Walter Scott, a US billionaire and Berkshire Hathaway board member, has teamed up with David McCourt, principle at Granahan McCourt Capital, in Boston, to shop for distressed assets in Ireland.
McCourt said they are looking at telecommunications businesses “but not Eircom” and they’re “staying away from real estate for now".
Scott, a childhood friend of Warren Buffett’s and director at his company, Berkshire Hathaway, holds a stake in the company worth $13million (€9.75m). He also chairs the $7.5 billion-capped Level 3 Communications, which boast the Irish Internet company Servecast for $40 million.
His father started Kiewit, an Omaha based billion dollar construction company, which turned its hand to telecom, fibre-optics and the power-plant business.
He is a staple on the Forbes rich list having made billions from the Berkshire Hathaway's acquisition of MidAmerican Energy in 2000.
Scott is business partner and mentor to McCourt, the Irish American working as their emissary in Ireland. McCourt has spent two weeks meeting with representatives of several Irish banks and several companies.
The Sunday Independent reports that they may be signing on four deals.
McCourt said “Walter and I looked at Ireland. With €135bn worth of assets to be sold, it looks like there are options here. We are talking to a number of companies that have either been in default on loans or are about be, or where the banks are about to, or already have taken over.
“If they're good businesses with bad balance sheets, we could be helpful,” he said.
Some these plans involved a partnership with restructuring specialist Gores Group, which has been linked with a move for Greenstar Recycling.
He continued “We're interested in any business that we feel we would understand, where we have a view on where it's going to go and respect the management. The balance sheet can be broken but not the business.
“We like to go where there has been lots of disruption or change -- the more change the better. Incidents of change allow us to have an advantage over bigger companies. We have less baggage.”
The Boston Irish businessman first worked with Scott on Kiewit’s London venture – to design cable television and telecom networks for the European market.
McCourt is on the University College Dublin Smurfit business school advisory board and also JP Morgan Chase’s. He is also estimated to be worth $1 billion.
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Switch to the desktop site to post a comment.bob40wil | Apr 15, 2012, 01:29 PM EDT
From some of the comments here maybe Buffet and friends should let the Germans or French, maybe the Brits buy all the distressed businesses in Irealand. Obviously they don't want American money involved. China might be a good choice as well. It's clear Ireland needs some help, with everyone jumping ship, again, as the economy goes south. Sorry but under theses conditions you don't get to pick and choose who puts money into your economy.
STEVENSTAR | Apr 12, 2012, 07:57 PM EDT
@@@IrelandNorth | Apr 04, 2012, 05:44 AM EDT Why not petition the United States Federal Government for Ireland as a whole to become the 51 state of the American Union. That would solve the problem of partition in perpetuity. Then the UK as currently constituted could petition to become the 52 state. And we could call it Anglophonia or Oceania. Might counter the Tower of Babel that is the European Union increasingly.>>>>>>>>>>>>>> HA HA DO U REALLY THINK WE WOULD WANT TO BE THE 52ND STATE ? I DONT THINKS SO . ID RATHER STARVE WE ARE EUROPEANS NOT AMERICAN I FIND YOUR REMARK VERY OFFENSIVE INDEED. WE HAVE OUR OWN CULTURE OUR OWN IDENTITY. THE COUNRTY IS GOING THROUGH A DOWN TURN SO WHAT? .. BUT WE ARE JUST FINE THE WAY WE ARE THANKS ..
STEVENSTAR | Apr 12, 2012, 07:54 PM EDT
OH DEAR LOOK OUT !! THE AMERICAN 'VULTURES' ARE ON THE WAY !! .. KEEP OUT WE DONT WANT YOUR MONEY THANKS WE DOING JUST FINE WITHOUT IT..
VonLiebenitz | Apr 09, 2012, 09:40 PM EDT
Indeed they would rather lock up a 16 year for speaking his mind on a pubic forum than arrest an apparently (so we are led to believe) fully grown man for gunning down a 16 year in cold blood old for doing nothing more than appearing to act suspicious.That,s the world we live in at the moment.Take note.There,s more to come.
VonLiebenitz | Apr 09, 2012, 09:33 PM EDT
Indeed we are fast becoming the 52nd state.A truly lamentable position to find ourselves in.A have a feeling when all this is over Ireland will be far worse of than it was before.Maybe then people will sit up and take notice of the bigger picture.Enda Kenny is nothing more than a puppet for the old money club of Ireland.The landed gentry.i.e the first or second wave of british invaders that settled the land sometime around the 16 century.The are about as Irish as the Queen of England. No wonder they get on so well with her.But id have better shut up because such talk is deemed unfashionable.Whats more it is even deemed unpatriotic in some circles.That is the general public have been so brainwashed by centuries of propaganda that they indeed hate their own culture and indulge in obvious self loathing.But i digress.
