Altada buyer undeterred by staff revolt

Jeffrey Leo, the US businessman leading a bid to buy ailing artificial intelligence company Altada out of liquidation, is undeterred by threats from staff members that they will leave the company if his bid is successful, the Business Post has reported.

The Irish Times reported on Saturday that the Cork-based company is “imploding”, according to one employee, after more than 20 staff members said they would walk away from the business after Mr Leo’s bid was accepted by the liquidator on Thursday evening.

But Datech, the company fronting the former Morgan Stanley banker’s bid, is undeterred and intends to proceed with the deal even without employees, the Business Post said.

Work ‘paused’ at major Dublin apartment development

Work has stopped at a major property site in Dublin city centre where developer Eagle Street has permission to build 700 apartments, the Sunday Independent reported.

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The company, led by former Glenveagh executive Shane Scully, has insisted that there will be no delay to the project but said it was “taking time” to make amendments to the design of the scheme at the former Castleforbes Business Park site on Sherriff Street.

But the project’s backer, US asset manager Nuveen, is said to be “reviewing construction costs” in the current high interest rate environment.

Michael Fingleton urged to declare bankruptcy

Former Irish Nationwide chief Michael Fingleton has been urged to declare himself bankrupt by one of the special liquidators appointed to the Irish Banking Resolution Corporation (IBRC), according to the Sunday Times.

IBRC, which took over Irish Nationwide after its collapse, claims it is owed up to €552 million by Mr Fingleton, arising from loans issued for developments between 2008 and 2010.

In a sworn statement to the Court of Appeal last week, special liquidator Kieran Wallace responded to claims by Mr Fingleton’s legal team that the former banker’s financial means have been depleted.

Bedsit investors make 200% return flipping properties

Property investors who bought up bedsits in recent years made a 200 per cent return last year when they flipped their portfolios to a Liechtenstein-based investment fund for more than €50 million, the Business Post reported.

Liechtenstein firm Nassarius Capital, controlled by the Swiss-based Monterosa Group, acquired 24 properties in Ireland last year, according to the paper, for €50.6 million.

The majority of the properties were bought from Mary Moloney and Sonia Gleeson, two property investors who sold 21 houses to the Liechtenstein-based firm for €45.7 million.

NCT chaos causing insurance-cover confusion

Delays of up to 32 weeks for the National Car Test (NCT) are wreaking havoc on motorists, according to the the Irish Mail on Sunday, with many confused due to the approach of some insurers.

Average wait times of 22 weeks across the country have left some drivers unable to insure their vehicles.

Zurich Insurance has said that thousands of motorists waiting for NCT appointments are not covered by their policies while other insurers have suggested there is some “flexibility” with claims in the event of a collision.