Last March, Mr Ray McLoughlin told James Crean shareholders it was in discussions that might lead to a possible offer for the company. Before shareholders got too excited, however, Ray also told them that any offer would not exceed 35 cents a share.

Given Crean's suspension this week after it failed to produce its results within the required timescale, 35 cents a share for the company seems so much pie-in-the-sky.

It's hard to see where Crean goes from here. Its only assets are the heavily indebted US food business and the 20 per cent stake in Oakhill.

Quite what any buyer would want with either of those assets isn't obvious.

At least Mr McLoughlin has shared the pain of his shareholders.

Two years ago he bought two million shares in Crean for £1.7 million (€2.2 million) before Oakhill was demerged from the parent. Those shares - which were bought at an average price of €1.03 - are now worth just €0.40 (the combination of the current Crean and Oakhill prices).