VonLiebenitz | Apr 09, 2012, 09:33 PM EDT
Indeed we are fast becoming the 52nd state.A truly lamentable position to find ourselves in.A have a feeling when all this is over Ireland will be far worse of than it was before.Maybe then people will sit up and take notice of the bigger picture.Enda Kenny is nothing more than a puppet for the old money club of Ireland.The landed gentry.i.e the first or second wave of british invaders that settled the land sometime around the 16 century.The are about as Irish as the Queen of England. No wonder they get on so well with her.But is better shut u because such talk is deemed unfashionable.Whats more it is even deemed unpatriotic in some circles.That is the general public have been so brainwashed by centuries of propaganda that they indeed hate their own culture and indulge in obvious self loathing.But i digress.
MissSusie | Apr 06, 2012, 02:14 AM EDT
bythebay: You are wrong!
bunkerhill | Apr 04, 2012, 06:11 PM EDT
As an American I wish we had a man like Warren Buffet or any of his colleagues running for president. Warren Buffet is a completely decent man who is leaving all his money to world charity causes. He still lives in the home he was born in and I trust him implicity. Running for US president we have a Bishop of the Mormon Church or whatever they call it who wants to go to war with Russia. Apparently Christ's message, Love thy neighbor as you love yourself doesn't apply to Russia. On the other hand we have Santorum, a professed staunch Catholic who is so worried about babies and I do love babies. However this Christian wants to go to war with China. Apparently Chinese babies don't count and I would bet this man doesn't even know the population of China. These two idiots have disguised themselves as Christians, but they are truly sheep in wolves in clothing. And how about US troops in Australia. Hoorah for her "lowness." No American has had a vote on this piece of work.
ciaradexy | Apr 04, 2012, 06:06 AM EDT
Ah jaysis sure there yiz all were complaining about the Chinese investing and sure now that its yourselves yiz arent moaning at all!
IrelandNorth | Apr 04, 2012, 05:44 AM EDT
Why not petition the United States Federal Government for Ireland as a whole to become the 51 state of the American Union. That would solve the problem of partition in perpetuity. Then the UK as currently constituted could petition to become the 52 state. And we could call it Anglophonia or Oceania. Might counter the Tower of Babel that is the European Union increasingly.
Murph46 | Apr 03, 2012, 05:03 PM EDT
Loyal Your check is in the mail to you exclusively-eat hearty eejit!
LoyalCitizen | Apr 03, 2012, 03:56 PM EDT
@Murph46: I don't want feeding from your mucky little hands...........I want the money your pretentious corporations fleeced out of Ireland and i will feed myself.
Murph46 | Apr 03, 2012, 03:00 PM EDT
Loyal there are no economic rules that apply under the situation of good company and bad balance sheet.So your blithering of supply & demand does not mean anything!And as far as insult,you have done nothing but denigrate the hand coming to feed you so go blow smoke up someone elses arse!
LoyalCitizen | Apr 03, 2012, 02:50 PM EDT
@Murph46: Its hardly going to be a rescue plan if you insult your customers...........Do you know about supply and demand or are you out to fleece us again?
Murph46 | Apr 03, 2012, 01:02 PM EDT
You are the one out of touch you fool! Not one shred of evidence have you forwarded but you continue to shoot sh... out of your mouth.Have a nice life you psycho pathetic slug.
LoyalCitizen | Apr 03, 2012, 12:50 PM EDT
@Murph46: You don't think the American Mafia would keep accounts to be brought out in public do you..............You are so out of touch with reality that we turn down your help.
Murph46 | Apr 03, 2012, 12:27 PM EDT
LoyalCurmudgeon-Once and for all,put up or shut up.Give us a specific example (balance sheet B4& After)of an American Corp. that fleeced funds.Your Anglo Irish Bank led the losses of Irish banks of 106 Billion Euros.Mostly to internal Irish speculation.Show your example or STFU!
LoyalCitizen | Apr 03, 2012, 11:34 AM EDT
@Murph46: Pay back the funds your fleeced out of Ireland through manipulating traitorous Irish Politicians and you would not have to pretend to be the hero rescuing anybody........With friends like you we do not need enemies.
Murph46 | Apr 03, 2012, 10:45 AM EDT
Good businesses with bad balance sheets-America to the rescue!
Yardleypa | Apr 03, 2012, 10:43 AM EDT
In 2007 he lost 288 million with AIB now with all the austerity there is no disposable income.Stay away or else invest where all the kids went either Australia or Canada.With the amount of debt the Gov took on its going to be like dealing with the Gestapo just more and more taxes and charges.One million households refused to pay the household charge of 100 eu what does that tell you about the frame of mind over there.