We have been sitting on our hands for some time now waiting for Nama to finalise the license we need to access the ship to get a more detailed survey to get a handle on the costs involved in repairing the hull. We need to have an accurate figure on the costs involved in the project as a whole before we can approach any potential investor. Sadly, we are still in a position where we can not even say for sure if the ship is beyond repair as we have been prevented access to the ship, in particular her many ballast tanks where most damage may surely be expected. Some weeks ago, Nama issued a draft license which had a bizarre condition requiring a €50,000 bond made to Waterways Ireland who still feel they may satisfy their ambition of breaking the vessel. (It was bad enough that Nama solicitors wrote into the license that their (un-established) fees should be paid within 14 days) We questioned these matters and on Thursday Nama clarified the bond condition as something that would have to met BEFORE we could access the ship. Even if such funds were available I can not justify a €50,000 punt on a ship that we have not been allowed survey and may not even attract the investment required to see the project through. So, once again, we are obliged to return to our political supporters to try and resolve this unnecessary hurdle. I am mindful that we were prevented from carrying out this survey in May even though we had everything organised (at all our expense and goodwill of many) to carry out this survey which would have given the clarity needed to progress. It is not beyond the realms of possibility that we could now have commenced work on her restoration with a solid financial backing if such mind numbing bureaucracy had not prevailed. If this was a horse race we are still in the stables. Very frustrating. We have written to our political supporters and await the next step. Meanwhile; the ship is safe, secure and still a viable entity. thanks for your continued, albeit patient support.
Posted on: Sun, 24 Aug 2014 08:00:36 +0000