By Richard Dunbar, Investment Solutions, Aberdeen
In October 1997, McInerney Holdings plc debuted on the Irish bourse. With a prospectus boasting of strong demand for Irish housing, rising employment and favourable demographics, what could possibly go wrong?
Well a few years later we found out, in a letter to shareholders detailing the liquidation of the company, which talked of a group “with no meaningful assets of worth and no bank facilities” — rarely a good corporate combination.
