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Tony O'Reilly's Independent Newspapers group has defaulted on a 200 million loan from its creditors.
The myth has collapsed.
All the nonsense talk about Independent Newspapers being read in every home in Ireland.
No one is buying or reading these crudd sheets.
No one ever has.
Not since about 1980.
All the claims about the popularity of the Independent Newspapers lifestyle journos, all the claims that their exaltation of hedonism was in fact something the public wanted, all the claims that the pornographying editorial board were some kind of geniuses, all are brought to nought.
Well not exactly nought.
Around 200 mill actually.
It's over.
Independent Newspapers can now be seen for what it truly is.
This is what Independent Newspapers is.
Independent Newspapers is the group that published Ian O'Doherty's malign dishonourable and cowardly lies claiming the Catholic church is a paedophile ring.
Independent Newspapers is the group that published John Cooney's malignly cretinous call for a boycott of Catholic church sacraments.
Independent Newspapers is the group that in partnership with British porn baron Richard Desmond, employs Ger Colleran the editor of the Daily Star who falsely, malignly and maliciously claimed on national television that children had been screaming for help in every Catholic church presbytery in Ireland.
These people are Independent Newspapers.
And their total net indebtedness is nearly two billion quid.
That's right.
Not just the 200 mill they've just defaulted on.
Nearly two billion.
They're finished.
Unless our craven kleptocratic Fianna Fail government decides to bail them out.
But ah.
That's another story.

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This week's episode of the Heelers Diaries was brought to you by the words malign, craven, cowards, liars and kleptocrats, and by the number two billion, and by the colours green, white and gold. The Heelers Diaries is a production of the Children's Television Workshop.