Board index » The IRISH PROPERTY BUBBLE » The Republic of Property

Post new topic Reply to topic  [ 249 posts ]  [Go to page]   Previous  1 ... 13, 14, 15, 16, 17  Next
Author Message
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Wed Sep 21, 2011 10:38 pm 
Offline
Too Big to Fail

Joined: Jun 21, 2010
Posts: 3052
http://www.independent.ie/business/iris ... 82494.html

Significant pre-emptive leaking here I would say. I think we're being prepped for a 'debt forgiveness on the unpaid loan balances because he co-operated in the disposals' job.

Quote:
property developer Derek Quinlan expects to reduce his personal debts to NAMA to around €110m by year end following a series of transactions over the last 18 months, mainly in the UK.

Mr Quinlan, however, is still likely to have a shortfall when all personal assets are disposed of, leaving NAMA with a decision about whether further action will be taken against him, or some form of debt forgiveness will be entertained.

Mr Quinlan originally owed €400m in personal debts to NAMA, with about €200m owed to other banks. NAMA yesterday declined to comment on its progress with Mr Quinlan, as is customary practice with individual developers.


Or else it is his advisors pushing for this?


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Wed Sep 21, 2011 10:44 pm 
Offline
Under CAB Investigation

Joined: Feb 1, 2008
Posts: 2850
Location: God's Country
Quote:
NAMA yesterday declined to comment on its progress with Mr Quinlan, as is customary practice with individual developers.


Customary practice, eh?
And how long has NAMA been in business to establish such "customary practice"? :shock:


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Sep 25, 2011 10:11 am 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14892
Quinlan’s Dublin House Said to Be Near Sale to Belgian Embassy - Finbarr Flynn -> http://www.businessweek.com/news/2011-0 ... bassy.html

Quote:
Sept. 14 (Bloomberg) -- A former Dublin home owned by Derek Quinlan, once one of Ireland’s richest men, may be sold and used by the Belgian embassy, said two people with knowledge of the matter.
The Belgian government is in talks to buy the refurbished Victorian-era property on Elgin Road in Dublin for 2.5 million euros ($3.4 million) to 2.9 million euros, said one of the two people, who declined to be identified because the talks aren’t concluded.

there is more


Quinlan blazes a trail but what about leftover debt? - Emmet Oliver -> http://www.independent.ie/business/iris ... 84049.html

Quote:
It resembles a property version of a car boot sale. Disposals by developer Derek Quinlan have been brisk and substantial over the last 18 months with 14 separate transactions.
From villas in Cap Ferrat to townhouses in Manhattan, to period residences on leafy Shrewsbury Road, so far no other developer has engaged in such a high volume of transactions.

there is more


Quinlan NAMA debts falling toward €100m but Glass Bottle site sale still unlikely - Emmet Oliver -> http://www.independent.ie/business/iris ... 82494.html

Quote:
Mr Quinlan originally owed €400m in personal debts to NAMA, with about €200m owed to other banks. NAMA yesterday declined to comment on its progress with Mr Quinlan, as is customary practice with individual developers.

Crucially, Mr Quinlan has a share in the Irish Glass Bottle site. But a sale of this site is highly unlikely to clear his portion of a loan given to a company called Becbay for the site. Mr Quinlan remains a director of this company.

Mr Quinlan's next asset disposal is expected to happen in London, when a site in Mayfair is sold.

Sources suggest NAMA paid just £40m (€46m) for a loan with a nominal value of £125m. The site will sell for about £125m, leaving NAMA collecting a substantial profit.

