The Magma Saga - ep #5...

Previously on The Magma Saga...

ep #1
ep #2
ep #3
ep #4

And Now... ep#5
Meeting? What Meeting?

I am reliably informed that the Magma European Scripting House Creditors' meeting scheduled for tomorrow, April 12, will not be taking place. It was to have dealt with matters which were not addressed at a two-minute meeting cancelled or adjourned - depending which part of the room you sat in - on March 18.

Local press in Galway has since reported that the County Sheriff has sent bailiffs on a number of occasions to Magma's premises in order to sieze goods to the value of €14,000, an amount owed to Peninsula Business Services.

It's hard to see how the bailiffs would know which goods they could justifiably seize since there are several Magma companies at the Merchant's Road address and it is, reportedly, only Magma European Scripting House that is in financial difficulties.

The report also states that Magma owes €60,000 in unpaid rates to Galway City Council and that trade creditors are owed €700,000.

If any of these trade creditors are owed money for work on specific Magma film or TV projects they will be wondering why they were not paid in the first instance from project budgets.