Irish brass-plate companies have become a central plank in the structures used by vulture funds to swoop in on Mediterranean distressed debt. An investigation into Cerberus reveals how this extends to dealings in tens of thousands of foreclosed properties.
Debt collector turned vulture fund Cabot Financial has been growing its Mediterranean business out of Dublin, illustrating the wider trend among US distressed debt investors to use Ireland as a base for European portfolio securitisation.
The “Spanish Warren Buffett” sparred with Aryzta Chairman Gary McGann at the Irish-Swiss food giant’s 2018 AGM and narrowly lost an €800 million shareholder vote. Francisco Paramés is on the attack again with a new ally – and little left to lose on his Aryzta investment.
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