This week the developer and former tax inspector saw a large painting collection he had accumulated go for auction in the UK. This generated about €2m for NAMA.

there is more


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 19, 2011 6:13 pm 
Offline
Property Magnate

Joined: Aug 19, 2008
Posts: 743
Location: London
Quote:
The Commercial Court has ordered Derek Quinlan to repay more than €6.5m to Bank of Scotland.



there is more


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Wed Mar 21, 2012 11:06 am 
Offline
Single Home Owner

Joined: Dec 18, 2008
Posts: 131
Half a Trill Seeker [May 2009] wrote:
Ah Derek Quinlan... When I read that he had cried when he bought the Savoy and he saw the tricolour being raised I said OMG and quickly thought "this won't be the last tiem he will cry over this investment"

When you out bid Arabs in the middle of a property boom, then you know you are the sucker in the room


The Irish Times [March 2012] wrote:
The 2004 takeover of the hotels is one of the well-told tales of the Celtic Tiger years. A group of debt-rich Paddies, led by Quinlan, wiped the eye of a cash-rich Arab to buy some of the most sought-after hotels in the world.

http://www.irishtimes.com/newspaper/fin ... 40841.html


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Apr 22, 2012 10:34 am 
Offline
Of Systemic Importance

Joined: Jun 9, 2008
Posts: 7093
Quote:
Quinlan given €2m by Irish businessmen, court told

MARK HENNESSY, London Editor

FINANCIER DEREK Quinlan received €2 million during 2010 to fund his lavish lifestyle from four so-far unnamed Irish businessmen, while his wife Siobhán received £1 million a year later from two British billionaire brothers, the High Court in London has been told.

Two National Asset Management Agency executives, John Mulcahy and Paul Hennigan, gave evidence in a case taken by property developer Paddy McKillen. He claims Frederick and David Barclay improperly deprived him of the chance to buy a key stake owned by Mr Quinlan in three London hotels, with the collusion of Nama.

However, Mr Hennigan repeatedly rejected the charges from Mr McKillen’s QC, Philip Marshall, that Nama had made it impossible for anyone to better a deal it reached to sell the Quinlan debt to the billionaire brothers.

Nama had been extremely unhappy at Mr Quinlan’s “lavish lifestyle”, Mr Hennigan said, adding that payments from four Irish individuals went to Mr Quinlan during 2010 to “pay for day-to-day expenses”. One was a loan of €1.1 million, secured against a painting owned by Mr Quinlan. “The balance were presented as loans, but we did not expect them to be repaid,” Mr Hennigan told the court, presided over by Mr Justice David Richards.

Significant extra detail about Mr Quinlan’s lifestyle will be given in the High Court’s chancery division next week when Mr Quinlan – for whom Nama holds €1.7 billion worth of debt – will be questioned.

Illustrating Nama’s dealings with Mr Quinlan, Mr Hennigan said a deal last year to sell a valuable car-park on Audley Square in Mayfair to telecoms billionaire John Caudwell ran into difficulties when a competing bid worth £7 million more arrived late.

Nama, he said, “had a suspicion” the late bid from a company linked to the Barclays was “a vehicle being used for the profit of Mr Quinlan”. The financier had a history of seeking side-payments from asset sales, including one land plot in Chelsea.


I wonder will Graybo still think he's the biz?

http://www.irishtimes.com/newspaper/fin ... 08803.html

_________________
“Don't ask the barber if you need a haircut—and don’t ask an academic if what he does is relevant.” Nassim Nicholas Taleb


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Apr 30, 2012 11:12 pm 
Offline
Under CAB Investigation

Joined: Nov 13, 2006
Posts: 1919
Location: Stuck in Ahernistan
http://www.rte.ie/news/2012/0430/quinla ... trial.html

Quote:
Derek Quinlan claims lavish lifestyle vital to get good prices for assets

Financier Derek Quinlan kept up his lifestyle of a "successful investor" in the midst of severe financial difficulties to maximise the amount of money he could make from selling his assets, it was claimed in court today.

At one point Derek Quinlan owed €3.7bn to various Irish banks and NAMA

Mr Quinlan came under severe criticism for his "lavish lifestyle" of expensive cars, private jets and luxurious holidays following the collapse of property prices and as billions worth of his debt came under control of the Irish taxpayer through NAMA.

But today in court it was claimed Mr Quinlan found it vital he maintained his lifestyle so he did not appear as a distressed seller.

