Eircom’s fall due to ‘pass the parcel’ history

The ownership history of troubled telecom’s company Eircom made sad reading, Mr Justice Peter Kelly said in the High Court yesterday.

The company had been the subject of corporate “pass the parcel” whereby it had changed hands several times and while the players of this game were the winners, it was the parcel — Eircom — which lost out, he said.

The judge made the comments as he appointed an interim examiner because he was satisfied the company is insolvent but has a reasonable prospect of survival under a new business plan.