etc.

      The sinister crowd coming down from the north initiated it though.

      The dissidents perform a valuable function in keeping certain elements out. They always have.

  7. Johnny

    Thanks Eoin,this has be one the best lines on it from Indo,the inability of Digicel and Dennis O’Brien to buy them back in the market at that yield is all you need to know.
    ‘Market fluctuations mean Digicel bonds due to be repaid in September 2020 yield 35pc, up from about 21pc in July.’

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