The High Court in London heard Mr Quinlan's main aim after the property collapse was to sell his assets to the benefit of his creditors.


Me. Hole.


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Apr 30, 2012 11:34 pm 
Offline
Nationalised

Joined: Oct 29, 2007
Posts: 11698
Location: Multiverse
Wasn't there a famous tax case in the UK (taken by the revenue) where the defendant successfully proved that his lavish lifestyle (e.g. horses etc) were legitimately tax deductable ?


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Wed Aug 08, 2012 11:16 am 
Offline
Private Tenant

Joined: Oct 18, 2009
Posts: 27
I'm not sure where to post this, so feel free to move it.

http://www.irishtimes.com/newspaper/frontpage/2012/0808/1224321717568.html

Quote:
AN ENGLISH private hospital group owned by Irish investors, led by former Kerry Group chief executive Denis Brosnan, where dozens of patients were ill-treated by staff at one of its hospitals, pursued profit over “humane” treatment, a major inquiry has declared.

Eleven former staff at the now- closed Winterbourne View hospital in Bristol for adults with autism and learning difficulties have pleaded guilty to beating patients, dousing them in water and encouraging some to consider suicide. They will be sentenced next month.

Quote:
Castlebeck was bought in 2006 for £255 million (€321 million) by Swiss-based Lydian Capital Partners, set up by Mr Brosnan. JP McManus, Dermot Desmond, John Magnier and other wealthy Irish investors later bought in to Lydian.

“Castlebeck appears to have made decisions about profitability, including shareholder returns, over and above decisions about the effective and humane delivery of assessment, treatment and rehabilitation,” the Serious Case Review found


Quote:
Criticising Castlebeck’s attitude since then, the inquiry said that Castlebeck’s own investigation, by PricewaterhouseCoopers, had failed to look at key issues – including the presence of police on 29 occasions at the hospital.

Furthermore, it refused to detail how the £3,500 weekly fee charged for each patient was spent, on grounds of “commercial sensitivity”. It also refused to share unredacted copies of the PwC inquiry, along with a review of managers.

Last night, no comment could be secured from the investors in response to the criticisms. Last year, Mr Brosnan said that all had been “shocked and appalled at what happened and determined that this will never happen again”.


Referred to in MI's paper review this morning but only Denis Brosnan namechecked.


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Feb 03, 2013 11:13 am 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14892
Quinlan's taste for fine wines to emerge in Claridge's appeal case - Ronald Quinlan -> http://www.independent.ie/national-news ... 75773.html

Quote:
Among the evidence Mr McKillen's legal team will present to the court this week, in an effort to contest that particular conclusion, are the details of his recent participation in a rights issue called for by Coroin's board.
The Belfast businessman raised his £53m share of a £145m cash call in just 21 days.
Mr McKillen's legal team – which is headed up on this occasion by former British attorney general Lord Peter Goldsmith – will offer this as definitive proof of his financial strength.
They will also argue that had Mr McKillen been given the opportunity to buy the 20 per cent of Mr Quinlan's 35 per cent stakeholding necessary to give him majority shareholder status in Coroin, he would have had to have found £48m to secure it.

there is more


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Feb 03, 2013 12:08 pm 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14892
Quinlan's taste for fine wines to emerge in Claridge's appeal case - Ronald Quinlan -> http://www.independent.ie/national-news ... 75773.html

Quote:
Among the evidence Mr McKillen's legal team will present to the court this week, in an effort to contest that particular conclusion, are the details of his recent participation in a rights issue called for by Coroin's board.
The Belfast businessman raised his £53m share of a £145m cash call in just 21 days.
Mr McKillen's legal team – which is headed up on this occasion by former British attorney general Lord Peter Goldsmith – will offer this as definitive proof of his financial strength.
They will also argue that had Mr McKillen been given the opportunity to buy the 20 per cent of Mr Quinlan's 35 per cent stakeholding necessary to give him majority shareholder status in Coroin, he would have had to have found £48m to secure it.

