Developer given €32M loan claims to be a "consumer"

jcsmith · **Posted:** Mon Jan 24, 2011 7:50 pm

Quote:

A man being pursued over an unpaid €31.8 million loan for a shopping centre in Co Monaghan has claimed he was a shopkeeper who was given the loan by Zurich Bank despite never having previously engaged in any developments.

Jim McConnon, Main Street, Castleblayney, is seeking to defend the bank’s application for €31.8 million summary judgment against him on grounds the case raised issues as to whether he should be treated as a consumer within the meaning of the Consumer Credit Act, his counsel Ross Maguire SC said today.

Mr Justice Peter Kelly observed Mr McConnon borrowed some €32 million to build a shopping centre and queried how this raised issues under the Consumer Credit Act.

http://www.irishtimes.com/newspaper/breaking/2011/0124/breaking59.html

hquain · **Posted:** Mon Jan 24, 2011 10:31 pm

32,000,000 for a shopping centre in Castleblayney.

1. A border town
2. With a population of 2950 persons
3. In 2007
4. To a shopkeeper who had never previously engaged in development “of any shape or size”

onlyone · **Posted:** Mon Jan 24, 2011 10:45 pm

hquain wrote:

32,000,000 for a shopping centre in Castleblayney.

1. A border town
2. With a population of 2950 persons
3. In 2007
4. To a shopkeeper who had never previously engaged in development “of any shape or size”

That is what destroyed this country.

Truth.ie · **Joined:** Dec 10, 2008 **Posts:** 783

hquain wrote:

32,000,000 for a shopping centre in Castleblayney.

1. A border town
2. With a population of 2950 persons
3. In 2007
4. To a shopkeeper who had never previously engaged in development “of any shape or size”

You forgot to mention that the Castleblaney bypass was just completed around the same year. Making the scheme dead before it left the plans.

igy · **Posted:** Tue Jan 25, 2011 7:34 am

So, er, dare I ask, what did he spend the 32 million on?

BrendanG · **Posted:** Tue Jan 25, 2011 8:20 am

igy wrote:

So, er, dare I ask, what did he spend the 32 million on?

Video of the shopping centre in this link from RTE News.

polaris · **Joined:** May 19, 2008 **Posts:** 1075

He built it alright................but they didn't come!

DozyHound · **Joined:** Jun 17, 2009 **Posts:** 320

Quote:

Mr Maguire said Mr McConnon was a shopkeeper who had never previously engaged in development “of any shape or size” and there were issues as to how it came about the bank had approached him, not vice versa.

WTF?

Dubhgeannain · **Posted:** Tue Jan 25, 2011 9:48 am

http://www.daft.ie/searchcommercial.daft?id=50019

http://maps.google.ie/maps?f=q&source=s ... 12,,0,4.92

igy · **Posted:** Tue Jan 25, 2011 9:53 am

BrendanG wrote:

igy wrote:

So, er, dare I ask, what did he spend the 32 million on?

Video of the shopping centre in this link from RTE News.

Well at least there's a shopping centre to show for it, it's made of solid gold right?

DSE3Br · **Joined:** Feb 24, 2008 **Posts:** 1328

Any relation to the coach company or are the McConnons the Smiths of Monaghon?

ewd3 · **Joined:** Nov 7, 2007 **Posts:** 5669

So,

The question that needs to be asked is who benefitted?

With whom was the 32 million spent..

this is murky with a capital M.

Inis Man · **Posted:** Tue Jan 25, 2011 10:35 am

hquain wrote:

32,000,000 for a shopping centre in Castleblayney.

1. A border town

Around these parts, pardner, we call it a 'frontier town'.

(And remember, the front is getting frontier. People just ain't the same around these parts as the rest of the country. Go in any bar and you'll see most drinkers sporting at least THREE ears! - a right ear, a left ear and a final front ear! )

Duplex · **Joined:** Jun 22, 2006 **Posts:** 2917

Castleblayney Shopping Centre-Start to Finish. With accompanying ‘Kevin Bloody Wilson’ soundtrack.

What Goes Up... · **Posted:** Tue Jan 25, 2011 11:04 am

Duplex wrote:

Castleblayney Shopping Centre-Start to Finish. With accompanying ‘Kevin Bloody Wilson’ soundtrack.
.....

That explains a lot!

Next time I'm building an extension I'll note the need for:
1. Industrial Crane;
2. 5 JCB Diggers;
3. Gangs of labourers, chippies, leccies and plasters;
4. Foundations of circa 10,000 sq. ft to a depth of 20 ft;
5. Steelwork frame a must!

Of course the lad should be viewed as a mere consumer fallen amongst wolves!

Developer given €32M loan claims to be a "consumer"

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