Vulture Funds. What are they?

by Gman2k Mon Feb 19, 2007 10:27

Debt Advisory International is not to be confused with www.dai.com. See the following link...
http://www.dai.com/about/newsroom.php?nid=93

by MichaelY - iawm Mon Feb 19, 2007 10:44

The man behind 'Donegal International' is Michael Sheehan (see photo).

The judge in the London case, Andrew Smith, while finding in favour of the vulture funders, "based on a strict interpretation of the law and not on moral grounds" as he put it, said Sheehan is a dishonest man who misled courts and the law in at least three countries.

More info on the link: http://news.bbc.co.uk/1/hi/programmes/newsnight/6370385.stm

Sheehan is the man on the left

by stan Wed Feb 21, 2007 00:01

a spokesperson for the Zambian government told Oxfam who told the BBC that 40million was equal to what they were going to spend on schools, medical supplies and stuff like that :- "Money thrown at the parched earth and ignorance". It is not the first time vulture fund lawsuits came out of the Caiman Islands tax haven to find justice. Back before poverty was historic, Argentina faced a pack - one single belonging to a member of the Dart family demanded 700million$. Thankfully Argentina got Kirchner as a government and Brukman as a social movement. And of course a lot of people left. The Dart family might give you an idea as to what Mr Sheehan in the photo above is hoping to do with the 16million profit his purchase of a state debt to Rumania at 4million.

The Dart's made their fortune from polystyerene cups. Plastic food containers - items of pure capitalistic genius - in that they are only used once and then disposed of, throw away, disappeared magically never to be thought of again. The Dart's make more of this wonder than all their competition in the sector put together. In the 1990's the main brothers with control of the company renounced their US citizenship, not for any silly cultural reasons - but for the very sensible fiscal ones. They now of course get their post in the Caiman Islands where they are respected members of the local community. But the IRS (the US tax people) chased them up for a few debts of non-payment of tax and wrongly writing off a good few million on executive aircraft.
["2001, the Internal Revenue Service said the Dart brothers improperly billed $11.6 million of personal security costs to Dart Container. In U.S. Tax Court, Dart Container argued the money was a valid business expense due to "specific threats and other facts and circumstances." Half the money went for corporate aircraft. The IRS asked for $4.4 million more for 1996 and 1997 taxes.In 2003, the Internal Revenue Service hauled the brothers into court, saying they owe an additional $19 million in 1998 and 1999 taxes.[7] They deducted $45 million in "interest" payments to feuding sibling Thomas J. Dart, relating to division of the family business in 1986. The brothers claimed they were owed a $10 million refund instead.[7] In 2002, the Dart brothers and their companies paid $26 million in taxes - for 1994.[7]"]

So you see these people need money to pay off debts - this is a good thing. It's all about consumer confidence and the job of easy versus difficult money. We need money to circulate - to pay tax and keep your medical research funds, your pension funds and your security bills going. There's a war on.

In short vulture fund managers and holders are amongst the truest capitalists working to make you money and the world of loan repayment a safer one. But like most examples they are objects of criticism. Even here on this site. Where you'd expect people to know better.