there is more



Quinlan v McKillen: Celtic tigers fight it out amid the ruins of a property empire - Simon Bowers and Shane Hickey -> http://www.guardian.co.uk/business/2013 ... rty-empire

Quote:
As the dust settled on Quinlan's collapsing empire after the crash, it became increasingly apparent that, far from being destitute, he was still able to live high on the hog. Even as his investments were crumbling in 2009, he racked up hotel bills of £285,000 at Claridge's and its sister hotels in Mayfair. In May 2009, on the advice of KPMG, he relocated to Switzerland for a period, resigning from Quinlan Private. Some time later he returned to the UK, taking a large villa in Putney, west London.

His children were able to remain at boarding schools despite their father's financial embarrassment. And his wife even bought a new Range Rover, estimated to be worth more than £70,000. Quinlan himself, meanwhile, could be spotted in his favourite Mayfair members' clubs – Annabel's, The George, Harry's Bar and the Dunhill.

Perhaps most surprisingly, two months ago, Quinlan was able to find £50m to participate in a cash call on investors at Coroin, the company behind Claridge's, the Connaught and the Berkeley hotels. Shareholders had been required to inject more capital in order to pay down unsustainable debts of £660m.

there is more


Quinlan may want to stay away from fields with long grass.


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon May 27, 2013 7:13 am 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14892
Ill tycoon recovers in five-star hotel - -> http://www.independent.ie/irish-news/il ... 89704.html
23 May 2013

Quote:
Former property tycoon Derek Quinlan has returned to Ireland to recuperate following a heart bypass procedure.
The 65-year-old financier, who now lives in London, has been staying in the five-star Park Hotel in Kenmare, Co Kerry as he recovers from the operation over two weeks ago.
"He is in recuperation and making good progress," a spokesman recently told the Irish Independent.

there is more


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Sun Sep 01, 2013 9:36 am 
Offline
Nationalised

Joined: Sep 29, 2010
Posts: 8641
Location: London, innit
No hard feelings from Auntie Graybo, Plank on the other hand...
http://www.independent.ie/irish-news/gu ... 42397.html

Image


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Mon Dec 16, 2013 11:46 pm 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14892
Nama sells more of Derek Quinlan’s art – at massively reduced prices -> http://www.irishtimes.com/culture/art-a ... -1.1603209

Quinlan seeks to stop McKillen legal action -> http://www.irishtimes.com/business/sect ... -1.1600501

Paddy McKillen seeks to have hotels case heard in Ireland -> http://www.irishtimes.com/business/sect ... -1.1618458


Top
 Profile  
 
 Post subject: Re: Fuck the Recession Quinlan - Chaaarrggge!
PostPosted: Tue Oct 28, 2014 9:46 pm 
Offline
Under CAB Investigation

Joined: Dec 2, 2013
Posts: 2563
http://www.irishtimes.com/business/sect ... -1.1978682

Quote:
Beatrice Healy, who invested in property deals assembled by Derek Quinlan, has begun legal action against the financier, alleging negligence, breach of contract and deceit among other matters.

Mrs Healy plans to state in her claim that she told Mr Quinlan to invest her savings of €445,000 conservatively as she wanted to ensure the future wellbeing of her son who has a disability.

She claims Mr Quinlan was familiar with her financial and personal circumstances as his business provided her with accountancy services, and they had spoken to each other.


Quote:
Some of this money was invested over six years ago making it possible she has filed her claim too late under statute of limitation rules, but other funds were advanced more recently.


Quote:
Her action is against both Mr Quinlan and the former partners of his business, which was then called Quinlan Private.


That's some quite good PR work by whoever is employed by his former partners to keep their name out of today's Irish Times. Sounds like they don't want the past dragged up. By any chance do they work for a crowd that sounds like Avensis !


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 249 posts ]  [Go to page]   Previous  1 ... 13, 14, 15, 16, 17  Next

    Board index » The IRISH PROPERTY BUBBLE » The Republic of Property

Who is online

Users browsing this forum: No registered users and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com