Posted by Kharn on May 25, 2001 at 15:15:13:
In Reply to: Re: FAO Office workers posted by No can't find it.... on May 25, 2001 at 14:52:49:
I'm kinda tired of telling this story, but I'll tell it again...
This is all the information I have on the situation. I won't try and convince you that it's unbiased as it's not.
In November of 2000, Eircom promised Ebeon another IR£6m in funding. Ebeon was pleased as it meant they could progress to their next stage of evolution. This money was promised (in writing if memory serves) and never came.
In December, just before the Christmas when there wasn't enough money in the bank to pay the wages, Eircom were once again asked where the money was and they said it was comming. The CEO went to the bank and told them this, but they weren't going to pay the wages, so he said he'd pay it personally as he'd just re-mortgaged his house and had the ability to do so. The bank said they'd cover it because he was clearly willing to do this as he had it on good faith that Eircom were due to give the 6 million (and he'd be paid back).
So, it went on and suddenly, it's the 18th of Jan and we're all in the board-room being told the company has no money (this was the day before payday). There was an EGM and the thoughts were that a receiver would be appointed. A receiver keeps a company afloat, but he would more than likely have closed New York, California, Milan and London (London had been hammered - manager was sacked and it was a financial leech). This would have meant that the core business in Dublin would still be alive and kicking as it was very valuable - contracts worth something like IR£4m and that was all repeat business with our biggest clients (Bank Of Ireland, Eircell, Irish Life and Permanent and VHI).
So, we were natually nervous and 4 hours later we found out that Eircom were appointing a liquidator and that that meant the end of Ebeon as an entity.
Now, here's what I was going to post in the last message...
A Scottish company called 3 I had been visiting the week before and were about to make an offer for Ebeon (on the Friday the 19th - day after closure). If Eircom had kept Ebeon afloat for one month and made a speedy sale (along with the other shareholders), they would have been able to claim back some if not all their losses (depending on the 3 I offer). They certainly would have left with more than they got (which is zero).
Now, I do not blame Eircom entirely for the mess. Ebeon's management were at fault for trying to grow too big too quickly and they were the first to admit it. I admit I was very angry with Eircom over the whole thing, but I've settled down and I've tried to put it behind me.
It's a truly frightening experience for anyone to go through and I really hope it doesn't happen to any of you reading. I had no money, no house (my lease was up and the landlord was about to renovate the house so I had to leave) and I didn't even have the cash for the train home! Thankfully, the bank fluffed up and we got paid (cheers to the probably now un-employed AIB person who made that happen) and I was OK.
Anyway, this has nothing to do with my initial post about people's office chairs so can we PLEASE drop it?
It happened, it's almost finished with (our pensions are the only remaining thing left to be sorted and that's happening now)
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