Saturday, December 3, 2011

Declan Ganley's Rivada loses 700K in 2010

I have often said that Ganley is all smoke and mirrors this weeks The Phoenix magazine notes his latest business failures as well as court actions to recover 82 K owed to companies after his 2009 Libertas scam
In the High Court, an outdoor poster company called Titan Outdoor Ireland Ltd (now in liquidation) is suing Ganley for around €70,000 it claims to be owed for providing advertising related services to Libertas during the 2009 anti-Lisbon Treaty campaign. That case is due to be heard early next year after the Motion for Judgment was adjourned last week. Meanwhile, in Ganley’s own backyard in Galway, the Circuit Court is to hear an action by a company called Sales Ltd, which provides promotion material such as embroidered
jackets, t-shirts and baseball hats. Controlled by Joe Kavanagh, Adlantic claims to be owed over €12,000 by Ganley/Libertas in relation to the 2009 campaign.These court actions aren’t the only headaches for Declan Ganley.

Earlier this year, Ganley Corporate Management Ltd – owned by a West Indies company, Golden Bay Holdings Ltd, where the directors are listed as Declan Ganley and his brother Sean – filed accounts showing accumulated losses standing at over €2.5m at the end of 2010.

Things aren’t looking much better for the Libertas founder in his Rivada Networks Ltd company, where recently filed accounts show accumulated losses of over €700,000 at the end of 2010. These accounts also state that Ganley now has no shares in the company’s parent, the US telecoms operation, Rivada Networks International LLC, where he previously held a 13% stake and where he is currently listed as chairman and ceo. (Other directors include Michael Jackson, the former deputy secretary at the Department of Homeland Security and Gen Richard Myers,former chairman of the US Joint Chiefs of Staff.)

You were warned before on this blog but buyer /investor beware with the bold watford boy and his business "acumen" you might be the person on the menu.
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